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Academy Funds Raising Third Fund


Raleigh-based Academy Funds is currently raising a third fund and looking to hire staff to broaden its focus outside North Carolina to seven Southern states that house major research universities, according to the News & Observer. Formed as Centennial Venture Partners in 1998, the firm plans to continue funding early-stage companies that have their roots in technology developed in university research labs. The third fund is likely to be the largest yet, with a target of between $140 million and $175 million, which works out to between $20 million and $25 million for each state Academy intends to invest in. The seven states include: Virginia, North and South Carolina, Tennessee, Georgia, Florida and Texas. The firm has already hired two new fund partners, Matthew Hantzmon and David Maw, who will be based in Virginia and South Carolina, respectively. www.academyfunds.com

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Paradigm Announces $28 Million Common Stock Offering


RTP-based Paradigm Genetics, Inc. (Nasdaq: PDGM) announced that it has entered into an arrangement with JPMorgan H&Q pursuant to which JPMorgan H&Q has agreed to place directly 5.1 million shares for aggregate gross proceeds of $28.0 million (at a price of $5.50 per share) to selected institutional investors. The company expects this transaction will close on or before Monday, October 22, 2001. The shares are being offered through a prospectus supplement pursuant to the company's effective shelf registration statement. Paradigm Genetics expects to use any proceeds from this financing to expand its metabolomics platform into the areas of human health and nutrition, to increase its business development activities and to meet ongoing working capital requirements. Paradigm also recently announced that it had received its first technology patent. www.paragen.com

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380 Investors and Entrepreneurs Attend SEBIO


With 380 investors and life science entrepreneurs in attendance, the third annual Southeastern Biotechnology Investor Conference held in Birmingham, Alabama last week, was a great success. Stellar presenters from North Carolina included: Artecel Sciences, Inc.; BIOLEX, Inc.; ChemCodes, Inc.; Encelle, Inc.; MERIX Bioscience, Inc.; StemCo Biomedical; and Xanthon, Inc. In addition, Dennis Doughtery from Intersouth Partners served on a venture capital panel with Jesse Treu, Domain Associates; Jim Barrett, New Enterprise Associates; Jamie Coffin, IBM Life Sciences; and Lois Fischer, Silicon Valley Bank. To learn more about SEBIO, visit www.sebio.org.

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Embrex Included on Forbes List


RTP-based Embrex Inc. has been selected as one of the 200 Best Small Companies in America by Forbes magazine for the second consecutive year. Embrex was ranked 56th among the 200 Best named in Forbes' Oct. 29 issue, up from a ranking of 62 in 2000. According to Forbes.com, Embrex sales over five years have grown 18 percent and earnings per share growth for the past quarter is up 16 percent over the previous year's quarter. Also, Embrex's return on equity has averaged 22 percent for the last five years and is 29 percent for the last 12 months. www.embrex.com

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Quintiles and WebMD Settle Lawsuit


Quintiles Transnational Corp. and WebMD Corp. have settled a lawsuit and agreed to cease information sharing and all other business activities starting March 1. In terminating the agreement, WebMD also agreed to buy back all 35 million shares of WebMD common stock held by Quintiles for $185 million. In a joint statement, Quintiles Chairman Dennis Gillings and Martin J. Wygod, chairman of WebMD, said they are both pleased with the outcome and the agreement. The agreement also gives RTP-headquartered Quintiles a portion of the profits if WebMD is acquired, or if its Envoy Corp. subsidiary is sold by June 30, 2004. WebMD said it is not considering either possibility. www.quintiles.com

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Web Links are Available


Place your Web link on the CED Online directory for $50.00. This will allow your Web link to appear on our online directory for one year and will allow for easy access directly from the CED site, which is visited on average by 600 people daily. Reservations for Web links are being accepted until October 31, 2001. Please contact Jennifer Bersch, membership services manager, at jbersch@cednc.org.

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Events Update




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

October 31st — Capital Connection Application Deadline

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