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- Madison River Communications Acquired in Deal Worth $830 Million
- Aldagen Secures $17.3 Million in Financing
- Trinity Convergence Acquires Swell Software
- MTV Chooses Motricity to Launch Mobile Service
- Targacept Begins Phase II Clinical Trial in Acute Post-Operative Pain
- EMD Pharmaceuticals, Partner Receive Approval for Cyanide Kit
- VCIC Celebrates 10 Years of Connecting Entrepreneurs and VCs While Educating MBAs
Madison River Communications
Acquired in Deal Worth $830 Million
Mebane-based Madison River Communications
(www.madisonriver.net)
will be acquired by CenturyTelin a deal
worth $830 million. Madison River, which
includes the local telecommunications
provider known as MebTel, operates three
other local rural exchange carriers
and has an extensive fiber optic backbone.
The deal includes cash for Madison River shares and assumption of Madison River dept. MebTel has operates and offers service in North Carolina, Alabama, Illinois and Georgia. The company has approximately 150 employees in Mebane and more than 600 overall.
Aldagen Secures $17.3 Million
in Financing
Durham-based Aldagen, Inc. (www.aldagen.com),
a company focused on stem cell research,
has received $17.3 million in debt and
equity financing. The Series C equity
financing was co-led by Harbert Venture
Partners, LLC and Intersouth Partners.
Also participating in the round were
existing investors The Aurora Funds,
Trelys Funds, L.P., Tall Oaks Capital
Partners, Village Ventures and the Piedmont
Angel Network.
The $3 million in debt financing was secured with Square 1 Bank. The Company will use these funds to advance its pipeline of regenerative medicine clinical studies.
Aldagen is a CED member.
The Aurora Funds is a CED member.
Harbert Venture Partners is
a CED member.
Intersouth Partners is a CED
member.
Square 1 Bank is a CED member.
Tall Oaks Capital Partners is
a CED member.
Trelys Funds is a CED member.
Trinity Convergence Acquires
Swell Software
Durham-based Trinity Convergence (www.trinityconvergence.com),
a leading provider of embedded software
solutions, has acquired Michigan-based
Swell Software for an undisclosed amount.
Swell Software products are used in
a variety of embedded applications,
including printers, MP3 players, handheld
GPS units, home security systems, medical
electronics and digital cameras.
Swell Software will maintain its current base of operations in Port Huron, Michigan and continue to develop, sell and support its entire product line of PEG+, C/PEG and PRESS software. The company's PEG+ GUI software has already been integrated into Trinity's VeriCall Phone Editions™ offerings, which provide complete and turnkey software platforms for OEMs designing VoIP and Video phones.
Trinity Convergence is a CED member.
MTV Chooses Motricity to
Launch Mobile Service
Durham-based Motricity (www.motricity.com),
a leading provider of mobile content
services and solutions, has launched
“Bananas,” a branded mobile content
subscription service offered by MTV,
a unit of Viacom Inc. Motricity powers
MTV’s “Bananas,” which is a cross-carrier,
direct-to-consumer offering that features
exclusive content from MTV, MTV2 and
mtvU including material from hit shows
such as “Laguna Beach,” “Real World,”
“Two-A-Days,” “Rob & Big” and “The
Hills.”
“Bananas” is powered by Fuel™, Motricity’s award-winning mobile content delivery platform. The program includes two tiers of service, each delivering an array of content from MTV programming as well as music ringtones from major record labels.
Motricity is a CED member.
Targacept Begins Phase II
Clinical Trial in Acute Post-Operative
Pain
Winston-Salem-based Targacept, Inc.
(www.targacept.com),
a clinical-stage biopharmaceutical company
developing a new class of drugs known
as NNR Therapeutics, has initiated a
Phase II clinical trial of TC-2696,
its product candidate for the treatment
of acute post-operative pain. The proof
of concept trial is designed to evaluate
the analgesic effects of TC-2696 following
dental surgery.
The randomized, double-blind, single-dose trial is being conducted in the United States and is expected to enroll approximately 150 molar extraction patients. The trial includes five arms, 10, 25 and 50mg TC-2696, ibuprofen (400mg) as a positive control and placebo.
Targacept is a CED member.
EMD Pharmaceuticals, Partner
Receive Approval for Cyanide Kit
Durham-Based EMD Pharmaceuticals (www.emdpharmaceuticals.com)
and drug partner Dey, L.P. have received
Food and Drug Administration approval
to sell a kit for the treatment of known
or suspected cyanide poisoning.
According to the companies, the cyanide antidote is the first approved in the U.S. in several decades. The companies plan to market the kit for use in the event of industrial accidents or a terrorist attack involving cyanide poisoning from smoke inhalation and other causes.
VCIC Celebrates 10 Years
of Connecting Entrepreneurs and
VCs While Educating MBAs
Now in its 10th year, The Venture Capital
Investment Competition (VCIC) (www.vcic.unc.edu/)
has evolved into a marketplace for entrepreneurs
seeking investors and a training ground
for future venture capitalists. The
program culminates every April in Chapel
Hill, NC, with the International Finals,
where the winning team takes home $10,000
in prize money. 2007’s finals, held
April 12-15 at the University of North
Carolina’s Kenan-Flagler, will include
a special 10th anniversary celebration
that will be attended by many former
students, VC judges and entrepreneurs.
In 2007, VCIC will include 40 events in North America, Europe and Asia, and will serve 500 students, 150 venture capitalists and 100 entrepreneurs. The program is akin to a network of mini-venture fairs. With dozens of VCs in attendance, entrepreneurs connect with investors and VCs get an early peek at some viable deals.
| 9/09 | Entrepreneurs Only Workshop™: Doing Your Due Diligence |
|---|---|
| 9/12 | CFO Roundtable: Raising Venture Capital |
| 9/23 | Entrepreneurs Only Workshop™: Valuation of Intellectual Property |