Regional News

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• Biolex Raises $6.5 Million
• MyDailyHealth Bought
• Adhesion Technologies Nets $15 Million
• INC Research Reels in $3 Million
• Level 8 Acquires StarQuest Software
• Digital to Acquire Swedish Mobitec
• CED Expands FastTrac Training
• DataFlux Partners With California-based Network Associates
• Poll Ranks Triangle and Triad Among Top "IT IQ" Regions in US
• Events Update

Biolex Raises $6.5 Million

According to LocalBusiness.com, Biolex Inc. of Pittsboro, NC, has reeled in a $6.5 million venture financing round. Led by Chapel Hill-based Franklin Street Capital, the funding round also included investments from Triangle-based Intersouth Partners, Charlotte's Kitty Hawk Capital, and Charlotte's The Wakefield Group. Biolex, which has raised a total of $9.1 million, is developing a proprietary system for making animal and human proteins from genetically engineered plants. Called "Lemna technology," the research efforts from Biolex will expand following this recent round of funding, company officials said.

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MyDailyHealth Bought

New York's ProAct Technologies Corp., a 350-employee company that provides human resources and employee benefit services, has inked a deal to acquire Chapel Hill-based MyDailyHealth Inc. in an agreement for stock and cash. Company officials would not reveal the exact terms of the deal, but LocalBusiness.com reported that it was primarily a stock-based acquisition. MyDailyHealth, which was launched in 1999, has developed a health and wellness management tool for corporations to offer health information to employees. ProAct, which plans to keep MyDailyHealth's 15 employees, will use the acquisitiont to enhance its own online health content offering, company officials said.

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Adhesion Technologies Nets $15 Million

Charlotte-based Adhesion Technologies has raised $15 million in fresh capital, LocalBusiness.com reported. A developer of specialized Websites for financial institutions, Adhesion Technologies will use the recent infusion of capital to increase its workforce and build its marketing efforts in North America and Europe. Also, Adhesion plans to open offices in New York, San Francisco and London over the next 12 months.

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INC Research Reels in $3 Million

LocalBusiness.com reported that Raleigh's INC Research has closed a third round of funding worth $3 million from undisclosed investors. Company officials said the financing round will be used to help open new offices in the United States, Canada and Europe. INC Research provides drug development services in the areas of neurology, psychiatry and pain management. The company also offers specialized, clinical data services for all types of therapeutic areas.

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Level 8 Acquires StarQuest Software

LocalBusiness.com reported that Cary's Level 8 has completed its acquisition of California-based StarQuest Software, a provider of Internet infrastructure for Cisco routers. Level 8, which is a publicly traded e-business integration software provider, plans to buy the privately held StarQuest for 500,000 shares of its common stock and 250,000 warrants, plus assuming some of StarQuest's debt. In October, the all-stock deal was valued in October at more than $8 million.

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Digital to Acquire Swedish Mobitec

According to LocalBusiness.com, RTP's Digital Recorders Inc. has begun the final steps of acquiring Mobitec Holding AB of Goteborg, Sweden in a deal of undisclosed terms. Both Digital Recorders and Mobitec make electronic destination sign systems. Various transit systems, such as trains and buses, use the technology developed by Digital Recorders and Mobitec. Officials at Digital Recorders said the acquisition could add $11 million to company's "top line revenue," which will help Digital Recorders in reaching its goal of revenue in the $45 to $50 million range by next year.

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CED Expands FastTrac Training

In response to unprecedented demand from entrepreneurs seeking strategic business start-up and growth training, the Council for Entrepreneurial Development (CED) announced a partnership with Venture Management Inc. to supplement its FastTrac entrepreneurial business training course offerings. Beginning in the first quarter of 2001, the CED and Venture Management will offer two new classes, "FastTrac for Start-ups" and "FastTrac for Growth," to the local entrepreneurial business community. These two new FastTrac courses will be held in addition to the FastTrac Tech courses already offered by the CED.

FastTrac for Start-ups starts January 22, 2001, and is designed for entrepreneurs who are beginning new ventures and need to create a business plan for the purposes of developing a strategy and securing financing from banks, SBA lenders, or other loan sources. The class will be held at the CED offices and will run for 11 sessions from January 22 through April 9, 2001 with one break week. Apply online at http://www.cednc.org/applications/fasttrac.html. Priority application deadline is December 20, 2000, and the final (space available) deadline is January 2, 2001.

FastTrac for Growth starts January 18, 2001 and is specifically designed for established businesses that are seeking to grow and develop new strategies to increase revenue and pursue new market opportunities. This class will be held at North Carolina State University and will consist of five three and a half-hour evening sessions and two all day Saturday sessions. The three and a half-hour sessions will run on January 18, 25, February 1, and March 1 and 8, 2001, and the all day sessions will be held on February 10 and 24, 2001. Apply online at http://www.cednc.org/applications/fasttrac.html. Priority application deadline is December 20, 2000, and the final (space available) deadline is January 2, 2001.

FastTrac Tech is part of CED's Capital Connection, which consists of several entrepreneur-focused programs that assist entrepreneurs at various stages, from idea to initial funding. FastTrac Tech serves entrepreneurs starting or growing high-tech, investor-financed businesses, including technology transfers and corporate licensees. Interested people should apply to CED's Capital Connection programs by the last day of every month. Apply online at http://www.cednc.org/programs/capital_connection/application.html.

For more information on how to apply to any of these FastTrac classes, contact Adam Smith at CED.

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DataFlux Partners With California-based Network Associates

According to the Business Journal, Cary-based DataFlux Corporation has inked a deal with Network Associates Inc., which is based in Santa Clara, CA. Under the terms of the agreement, Network Associates will use DataFlux's dfPower(^TM) Studio software to improve maintenance procedures on its database of corporate customers. DataFlux, which is subsidiary of SAS Institute, is a developer of data cleansing and integration software based on pattern recognition.

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Poll Ranks Triangle and Triad Among Top "IT IQ" Regions in US

A new study from Chantilly, Va.-based Brainbench has placed the Raleigh-Durham area among the nation's top "IT IQ" hot spots. The Triangle finished third in the study from Brainbench, which obtained its results by looking at scores from nine exams that reflected core information technology knowledge. These exams included Windows NT Administration, Windows 98, Unix System Administration, HTML 4.0, RDBMS Concepts, C, Java 1.2, Visual Basic 6.0 and "Computer Technician." In addition to Raleigh/Durham, the Triad (Greensboro, Winston-Salem and High Point) also made the top ten, coming in at ninth. Here are the top ten regions in the study:

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Events Update

December 13th — InfoTech Roundtalbe

December 14th — Streak Luncheon

January 4th — CED Info Session

January 8th — Biotechnology Roundtable

January 9th — Mergers & Acquisitions 2001