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Hatteras Networks Raises $45M


RTP-based Hatteras Networks, a developer of Ethernet technology for fiber-optic and copper lines, announced it has raised $45 million. The investment was led by Grotech Capital Group and included Bessemer Venture Partners, Columbia Capital and ComVentures. Hatteras is developing a technology platform that allows carriers to offer Ethernet data services on their existing networks without trenching new fiber. Hatteras, which has raised more than $73 million to date, will use the funding for carrier product trials, development, and sales. www.hatterasnetworks.com

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Serenex Raises $15M in Second Round


Seeking to discover new drug candidates, Durham-based Serenex Inc., a biotechnology company, has raised $15 million in its second round of venture capital. Intersouth Partners led the round, which also included investments from BioVentures, Seaflower Ventures and Mediphase Venture Partners. Founded in 2001, Serenex is developing technologies that allow discovery, lead identification and toxicity profiling of drug targets to be performed at the same time. The company's goal is to accelerate drug discovery and reduce the probability that drugs will fail in clinical trials after significant investments have already been made. www.serenex.com

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Pinpoint Raises $8M Second Round


Cary-based Pinpoint Networks, Inc., a provider of software and services to global mobile operators, has closed on $8 million in venture funding, led by new investor Massey Burch Capital and current investors Noro-Moseley Partners and Wakefield Group. Other investors in this round include the Atlantis Group and Tri-State Investment Group. This investment brings Pinpoint's total funding to more than $14 million since its founding in 1999.

Pinpoint will use the funds to expand efforts in a number of key areas including: product development, global sales and business development, marketing and account management. Pinpoint was recently selected to demo its technology at InfoTech 2002. www.pinpoint.com

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TEAMM Pharmaceuticals Takes $6.5M Series A Round


Morrisville-based TEAMM Pharmaceuticals, a specialty pharmaceutical company, has raised $6.5 million in Series A round financing. The round was led by Harbert Management Corporation, and followed on by investments from Hopkins Capital, TEAMM's angel investors and founders. The funds will be used for working capital to support the companies' recent acquisition of the HistexTM line of cough, cold and allergy products. The HistexTM Line of products currently competes in a $2 billion plus cough, cold and allergy marketplace in the United States. TEAMM presented at CED's Venture 2002 conference in April; it was there that they developed their relationship with Harbert Management Corporation. www.teammpharma.com

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DataMEG Corp. Raises Minimum $240,000 for NECI


Raleigh-based DataMEG Corp., a publicly traded, development-stage software company targeting the communications industry, said it has raised a minimum of $240,000 from undisclosed investors for its subsidiary North Electric Company Inc. (NECI.) In June, NECI demonstrated its new product -- a multiprotocol label switching (MPLS) application -- at the SUPERCOMM 2002 trade show in Atlanta. DataMEG said the new funding will allow NECI to "aggressively move forward with their next business phase." The company said that two large prospective customers will beta-test NECI's application before the end of September. www.datameg.com

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Peopleclick Acquires itiliti


Raleigh-based Peopleclick, a provider of web-based applications for managing large organizations' workforces, has acquired Minneapolis-based itiliti, a provider of systems for the procurement and management of contract labor. Financial details of the deal were not disclosed. Customers of itiliti include Pepsico, Best Buy, General Electric and Boeing. The company employs 16 people. Peopleclick, which currently has over 300 employees, will demo its technology at CED's InfoTech 2002 conference on October 30. www.peopleclick.com

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Targacept Acquires CNS Disorder Drug


Targacept Inc., a drug developer based in Winston-Salem, has acquired the drug Inversine, a product candidate for treating central nervous system disorders, from Layton Bioscience Inc. Financial terms of the deal were not disclosed. The drug was first developed by Merck & Co. in 1956 and reportedly has promise for treating Tourette's Syndrome in children. Targacept was spun out from R.J. Reynolds Tobacco Co. in 1997 and funded with $30.4 million in its first round of venture capital. www.targacept.com

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NC Biosciences Industry To Receive $150 Million In Tobacco Funds


The Golden LEAF Foundation, established to use money from the tobacco settlement for the long-term economic advancement of North Carolina, has announced an $85.4 million economic stimulus package to improve North Carolina's economy and make the state a leader in the biosciences industry. The foundation will invest $42 million in bioscience/biotechnology companies developing or manufacturing their products in North Carolina. If those investments are successful, the Golden LEAF Board anticipates making additional investments of $108 million over the next six years, bringing its total investments in the bioscience sector to $150 million. Another initiative in the biotechnology sector will be a $10 million investment in a proposed biodiesel plant in eastern North Carolina, which Golden LEAF officials say will be a boon to soybean farmers and put the state on the cutting edge of the alternative fuels industry. Foundation officials expect the investments will result in "at least 25,000 new jobs during the next five years." For more information on these investments, as well as others, Visit http://www.goldenleaf.org/n20020815.html.

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CED Names Howard Anderson as Keynote Speaker for InfoTech 2002


CED is pleased to announce that Howard Anderson will keynote InfoTech 2002. Anderson is the founder and former CEO of the research firm Yankee Group and founder of Battery Ventures, a major venture capital firm. Currently, he is the founding partner and Senior Managing Director of YankeeTek Ventures, an incubator of high-tech ventures in Cambridge, MA. Known as a "meteorologist" for the tech industry, Network World recently selected Howard as one of the 25 most important people in communications. Anderson will speak at InfoTech 2002 on Oct. 30 at the Sheraton Imperial in RTP. To read more about Anderson and other speakers, visit http://www.cednc.org/infotech/2002/speakers.html.

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Events Update


September 9th — Biotechnology Forum - "Meet the Research Triangle Biotech Start-ups"

September 11th — CED Capital Connection Information Session

September 12th — Healthcare Entrepreneurs' Technology Roundtable: HIPAA - Security, Transactions, and Privacy

September 14th — Innovator's Quarterly Workshop

September 17th — Capital Connection Quarterly Luncheon

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