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GSK Acquires NJ Pharma Company for $1.65 Billion
RTP-based GlaxoSmithKline (GSK) (www.gsk.com), a research-based pharmaceutical company, has bought Reliant Pharmaceuticals, a privately held biotechnology company based in New Jersey, for $1.65 billion in cash. Reliant markets cardiovascular drugs including Lovanza, a treatment for adult patients with high levels of triglycerides, fatty substances in the blood. Lovanza sales were reported to be $206 million at the close of the third quarter of 2007.

GlaxoSmithKline is a CED member.

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BluePhoenix Raises $35 Million in Private Stock Placement

Cary-based BluePhoenix (www.bphnx.com), a software company which helps companies update software and networking infrastructure, has raised approximately $35 million in a private stock placement. The Company plans to retire approximately $32 million in existing debt, and net proceeds remaining after the retirement of the debt will be used for general corporate purposes. The net effect of retiring the debt is the elimination of around $2.3 million in annual interest payments.

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Oriel Therapeutics Raises $26.5 Million in VC Funding
RTP-based Oriel Therapeutics (www.orieltherapeutics.com), a drug development company, has closed on $26.5 million in Series C financing led by New Leaf Venture Partners of New York and California. The company has received several patents for its technology of drug delivery through inhalers. The company, founded in 2002, uses technology that was first developed at the University of North Carolina at Chapel Hill.

Oriel Therapeutics is a CED member.

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Southern Capitol Ventures Participates in $4 Million Series B Round for Baltimore Company
Raleigh-based Southern Capitol Ventures (www.southerncapitolventures.com), a venture capital firm, has participated in a $4 million round of Series B funding for DoublePositive Marketing Group, a Baltimore sales lead company. Other investors in the round include Hamilton Investment Partners of New York and Slate Venture Group of Maryland; existing investors include The Grosvenor Funds of Washington, D.C., and WWC Capital Group of Reston, Va. DoublePositive has developed a way to generate real-time Internet sales leads; it compiles data from online advertising to generate most of its leads.

Southern Capitol Ventures is a CED member.

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Red Hat Extends Collaboration with Hyperic on Common Systems Management Technology
Raleigh-based Red Hat, Inc. (www.redhat.com), a leading provider of open source solutions, has extended its agreement with San Francisco-based Hyperic Inc., a leader in multi-platform, open source systems management, to develop a common systems management platform. Development will continue under an open source model.

Red Hat will contribute its updates and enhancements to this new open source project; both companies will work to maintain, govern and extend management capabilities within the new open source systems management platform project and will share an open source code repository hosted by Hyperic. Red Hat and Hyperic will collaborate on a development and governance roadmap for the common technology that will enable both companies to produce innovative solutions for systems management.

Red Hat, Inc. is a CED member.

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Biogen Idec Partners with Swiss Company on Development of Alzheimer’s Treatment

RTP-based Biogen Idec (www.biogenidec.com), a biotechnology company, has formed an alliance with Neurimmune Therapeutics AG of Switzerland to develop and commercialize a treatment for Alzheimer’s disease (AD). The alliance will focus on the development of antibodies that bind to amyloid beta (Aβ), pathogenic molecule thought to cause neurodegeneration and loss of cognitive function in AD patients. Currently there are no therapies for AD approved to slow or stop the progression of the disease. Neurimmune will conduct research to identify potential therapeutic antibodies using the company's Reverse Translational Medicine (RTM) platform. Biogen Idec will be responsible for the development and commercialization of all products. Neurimmune could receive an aggregate of $380M in upfront and success-based milestone payments, as well as a royalty on net sales of any products.

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Argos Therapeutics Enters Into Licensing Agreement with J&J Subsidiary
Durham-based Argos Therapeutics (www.argostherapeutics.com), a private biotechnology company, has entered into an exclusive agreement with Therakos, Inc., a Johnson & Johnson company, for the research and development of novel treatments based on regulatory T cell technology. Terms of the agreement have not been disclosed. Regulatory T cells are a specialized subpopulation of T cells that actively control immune system responses and prevent immune-mediated diseases. To function properly, the immune system must recognize and discriminate between itself and foreign antigens, however if this recognition fails, the immune system destroys cells and tissues of its own body, resulting in autoimmune diseases. Argos’ treatment, “Arcelis” technology, trains the immune system to recognize and attack the disease.

Argos Therapeutics is a CED member.

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BioMarck Pharmaceuticals Awarded Patent Protection
RTP-based BioMarck Pharmaceuticals (www.biomarck.com), a biopharmaceutical company, has been granted an intellectual patent from the U.S. Patent and Trademark Office for its proprietary technology of “methods and compositions for alternating mucus secretion.” The company is testing a treatment for respiratory diseases based on technology that it has licensed from North Carolina State. The treatment is designed to combat mucus.

BioMarck Pharmaceuticals is a CED member.

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PTRP Gains New President
Winston-Salem-based Piedmont Triad Research Park (PTRP) (www.ptrp.org) has a new president at its helm. Douglas Edgeton was selected by the PTRP board, with the concurrence of Wake Forest University (WFU) President Nathan O. Hatch and the board of WFU Health Sciences. Edgeton also serves as executive vice president and chief operating officer of WFU Health Sciences. Developed in the early 1990’s, the PTRP has grown to assume approximately 230 acres in eastern downtown Winston-Salem and is divided into three districts – northern, central and southern. Most of the development to date has been concentrated in the central district, where there are now six park-related buildings totaling about a half-million square feet of space. The park is expected to be fully developed over the next 20 to 30 years.

Piedmont Triad Research Park is a CED member.

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NCTA Honors Top Companies and Individuals with Awards
Raleigh-based North Carolina Technology Association (NCTA) (www.nc-tech.org) awarded 21 recipients at its 2007 NCTA 21 Awards program earlier this month. Over 500 business leaders attended the program which honors the companies and individuals who represent the best and brightest in technology and business and have demonstrated outstanding leadership and innovation.

Technology Industry Awards
Software Company of the Year: SAS Institute Inc.
Health Care/Pharmaceutical Company of the Year: GlaxoSmithKline
Electronics Company of the Year: RF Micro Devices
Communications Company of the Year: Overture Networks
Consumer Technology Company of the Year: LED Lighting Fixtures

Stage of Development Awards
Early Stage: Yap, Inc.
Midsize: ChannelAdvisor Corporation
Large: Epic Games

Functional Awards
Top Service Company of the Year: Queen Associates, Inc.
Top Growth Company of the Year: SciQuest, Inc.
Top Venture Capital Invested: InnerPulse
Top Government/Non-Profit Technology:  WinstonNet, Inc

Leadership Awards
Corporate Citizenship: Microsoft Corporation
Media: Business Leader
IT Support Services: Ed Turlington of Brooks, Pierce, McLendon, Humphrey & Leonard, LLP
Corporate Education: SunCom Wireless

Excellence Awards
Private Company of the Year: Motricity
Public Company of the Year: Dell, Inc.

Volunteer of the Year Award
Anne McClelland, Senior Director of Microsoft Corporation and 2007 Vice Chair of the NCTA Board of Directors

Public Leadership Awards
Senate Majority Leader Tony Rand, of Cumberland and Bladen Counties; Representative Pryor Gibson of Anson and Union Counties; Senator David W. Hoyle of Gaston County; and Representatives Margaret Dickson and Rick Glazier, both representing Cumberland County.

Outstanding Achievement Award
Lt. Gov. Beverly Perdue

GlaxoSmithKline is a CED member.
Overture Networks is a CED member.
Yap is a CED member.
ChannelAdvisor is a CED member.
SciQuest, Inc. is a CED member.
InnerPulse is a CED member.
Business Leader is a CED member.
SunCom Wireless is a CED member.
Motricity is a CED member.
Microsoft Corporation is a CED member.

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Events Update

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

 

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