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Cisco Acquires WiMax Wireless Technology
San Jose-based Cisco Systems (www.cisco.com), a networking technology company, bought Texas-based Navini Networks for $330 million in an effort to control and expand its wireless technology offerings. Navini’s WiMax technology, a wireless communications technology similar to WiFi but with a more expansive range, will help Cisco build high-speed Internet networks in emerging markets. WiMax wireless networks can extend for miles and operate at speeds 30 times faster than WiFi. Cisco is headquartered in San Jose, Cali. and employs 3,200 in the Triangle.

Cisco is a CED member.

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Vitrue Closes on $10 Million Series B Funding
Atlanta-based Vitrue (www.vitrue.com), a video-centric social media company, has closed on a $10 million, Series B round of financing, led by Dace Ventures. Other investors involved in the round include Comcast Interactive Capital, Turner Broadcasting and General Catalyst Partners. The company previously raised $5.5 million in its first round. Vitrue creates branded video-centric social media sites that enable consumers to create, edit and submit videos and content.  

Vitrue is a CED member.

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PhaseBio Lands Additional $5.4 Million in Funding
Durham-based Phase BioScience (www.phasebio.com), a biotechnology company that develops biotherapeutics and improves drug delivery and purification, has raised an additional $5.4 million in Series B financing. Total funding for the second round of venture capital is now $6.6 million.  Lead investors in the second round include Fletcher Spaght Ventures and Johnson & Johnson Development Corporation.  Hatteras Venture Partners also re-invested.  This funding will provide the financial resources needed to continue the development of PhaseBio’s drug technologies.

Hatteras Venture Partners is a CED member.
Johnson & Johnson Development Corporation is a CED member.
PhaseBio is a CED member.

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Quintiles Latin America Acquires Bio-Trials
RTP-based Quintiles Transnational Corp. (www.qtrn.com), a bio tech, pharma and healthcare contract research organization, announced its Latin American subsidiary has acquired Bio-Trials, a Central American clinical research organization. Bio-Trials provides clinical monitoring, clinical site coordination, regulatory support, study management and supply distribution services. Quintiles currently has more than 19,000 employees and offices in more than 50 countries. Terms of the deal were not disclosed.

Quintiles is a CED member.

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WUNC Entrepreneurs Challenge Generates over $11,000
Special thanks and recognition goes out to the following CED member companies and individuals who participated in the annual WUNC Entrepreneurs On-Air Challenge:

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BTEC Awarded $455,000 FDA Grant
Raleigh-based Biomanufacturing Training and Education Center (BTEC) (www.engr.ncsu.edu/btec), a hands-on, industry-specific Golden LEAF education and training center located on the North Carolina State University Centennial Campus, was awarded a federal grant from the U.S. Food and Drug Administration for training of field and operational personnel in the agency’s Office of Regulatory Affairs. The grant is worth up to $455,000 over a five year period. The training will include distance learning and hands-on direction, and it slated to begin next spring.

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Lab Corp Partners with New Jersey Firm in Genomics Exploration
Burlington-based Laboratory Corporation of America Holdings (www.labcorp.com), one of the world’s largest clinical laboratories, will team with New Jersey-based MedCo Health Solutions to explore using the drug tamoxifen with genotyping to combat breast cancer. Genotyping bases drug prescriptions on an individual’s gene test results to ensure that each cancer patient receives the appropriate drugs and dosages.  LabCorp is a pioneer in genomic testing and the commercialization of new diagnostic technologies.

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Targacept Plans to Advance TC-5214 as Augmentation Therapy for Depression
Winston-Salem-based Targacept (www.targacept.com), a clinical-stage biopharmaceutical company, plans to advance TC-5214 into clinical development as an augmentation therapy for patients who don’t respond satisfactorily to first-line antidepressant treatments.  Trials showed that patients who received TC-5214 experienced improvement in symptoms of depression and irritability. The development of TC-5214 has the potential to provide more adequate treatment options for the millions of Americans who suffer from Major depression.

Targacept is a CED member.

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Events Update

9/09 Entrepreneurs Only Workshop™: Doing Your Due Diligence
9/22 Biotech Forum: Clinical Trials
9/23 Entrepreneurs Only Workshop™: Valuation of Intellectual Property

 

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