Press Release
Contact: Robert Albright |
Phone: 919-549-7500 ext.123 |
Entrepreneurs Support CED with Cash Donations and Stock Pledges
CED Receives Significant Backing from Inspire Pharmaceuticals' CEO Christy Shaffer and Others
November 18, 2004, Research Triangle Park, NC – The Council for Entrepreneurial Development (CED) today announced that it has received several cash donations and stock pledges from the entrepreneurial community.
Among the recent gifts to CED is a donation from Christy L. Shaffer, Ph.D., Chief Executive Officer of Durham-based Inspire Pharmaceuticals. Shaffer has personally given over $75,000 in liquid Inspire Pharmaceuticals' stock (NASDAQ: ISPH) to CED.
“CED is a great organization whose impact on the positive development of our community is tremendous,” said Shaffer, who was previously named Chair-elect of CED's Board of Directors for 2005-2006. “CED provides a broad array of seminars, networking functions and other programs that assist executives in all stages of the business lifecycle. CED's role is critical in helping entrepreneurs start and build companies like Inspire, that are headquartered in this area and that create jobs for Triangle citizens. I am pleased to support CED both financially and by serving as the Board's Chair-elect, and I hope that other successful entrepreneurs will also support the valuable work that CED does.”
Throughout 2004, CED has also received ongoing support donations from other local entrepreneurs and service partners, including James Newton of the Tri-State Investment Group, Reid Conrad of Commerciality, Robbie Hardy of Silk Road Partners, Keith Mackey of Adaptiqs, and Scott Andrews (SciQuest co-founder) and his wife Lauri Andrews.
In addition to these liquid donations, CED also announced the addition of five new commitments to its Entrepreneurial Stock Endowment Campaign. CED's Endowment Fund, established in May 1999, has over 100 total pledges from local leaders in the innovation community. The recent stock pledges from high-growth entrepreneurs in the region include Peyton Anderson and Jonathan Gindes of Affinergy; Caterina Gallippi of NDimo; Damon Race of Medicor Pharmaceuticals; and Dr. Charles Lee of Polyglot Systems.
This endowment initiative allows entrepreneurs and early stage companies to pledge illiquid stock to CED's Endowment Fund. Since early stage companies often operate under considerable cash restraints, the pledge of early stage stock permits the entrepreneur to participate in giving back to CED with something of great value - a pledge of support from their personal shares of the company that they are growing. Just prior to an IPO or sale, the entrepreneur transfers the pledged stock to CED. The stock will then be liquidated immediately and deposited into an endowment fund to benefit CED's continuing efforts.
Donors receive tax write-offs for the fully appreciated value of the transferred stock, making it a win-win situation for the entrepreneur, for CED, and for the future of entrepreneurship in the Triangle area.
About CED's Endowment Fund: Initiated in May 1999, the CED Endowment consists primarily of pledges of pre-liquid stock from founders and senior managers of entrepreneurial companies, and gifts of other appreciated stock and cash. Following the standard lockup period upon a company IPO or sale, pledged stock is transferred to CED and proceeds from its sale added to the Endowment's principal. Currently the principal includes proceeds from such Triangle companies as AuctionRover.com, DataFlux Co., Ganymede Software, Inspire Pharmaceuticals, and OpenSite Technologies and cash donations from Dennis Dougherty and Mitch Mumma of Intersouth Partners in Durham, NC, Bernard Gray, of Gray Ventures in Atlanta, GA, and Martin Renkis of Nashville, TN.
CED encourages anyone interested in learning more about this effort to contact Daniel Robinson at CED at (919) 549-7500 ext. 127.
About CED: The Council for Entrepreneurial Development, located in Research Triangle Park, NC, is a private, non-profit organization formed in 1984 to stimulate the creation and growth of high-impact companies in the greater Research Triangle region. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, seminars, workshops and monthly programs on entrepreneurial management and finance. CED, which celebrates its 20th anniversary in 2004, is the largest entrepreneurial support organization in the nation with more than 3,500 members representing 1,000 entrepreneurial companies, financiers and professional firms. www.cednc.org
###