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N.C. Legislature Approves Higher Cap on Venture Investments


The North Carolina General Assembly enacted legislation last week to increase the amount of money available from the state's retirement system to invest in venture funds. Up to five percent of the pension assets will now be available for venture investments. Efforts by State Treasurer Richard Moore, the system's overseer, were instrumental in the bill's passage.

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Amphora Secures Up to $35 Million


New genomics startup Amphora Discovery Corp. has secured $25 million in funding with an option for $10 million more. The company, a spin-off of California-based chip technology firm Caliper Technologies Corp., is planning on hiring 100 employees at its headquarters in the next 18 months, according to the News & Observer. The company plans to base its operations outside Research Triangle Park in Durham under the direction of Martin Haslanger, its chief executive. Current investors include Arch Venture Partners, California Public Employees' Retirement System, CW Group, MPM Asset Management, Orbimed Advisors, Venrock Associates and Versant Ventures.

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GadgetSpace Sold In $10 Million Deal


Wireless software application company GadgetSpace, which quietly merged with Brightpod last month, is being acquired by Washington-based InPhonic for $10 million in stock. InPhonic, which started out as a GadgetSpace business partner, has raised $40 million in venture capital. Five jobs will be cut after the acquisition, leaving 15 employees working in Cary. The company will demo at CED's InfoTech on October 31, 2001. www.gadgetspace.com

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Analytical Sciences Makes First Acquisition


Analytical Sciences, Inc. (ASI), a private contract research organization headquartered in Durham, recently made its first acquisition ever with the purchase of a private technology and health sciences company based in Bethesda, Md. The newly acquired company is United Information Systems (UIS), Inc., a professional services organization (www.unitedis.com) with about 150 employees. ASI currently has about 450 employees and annual revenues in excess of $40 million, offering expanded science and technology services, and additional professional resources with a wider range of expertise. The purchase of UIS in particular will strengthen ASI's IT support services, including Web site design and deployment, and give it new expertise in running scientific grant peer reviews for large customers, such as the National Institutes of Health and the U.S. Army Congressionally Directed Medical Research Program. www.asciences.com

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RTP Pharma Signs Exclusive Agreement


RTP Pharma Inc. announced the signing of an exclusive agreement with Baxter Healthcare Corporation, of Deerfield, Illinois, to collaborate on the use of RTP's Insoluble Drug Delivery (IDD) technology for the formulation of injectable medications. Baxter will work with its pharmaceutical company clients to develop injectable formulations for insoluble medications utilizing the IDD technology and its extensive expertise in formulating and manufacturing injectable drugs. www.rtppharma.com

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CED Partners with Local Videoconference Firm


Management Recruiters of Graham has extended its offer for the next several weeks to provide videoconferencing for companies whose air travel plans have been altered. In order to aid businesses hurt by the terrorist attacks and travel uncertainty, Management Recruiters is offering its services free of charge for the next few weeks. Visit www.mrgraham.com/freecv.htm.

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WebslingerZ, Inc. and NC Zoo Receive Grant


WebslingerZ, Inc. and the North Carolina Zoo announced they have received a grant for $258,720 to create Web technology designed to increase student awareness of conservation field research and environmental problems, serve educators worldwide, and model a process and product that other institutions can adapt. The grant will come from the Institute of Museum and Library Services (IMLS), a federal agency based in Washington, DC, with matching funds from the zoo and Zoo Society, the zoo's non-profit fundraising organization. Additional funds will come from the associated partners. www.webslingerz.com

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Events Update




October 9th — CED's 2001 Annual Meeting

October 10th — CED Capital Connection Information Session

October 15th — Biotechnology Roundtable - Recent Financings Sprout New Companies

October 16th - 17th — SEBIO - the Third Annual Southeastern Bio Investors Forum, Birmingham, AL

October 20th — Capital Connection Innovator's Quarterly Workshop

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