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Paradigm, Bayer Sign $40M Contract , Plans New Building


Triangle-based Paradigm Genetics Inc. has signed a $40 million agreement with Bayer AG to assist in the discovery of new herbicides. Paradigm, a Venture '98 presenter and recipient of the CED's 1998 Spinoff of the Year award, will present genetic material libraries to Bayer. The big German company will use the gene libraries and expose them to a various chemical compounds.

Paradigm plans to build a 50,000-square-foot building as part of its expansion plans and is reportedly choosing from sites at Park Research Center in RTP, the Research TriCenter and the Centennial Campus at N.C. State University. Paradigm has 42 employees with plans to add 30 to 40 more in the next year. It has raised $12 million in venture capital this year.

Biolex Inc. Gets $1 Million in Venture Capital


Biolex, Inc., a spinoff from North Carolina State University, received more than $1 million in venture capital funding. Investors included Intersouth Partners of Durham, which invested $500,000, and Kitty Hawk Capital of Charlotte. Centennial Venture Partners of N.C. State invested about $150,000, marking its first investment since forming earlier this year. The N.C. State Forestry Foundation put up $20,000. Biolex intends to use genetic engineering to turn a plant into medicine.

Sapiens Wins Large Euro Contract


Triangle-based Sapiens International Corp. has signed a Euro conversion contract with a French direct-sales company to prepare La Redoute's computer systems for the pending adoption of the trans-European currency, which is known as the Euro. The Euro will become the European Union's currency in 2002.

Accipiter, Engage Merger Complete


Engage Technologies, an online marketing technology company, has completed its acquisition of Accipiter, Inc. of Raleigh, an ad management provider and Venture '97 presenter. Chris Evans, Accipiter founder, received CED's highest entrepreneurial recognition in May 1998 when he received the 1998 Entrepreneurial Excellence Award.