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Closure Medical Receives FDA Approval for Surgical Glue


Raleigh-based Closure Medical has reached a major benchmark with the recent Food and Drug Administration's approval of its surgical glue, Dermabond, which would serve as an alternative to surgical stitches.

While similar medical glues have been used in Canada and Europe, Dermabond will be the only product of its type available to U.S. physicians. A study financed by Closure found several advantages to the glue over stitches, including: faster repair of a wound, no anesthetic shot necessary before using the glue, and, no follow-up visit is necessary for removal. Dermabond can be used only on the skin surface; it is not suitable for internal wounds, nor is it suitable for lacerations on the hands, knees or elbows, because repetitive movement can peel off the glue before the wound heals.

Closure's stock closed at $25.938, up 19 percent with the announcement. Ethicon Inc., a subsidiary of Johnson & Johnson, has licensed the worldwide marketing rights for Dermabond from Closure.

Tekelec Plans to Double Its Workforce in the Triangle


California-based Tekelec is planning to increase its existing Morrisville workforce of more than 300 to about 500 by the end of this year. The company, a maker of network switching systems and diagnostic equipment, has about 70 percent of its global work force in Morrisville already.

Tekelec's switching division is based in Morrisville and is the company's largest and most successful business. The unit produces Tekelec's flagship product -- the Eagle STP, or signal transfer points. The Eagle software allows networks to offer advanced services such as caller ID and toll-free numbers, plus wireless services such as PCS (personal communication services) and GSM (global systems for mobile).

Tekelec expanded into the Triangle in 1988 when it bought Protocol Technologies.

The Holt Group/Skyline Displays Announced as the Official Software '98 Demo Display Sponsor


The Holt Group/Skyline Displays

is the Software '98 Demo Display Sponsor. The Southeast's premier software industry conference, Software '98 is CED's eighth annual software conference and showcases the best of North Carolina's $3-billion information technology industry. The conference will be held on October 16, 1998, at the Kenan Flagler Business School's McColl Building on the campus of the University of North Carolina at Chapel Hill.

Software '98 brings together software entrepreneurs, CEOs and executives primarily from the Research Triangle area and other Southeastern and Mid-Atlantic states to learn about business and technology trends and software/Internet business "how to's." Last year, 450 people attended the conference. Register now! For more information, contact Evelyn Hughes .

Apply Now for FastTrac--Applications Due September 11th


Are you an entrepreneur planning to start a company?
Are you an entrepreneur looking to grow your existing company?
Get your business on the right track with FastTrac II, a comprehensive business training program created for individuals who are in the start-up phase or seeking to grow their existing businesses. Apply online!. Application deadline is September 11, 1998, for the fall session starting September 24, 1998. Classes will meet each Tuesday for 11 weeks from 5:30 to 9:00 p.m. (dinner included) at the CED Entrepreneurship Center. Participants will complete a comprehensive business plan for their companies in FastTrac II. For more information, contact Suzanne Cantando.

Learn From the Pros at CED's Mergers & Acquisitions Seminar on September 15th


Hear from the experts on the ins and outs of mergers and acquisitions, including valuation in the mergers and acquisitions process, accounting and tax aspects, and war stories of recent mergers and acquisitions at Mergers & Acquisitions 1998 on September 15, 1998, from 1:30 to 5:30 p.m. at the Carolina Club on the campus of the University of North Carolina at Chapel Hill. The seminar is presented by CED and sponsored by Bowne of Charlotte, Pricewaterhouse Coopers LLP and Smith Helms Mulliss & Moore, LLP. Registration begins at 1:00 p.m. The program will be followed by a networking reception from 5:30 to 6:30 p.m. For more information, contact Evelyn Hughes.

Find Out Who's Investing Where in the September Issue of the Research Triangle Venture Update


Interested in the latest activities of entrepreneurial companies in the area? Take a look at the September Issue of the Research Triangle Venture Update. Published monthly by CED, the Venture Update highlights venture activity, new products and new high-growth companies in North Carolina's Research Triangle area. For more information, contact Carolyn Foy.

Check Out Upcoming CED Programs and Events!


Global Business Roundtable: International Sales Forum

Date: September 3, 1998
Time: 5:30 - 7:00 p.m.
Location: CED Entrepreneurship Center
Contact: Bill Spruill

Join us for an interactive discussion with two regional companies who are selling their products in the Global marketplace and looking for answers to the obstacles they face. We'll have a panel of experts share their knowledge with our presenters and hopefully provide solutions, which could benefit your company as well.

FastTrac Information Session
Date: September 9, 1998
Time: Noon - 1:00 p.m.
Location: CED Entrepreneurship Center
Contact: Dan Allred

Do you have an idea for a new business but need to develop a plan?
Do you want to increase your business revenues and profitability?
Do you need to develop a business plan to seek funding or for strategic purposes?

Join us for lunch to learn about the FastTrac entrepreneurial training program!

  • More than 16,000 people have taken FastTrac since its inception in 1986. FastTrac graduates outperform non-graduates in all business measurements.

  • The SBA reports that only 40% of new businesses are still in existence 5 years after start-up, but 74% of FastTrac businesses are still operating successfully.

  • 40-55% of FastTrac graduates more than double their sales within two years of graduation.

Information Technology Roundtable: Tradeshow Strategy & Mechanics
Date: September 9, 1998
Time: 6:00-7:30 p.m.
Location: CED Entrepreneurship Center
Contact: Bill Spruill

Biotechnology Roundtable: New Biotech/Life Sciences Company Introductions
Date: September 14, 1998
Time: 5:30-7:00 p.m.
Location: North Carolina Biotechnology Center
Contact: Bill Spruill

All small startup companies face a number of similar initial issues; biotechnology companies often have additional issues unique to the industry. The first Biotechnology Roundtable of this fall will highlight four new companies that are making North Carolina their corporate home. These include spin-offs from universities and corporations, and repeat entrepreneurs with new technology. Each company has been involved in fund raising, hiring and negotiating for lab/office space.