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Arsenal Digital Solutions Closes $11 Million in Debt Financing
Cary-based Arsenal Digital Solutions (www.arsenaldigital.com) has closed an $11 million round of non-equity financing. The company has now raised a total of $86 million in equity and debt funding, according to company reports.

Arsenal will use this funding to support the company's expansion efforts. The company currently serves more than 800 customers in 18 cities. Aresenal delivers its outsourced storage management services through service providers, such as AT&T, NTT/Verio, AboveNet, Terremark Worldwide and Redundant Networks.

Arsenal Digital Solutions has been a CED member since 1999.

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US LEC Completes $10 Million Private Placement
Charlotte-based US LEC Corp. (www.uslec.com) has raised $10 million of equity capital in a private placement of 2 million shares of US LEC Class A common stock from several institutional investors. In addition, US LEC's founders sold 500,000 shares in the private offering. Kaufman Bros., L.P. served as the placement agent in this transaction.

According to company reports, US LEC plans to use the net proceeds from this private offering for general corporate purposes, including acquisitions, as well the repayment of a portion of outstanding debt to its senior lenders. The company is a telecommunications carrier providing integrated voice, data and Internet services to businesses.

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Ephinay Nets $10 Million Investment
Charlotte-based Ephinay Corporation (www.ephinay.com) has received a $10 million capital investment from Trinity Ventures to facilitate further growth of Ephinay's financial process outsourcing business. California-based Trinity Ventures, which has over a billion dollars under management, was founded in 1986.

Trinity joins ChrysCapital as one of Ephinay's major investors. Ephinay provides financial process outsourcing solutions to companies using its Optimized Global Service Model - a multi-shore combination with US-based as well as offshore delivery.

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Salix Pharmaceuticals Completes Private Placement
Raleigh-based Salix Pharmaceuticals, Ltd. (www.salix.com) has completed a private placement of 1.7 million shares of common stock. The shares went to select institutional investors, and net proceeds to Salix are approximately $29 million, company officials said.

Salix will use the proceeds from the placement to pursue its strategic objectives, including the development of the products in its pipeline and the in-licensing/acquisition of additional products. Salix develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases.

Salix Pharmaceuticals is a CED member.

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AlphaVax AIDS Vaccine Begins Trial in South Africa
Human clinical trials of a potential HIV vaccine have started in South Africa, and one of the first trials will test a preventive AIDS vaccine candidate named AVX101 designed by Durham-based AlphaVax (www.alphavax.com). AVX101 is intended to prevent people who are uninfected with HIV/AIDS from contracting the disease.

The trial of AVX101 is being conducted by the HIV Vaccine Trials Network of the US government's National Institutes of Health, in association with the South African AIDS Vaccine Initiative. A small-scale trial of AVX101 is also underway in the United States.

AlphaVax has been a CED member since 1999.

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Serenex, Roche Sign Research Agreement
Durham-based Serenex, Inc. (www.serenex.com), has inked a research agreement with Roche, a Swiss-based drug discovery company, which involves the utilization of Serenex's chemoproteomics technologies within Roche's drug discovery program. The companies plan to jointly evaluate how Serenex's technologies may impact the identification of the most appropriate compounds to advance through drug discovery and development.

The agreement provides Roche with access to Serenex's unique Proteome Mining and Functional Proteome Fractionation technologies. Under the terms of the collaboration, Roche will supply Serenex with small molecule, drug-like compounds. Serenex will use its technologies to screen the Roche compounds against thousands of protein targets simultaneously.

Serenex has been a CED member since 2002.

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Aurora Funds Names First Entrepreneur-in-Residence
Durham-based The Aurora Funds (www.aurorafunds.com), an early stage venture capital firm, has named Dr. William New as the firm's first Entrepreneur-in-Residence. Earlier this year, New joined Aurora as a Special Venture Partner for Aurora Ventures IV, the firm's latest $85 million fund.

New brings more than 40 years of experience as an engineer, physician, entrepreneur and educator. He most recently served as the Associate Dean for Bioengineering, Oregon Graduate Institute, at Oregon Health & Sciences University. He will continue to serve as Chairman of publicly traded Natus Medical Inc., which he founded in 1989. New has earned an MD from Duke University School of Medicine, an MS in Management from Stanford University Graduate School of Business; a PhD in Physiology from the University of California; an MS in Electrical Engineering from Stanford; and a BS in Electrical Engineering from Stanford.

The Aurora Funds has been a CED member since 1995.

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UNC Kenan-Flagler Center for Entrepreneurship Changes Name, Focus
The UNC Kenan-Flagler Business School's Center for Entrepreneurship (www.eship.unc.edu) has changed its name and added to its focus. The group's new name is the Center for Entrepreneurship and Family Business. Bill Moore will serve in the newly created role of chairman of the center, and he will provide strategic guidance and fundraising assistance. Jeff Reid remains the center's Director and will continue to oversee Center strategy and operations.

Professor Barry Roberts has assumed a greater role in curriculum, research and other faculty-related activities on the entrepreneurship side. Professor Robert Bushman will play a similar role as the faculty leader for family business. Officials with the Center for Entrepreneurship and Family Business said the newly named entity will launch new programs in family business, and the group will also continue to build on its traditional strengths in technology entrepreneurship, venture capital and other key areas.

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CED's Monica Doss Receives 2003 Goodmon Award for Leadership
CED President Monica Doss received the 2003 Goodmon Award for Exemplary Regional Leadership by an Individual during a luncheon ceremony hosted by Leadership Triangle at the Durham Centre on Wednesday, Nov. 12. Leadership Triangle established the annual Goodmon Awards in honor of James F. Goodmon, president and CEO, Capitol Broadcasting Company. The awards recognize leaders in the community that are regionally minded - and that exhibit that frame of mind throughout their lives.

According to Leadership Triangle, the award for Exemplary Regional Leadership by an Individual is given to someone who embodies the concept of regional citizenship and who has gone above and beyond the call of duty to foster regional cooperation. In addition to Doss' honor, the 2003 Goodmon Awards also recognized area leaders in three other categories:

  • Exemplary Regional Leadership by Elected Officials - State Senator Wib Gulley and State Representative David Miner
  • Exemplary Regional Leadership by an Organization - Research Triangle Regional Partnership
  • Exemplary Regional Partnership - The Triangle - A Family of Communities

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Events Update

November 19th — CED Capital Connection Information Session
November 19th — Technology Forum - Outsourcing Strategies: Entrepreneurs Weigh Pros and Cons
December 8th — Biotech Forum - Breakthrough to Commercialization: From NDA to Product Launch
December 11th — CED Information Session for Prospective Members
December 12th — CFO Roundtable: Benchmarking Benefits - An Interactive CFO Roundtable
December 16th — Capital Connection Luncheon