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Pozen IPO at $15 Per Share


RTP-based Pozen Inc. priced its initial public offering of five million shares of common stock at $15 last week. The initial shares, traded under the ticker symbol "POZN," hit the market for the first time last week. According to LocalBusiness.com, Pozen could make up to $75 million from the stock offering before deducting IPO expenses. Pozen, which is the third RTP-based biotech company to release an IPO this year, is developing four drugs to treat migraine headaches.

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Intersouth Partners Pledges to CED Endowment


The Council for Entrepreneurial Development received a $250,000 pledge to its endowment from two area venture capitalists -- Mitch Mumma and Dennis Dougherty, general partners of Intersouth Partners, the Research Triangle's oldest venture capital fund. Endowment proceeds will provide long-term support for CED's entrepreneurial development programs and includes 75 pledges of illiquid stock and cash from area entrepreneurs and investors. The gift is the largest to date for the Endowment which has an ultimate goal of $20-$30 million.

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DJ Pharma Bought for $212 Million


In a deal exceeding $212 million, Toronto-based Biovail Corp. has agreed to acquire DJ Pharma, a pharmaceutical sales and marketing company with joint headquarters in Durham and San Diego. A Biovail spokesman said in the Business Journal that DJ Pharma's Triangle-based headquarters will double in size from 25 to 50 employees following the acquisition. The spokesman added that DJ Pharma's U.S. sales team could jump from 300 to 600 people by the end of next year.

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Redback Networks Opens RTP Office


Redback Networks has opened a development office in the Triangle lead by Rick Ruby, former director of engineering at Cisco's RTP site, according to the Raleigh News & Observer.

The Sunnyvale, Calif.-based company makes gear for high-speed Internet access The local office will be divided between a product development team and a customer support center. Redback will eventually locate on Weston Parkway.

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Paradigm Inks Deal with Agilent, Hits Milestone with Bayer


Hoping to add to its gene function research, RTP's Paradigm Genetics, Inc., has signed a technology access program agreement with Agilent Technologies. Financial terms of the agreement were not disclosed but under the terms of the agreement, Paradigm will be able to access Agilent's microarray technology, which is useful in both the pharmaceutical and agriculture industries. Agilent's software, consulting services, and tools in the gene expression analysis field attracted Paradigm, which focuses its resources on gene function discovery. Paradigm also announced that the company has met one of its milestones by delivering version 2.0 of its proprietary bioinformatics system FunctionFinder to Bayer AG, Germany. The milestone if part of a $40 million collaboration agreement with Bayer.

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SAS Signs Five-year Agreement with Amazon.com


Cary-based software leader SAS Institute announced that online retailer Amazon.com has selected SAS e-Intelligence to enhance its business operations. By offering insight into business processes at Amazon.com, SAS e-Intelligence will help the company streamline its internal processes and enhance customer responsiveness. Using improved forecasting and management, Amazon will also have access to SAS software and others services over the next five years.

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Events Update




October 17th — Executive Series

October 19th — Healthcare Entrepreneurs Technology Roundtable - HIPAA

October 27th — Research Triangle InfoTech 2000

November 2nd — CED Information Session

November 2nd — Venture Capital Series 2000 - Session II

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