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Intronn Secures $7M

Intronn, a Raleigh gene therapy company, has landed $7 million in venture capital. The company has eight employees and plans to triple in size over the next 12 to 15 months, according to the News & Observer. Intronn received its funding from two out-of-state venture capital funds, AEA Investors of New York and Research Corp. Technologies of Tuscon, AZ. Intronn is also spinning off a new company, Veri-Q, that will also be based in the Triangle. Intronn is a graduate of CED's FastTrac and STREAK programs. www.intronn.com

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Triangle Pharmaceuticals Closes Common Stock Sale at Almost $50M

Durham-based Triangle Pharmaceuticals Inc. announced that its stockholders have approved the sale of 18.67 million shares of common stock at $2.65 per share to a group of investors led by Warburg Pincus Private Equity VIII, L.P. Gross proceeds from the sale, which closed last week, totaled $49.49 million. The closing completes the previously announced financing led by Warburg Pincus in August with gross proceeds from both closings totaling $75 million. www.tripharm.com

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McColl Partners Up and Running

Famed banker and business executive Hugh McColl, Jr., announced on October 8 that his new company, McColl Partners LLC, is up and running. The Charlotte-based investment banking firm will offer merger and acquisition services for their target clients - companies in the financial services, healthcare, technology and manufacturing sectors with annual revenues of $250 million or less. McColl, the former chairman of Bank of America, is one of the impressive speakers on the agenda for CED's upcoming InfoTech 2001 conference in Chapel Hill on October 30-31, 2001. McColl is scheduled to speak on the morning of October 31. www.mccollpartners.com

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Quintiles Launches Safety Pharmacology Unit

Quintiles Transnational Corp. (Nasdaq: QTRN) has launched a safety pharmacology unit in Kansas City, Missouri. A new guideline on safety pharmacology issued by the International Conference on Harmonization (ICH) has prompted a growing demand for the company's safety pharmacology services worldwide. Quintiles will continue to offer safety pharmacology services at its site in Edinburgh, Scotland, which is a leading provider of safety pharmacology services. Headquartered near Research Triangle Park, Quintiles is the world's leading provider of information, technology and services to bring new medicines to patients. www.quintiles.com

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CFO Veteran Joins TogetherSoft

TogetherSoft, a provider of software and services for improving the ways people work together, recently appointed John Sherbin II as Chief Financial Officer. TogetherSoft President and CEO Peter Coad, made the announcement as the company also reported that TogetherSoft's sales by the end of August had already topped last year's total revenues. Sherbin brings 25 years experience with manufacturing and software companies to his new position, and has led two middle-market Initial Public Offerings. Prior to TogetherSoft, Sherbin served as CFO of two technology companies, ANSYS, Inc; and II-VI, Incorporated. Sherbin will oversee the accounting and finance division of the company, as well as coordinate global finances. As of Oct.1, TogetherSoft has sales and operations offices in 11 countries around the world with U.S. corporate headquarters in Raleigh, NC. www.togethersoft.com

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Durham County to Offer $2M in Incentives to Drug Company
The Durham County Commissioners unanimously approved $2 million in incentives Monday for a $260 million pharmaceutical facility they hope will make the largest single investment in the county's history, according to the Durham Herald-Sun. Durham is among four sites that EMD Pharmaceuticals Inc., the North American subsidiary of Merck KGaA, is eyeing for a headquarters and manufacturing plant that would employ about 1,200 people. The proposed location is in the Treyburn Corporate Park in northern Durham. The other potential locations include two sites in the Boston area and one in Darmstadt, Germany, the home of the parent company, Merck KGaA.

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CED Celebrates Entrepreneurship at Annual Meeting

CED thanks the more than 325 members who attended its annual meeting on October 9 for the unveiling of its five-year strategic Innovation to Impact initiative. For more information, visit http://www.cednc.org/news/press_releases/2001/10_10.html.

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Events Update
October 15th — Biotechnology Roundtable - Recent Financings Sprout New Companies

October 16th - 17th — SEBIO - the Third Annual Southeastern Bio Investors Forum, Birmingham, AL

October 20th — Capital Connection Innovator's Quarterly Workshop

October 30th and 31st — CED's Research Triangle InfoTech 2001

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