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HexaTech Secures $8.9 Million in First Round Financing
RTP-based HexaTech, Inc., a company that develops and produces single crystalline aluminum nitride (AIN) substrates for high performance electronic and optoelectronic semiconductor devices, has closed on $8.9 million in financing.

Durham-based Intersouth Partners led the $8.9 million Series A round, with H.I.G. Ventures, Sevin Rosen Funds and NC IDEA participating. The round, which will be used to advance product development, expand marketing efforts and build out the company's executive team, is the company's first outside financing. Craig Burson of H.I.G. Ventures, John Glushik of Intersouth Partners and Dave McLean of Sevin Rosen Funds will join the company's Board of Directors. HexaTech presented at CED’s Venture 2005 conference last April in Pinehurst, NC.

HexaTech is a CED member.

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NanoCor Therapeutics Raises Seed Funding for Large Animal Study
Chapel Hill-based NanoCor Therapeutics, Inc., a biotechnology company founded to create the first viable intracellular genetic protein therapy for the treatment of Chronic Heart Failure, has secured seed financing for the conduct of large animal studies. NanoCor efforts are based on the scientific work of Dr. Roger Hajjar of Mass General Hospital (Harvard University), Dr. Litsa Kranias of the University of Cincinnati and Dr. Richard Jude Samulski of the University of North Carolina at Chapel Hill.

NanoCor’s lead therapeutic is Carfostin™, a non-invasive treatment for congestive heart failure (CHF). Carfostin™ targets delivery of a proprietary gene to the heart muscle cells of patients with CHF using Biological NanoParticles. Once in the heart, Carfostin™ provides long-term therapeutic benefits by using the heart muscle as a bioreactor to provide sustained protein expression. NanoCor is currently conducting large animal studies, and expects to file an IND within 18 to 24 months.

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Capitol Broadcasting Acquires Local Tech Wire
Raleigh-based Capitol Broadcasting of Raleigh has acquired Local Tech Wire, a four-year-old business web site devoted to coverage of the high tech and life science sectors in the Carolinas and Georgia. Under the deal, Local Tech Wire will become part of Capitol’s New Media Group and will be known as WRAL Local Tech Wire. Capitol assumes control of LTW effective Dec. 1.

Capitol Broadcasting operates WRAL-TV, WRAL-FM, WRAZ-TV, and WCMC-FM in the Triangle market. Its web site, WRAL.com, has won numerous awards and is the most popular site in the market. Capitol also operates television stations in Charlotte, Wilmington NC, and is the owner of the Durham Bulls. Financial terms were not disclosed.

Local Tech Wire is a CED member.
Capitol Broadcasting is a CED member.

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Red Hat Acquires Joint Venture in India
Raleigh-based Red Hat, the world's leading provider of software and service for the Linux computer operating system, has acquired Red Hat India Pvt. Ltd., the partner in its Indian joint venture, and plans to invest more than $20 million in India over the next several years.

Red Hat founded its Indian venture with Clover Technologies Pvt. in 2000. Over the last two years, Red Hat has experience more than 100 percent growth and has expanded its representation to 7 locations in India and also in Sri Lanka. The venture's Indian headquarters are located in Mumbai. Financial terms of the purchase were not disclosed, however the acquisition gives Red Hat full control of Red Hat India Pvt. Ltd.

Red Hat is a CED member.

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Motricity Inks Deal with BET
Durham-based Motricity, a developer of mobile content and solutions, has signed a content development deal with Black Entertainment Television (BET). BET is the leading cable network source for entertainment and information targeting the African-American consumer, and is distributed to more than 80 million homes in the United States, Canada and the Caribbean.

Using Motricity’s platform technology to expand into wireless data and applications, the new BET wireless service will be marketed under the “BET Mobile” brand, and will include popular ringtones, graphics, games, alerts and social networking features. Content will be made available through BET’s Web site (www.bet.com) as well as through mobile phones.

Motricity is a CED member.

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Oriel Expands Patent Portfolio
RTP-based Oriel Therapeutics, an emerging inhaled drug delivery company, has announced that inventions central to its dry powder inhaler technology have been granted a United States Patent for dry powder inhaler packages, control systems and dispersion methods. The patent covers the core of the Oriel technology including design of Oriel’s dry powder inhalers containing multi-dose dry powder packages that can individually be activated to vibrate upon exposure to a customized electrical input.

The design allows for potentially quicker and easier administration of inhaled therapies to treat respiratory and pulmonary diseases. Oriel Therapeutics currently has 11 U.S. and associated international patent applications pending for a variety of aspects of the use of its fludization and aerosolization technology.

Oriel Therapeutics is a CED member.

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Salix Acquires Product Right from Norgine
Raleigh-based Salix Pharmaceuticals, Ltd., a specialty pharmaceutical company that develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases, has been granted the exclusive rights from Norgine B.V., to sell a patent-protected, liquid PEG bowel cleansing product, NRL944, in the United States. The product is currently under review at the U.S. Food and Drug Administration (FDA) to obtain marketing approval for bowel cleansing prior to colonoscopy, intestinal surgery and barium enema X-ray examinations.

The product has patent protection until 2013, with potential protection until 2023. Salix is required to make an up-front payment and regulatory and sales performance milestone payments to Norgine. In addition, the agreement calls for Norgine to supply Salix with the product and Salix to pay Norgine royalties on net sales.

Salix Pharmaceuticals is a CED member.

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Cree Grants White LED Patent License to Kingbright
Durham-based Cree, Inc., the market-leading innovator and manufacturer of semiconductors, has licensed its white LED patent to Kingbright Electronic Co., Ltd., a strategic LED chip customer headquartered in Taiwan. The license authorizes Kingbright to manufacture and sell white LEDs that incorporate Cree chips and is one of several licenses that Cree has granted under the patent this year.

Cree's technologies in gallium nitride and silicon carbide materials will significantly enhance the impact of Kingbright's white and color LEDs for the general illumination, backlighting, and display industries. Kingbright will use Cree LED chip products exclusively in its white LED product

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Peak 10 to Expand Charlotte Data Center
Charlotte-based Peak 10, a data center operator and managed services provider, has plans to build a second data center at its headquarters in Charlotte, NC. As a result of the expansion, Peak 10 will own and operate seven data centers spread throughout the Southeast.

The building of Peak 10's second Charlotte data center follows expansions in its Raleigh, N.C. and Louisville, Ky. markets earlier this year. The new Charlotte data center, which is expected to be completed in late second quarter of 2006, will expand Peak 10's North Carolina space by 14,000 square feet.

Peak 10 is a CED member.

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Events Update

7/21 Fast 50 Nominations Deadline
8/1 Tech 2006 Demo Application Deadline