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ChemCodes Receives $7.8 M Funding


ChemCodes, a developer of chemical synthesis technology for the discovery and development of new medicinal compounds and materials, recently received $7.8 million in Series B funding. The company, which was built on technology licensed from Glaxo Wellcome, has appointed Robert Bell as interim chief executive officer. Bell is a former vice president in charge of research at Glaxo. Bell, who also is the founder of Sphinx Pharmaceuticals, is a part-time venture partner at Intersouth Partners of Durham. Intersouth led the new investment in ChemCodes, which also received financing from Noro-Moseley of Atlanta. www.chemcodes.com

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A. M. Pappas Names Kenneth Lee as New President


A. M. Pappas & Associates has named Kenneth B. Lee, Jr. as President effective January 1, 2002. Lee most recently served as Managing Director of Ernst & Young's Health Sciences Corporate Finance Group. Earlier this year he announced his retirement from Ernst & Young. He was formerly Transaction Advisor of Ernst & Young's Center for Strategic Transactions and Co-Chairman of the firm's International Life Sciences Practice. At Ernst & Young, Lee advised biotechnology and pharmaceutical companies throughout the world on a wide range of financial and strategic planning issues including public offerings, mergers and acquisitions, and transaction strategies. He represented Genentech, Chiron, Affymax and Affymetrix, among others, in their public offerings. Lee has served since 1998 as a member of A. M. Pappas & Associates' Board of Advisors. www.ampappas.com

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CED Now Accepting Applications to Present at Venture 2002


Rapidly growing companies should apply now to present at Venture 2002, the most dynamic venture financing conference in the Southeast. The selection committee is looking for companies who are seeking either initial or subsequent stages of professional equity capital. Since 1999, Venture presenters have raised over $1.2 billion in venture capital - don't miss this opportunity to meet some of the nation's top investors! In addition to company presentations and exhibits, the conference will include extensive networking opportunities and exclusive investor-only events. For more information on applying to present, sponsorship opportunities or general registration, visit www.cednc.org/venture/2002

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Coventor and Swiss Company Form MEMS Collaboration


Cary-based Coventor, Inc. and Switzerland-based Colibrys SA announced that they have entered into joint development and preferred manufacturing partnership agreements for the development of micro-electro-mechanical systems (MEMS). The companies said the relationship will provide one-stop, reliable, rapid, cost-effective development for companies creating products enabled by MEMS. The partners will focus initially on MEMS for optical communications, developing device building blocks that can be applied across many optical applications. Evaluation samples and performance data are scheduled for 1Q 2002. Coventor was also recently named one of the fastest growing companies by Inc Magazine and is the first MEMS company to receive the award. www.coventor.com

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North Carolina's Business Climate Rated Nation's Best


Spearheaded by the growth of the Charlotte and Research Triangle metro areas, North Carolina now enjoys the nation's best business climate, according to Site Selection Magazine, a trade publication for corporate relocation specialists. The state was ranked third last year and climbed to the top of the magazine's rankings largely on the strength of business expansions and relocations during 2000, before the current economic slowdown hit. The magazine said North Carolina barely edged out California, Texas, Virginia and Florida for the top spot. The rankings are determined from five criteria that include total new and expanded corporate facilities for 2000; total new and expanded corporate facilities for 1998-2000; total new and expanded facilities per one million residents for 1998-2000; total new and expanded facilities per 1,000 square miles for 1998-2000; and results from the magazine's annual survey of corporate real estate executives who work for companies with nationwide operations. www.siteselection.com

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Gentris Announces Pharmacogenomics Collaboration with MDS Pharma Services


Research Triangle Park's Gentris Corporation, a clinical pharmacogenomics testing and diagnostic products company, has signed a collaboration agreement with MDS Pharma Services, a contract research organization, based in Montreal, Quebec. The collaboration will allow the companies to establish a confidential database of genotyped volunteers and a repository for commercial development of diagnostic reference controls. This is the first genetic repository that will be available for use in pharmaceutical clinical trials. www.gentris.com

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Events Update




December 6th — EntreForum: Exploring New Business Opportunities

December 6th — CED Information Session for Prospective Members

December 10th — Biotechnology Roundtable - The North Carolina Genomics and Bioinformatics Consortium

December 11th — Capital Connection Luncheon (F.K.A. STREAK Luncheon)

December 12th — Infotech Roundtable: The Ins and Outs of Spinouts

December 12th — FastTrac Information Session

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