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Overture Networks Raises $6 Million
RTP-based Overture Networks (www.overturenetworks.com), a developer of packet-based multiservice access platforms, has completed a $6 million financing round. Current investors Morgenthaler Ventures and Durham-based Intersouth Partners led the round, with additional funds coming from earlier investors Armada Ventures and Gray Ventures.

John Glushik, a partner at Intersouth, will join the Overture Networks board. Overture will use the new funds to further technology development and to support additional marketing and sales initiatives. The additional capital will also help the company accelerate its ability to bring its solutions to companies and service providers looking to add Ethernet services using any underlying infrastructure.

Overture Networks is a CED member.
Intersouth Partners is a CED member.

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INI Power Systems Closes $3 Million Series A
Cary-based INI Power Systems, Inc. (www.inipower.com), a developer of methanol powered micro-fuel cells, has closed a $3 million Series A equity financing led by Morrissey Hawthorne Inc. of Calgary, Canada, MHI Energy Partners of Norwalk, CT, and Illinois Ventures of Chicago, IL. INI will use the funds to continue the development of the company's patented laminar flow micro-fuel cells for portable power applications.

INI has also been awarded a $750,000 Phase II STTR contract by the Army Research Office to fund the development of a 20-watt portable power device for military applications. INI's laminar flow fuel cell system could potentially replace rechargeable batteries used in portable electronics such as laptops and PDA's. I NI was founded in 2002 in Illinois with technology licensed from the University of Illinois at Urbana-Champaign.

INI Power Systems is a CED member.

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NephroGenex Completes $500,000 Seed Funding
Cary-based NephroGenex, Inc. (www.nephrogenex.com), a biotech company developing treatments for kidney disease using scientific advancements in molecular profiling, has completed a seed funding of $500,000. Structured as a promissory note convertible to preferred stock, the financing was led by Discovery Life Sciences Fund, L.P., Vanderbilt University of Nashville, TN, and Karolinska Innovations AB of Stockholm, Sweden.

NephroGenex will use the funds to initiate research and business operations and expand its intellectual property portfolio. The company was among the early-stage presenters at the Southeastern BIO Investors Forum (SEBIO) in Miami on Nov. 7-8. NephroGenex’s proprietary kidney-specific molecular profiling technology is establishing molecular ‘fingerprints’ for the leading renal diseases. The technology provides for the identification of key pathogenic pathways as well as kidney disease patient populations that can potentially benefit from FDA approved drugs and established drug candidates.

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Inspire Pharmaceuticals Closes Common Stock Offering
Durham-based Inspire Pharmaceuticals, Inc. (NASDAQ: www.inspirepharm.com) has closed the previously announced public offering of 2.53 million shares of its common stock, which included 330,000 shares sold upon exercise by the underwriter, Deutsche Bank Securities Inc., of its over-allotment option in full. The shares were sold at a price to the public of $17.10 per share. Net proceeds to Inspire from the closing were approximately $42.3 million.

Inspire is a biopharmaceutical company dedicated to discovering, developing and commercializing novel prescription products for diseases with significant unmet medical needs. Inspire has expertise in the therapy areas of ophthalmology and respiratory and is a leader in the field of P2 receptors which are important drug targets in various therapeutic areas, including ophthalmology, respiratory disease, cardiovascular disease and pain. Inspire’s CEO, Christy Shaffer, is the CED Board Chair-elect for 2005-2006.

Inspire Pharmaceuticals is a CED member.

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Mobile Reach to Acquire Trifolium
Cary-based Mobile Reach International, Inc. (www.mobilereach.com), a provider of mobility solutions, has signed a Letter of Intent (LOI) to acquire Raleigh-based Trifolium, Inc. (www.trifolium.com), a Web services solution company. Mobile Reach expects to close the transaction by Nov. 30, 2004.

After the deal closes, Trifolium will operate as a wholly owned subsidiary of Mobile Reach. Trifolium specializes in solving businesses challenges by integrating system architectures, creating new enterprise applications and developing enhanced Web interfaces.

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Dell to Build Manufacturing Facility in Triad
Governor Mike Easley has announced that Dell, Inc. (www.dell.com), will build a new computer manufacturing facility in the Piedmont Triad area that will create at least 1,500 jobs for the region. The NC Department of Commerce was active in recruiting Dell to the area, with projections showing that the new facility could have an enormous impact on the state’s economy. The Department of Commerce estimates that the project will generate a gross state product value of about $24.5 billion over the next 20 years, while producing a net state revenue impact of $743 million over the same period of time.

The NC General Assembly convened for a special one day session to approve an incentive package that helped to lure Dell to the area. The package included numerous milestone provisions that, if met by Dell, could result in over $225 million in tax credits for the company over the next 15 years. Dell currently employs close to 50,000 employees worldwide and has US manufacturing facilities in Nashville, Tennessee and Austin, Texas.

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HyperBranch Named Outstanding Early Stage Presenter at SEBIO
Raleigh-based HyperBranch Medical Technology (www.hyberbranch.com) recently was selected as the Outstanding Early Stage Presentation during the 6 th annual Southeastern Bio Investor Forum (SEBIO) in Miami. HyperBranch was stood out among of group of 16 early-stage companies that were competitively selected to present at the conference.

Founded in 2003, HyperBranch is a biomaterial device company that is focused on restoring vision or preventing serious vision loss through the development of new medical devices for ocular surgery. The company’s initial products, an Endocapsular Lens (DendriLens) for presbyopic and cataract surgery and an Ocular Sealant (OcuSeal) for ocular surgical procedures are in development. SEBIO was HyperBranch’s first investor conference.

HyperBranch is a CED Member.

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Aeolus Begins Clinical Trial for ALS Drug
RTP-based Aeolus Pharmaceuticals (www.aeolus.com) announced a step forward in the battle to find a potential cure for Lou Gehrig’s Disease, or amyotrophic lateral sclerosis (ALS). The company has launched a Phase I clinical trial for its drug, AEOL 10150. The trial will take place at as many of six different sites, and the company has already administered the drug to the first group of patients who are afflicted with ALS. The trial period is expected to conclude during the first quarter of 2005.

Aeolus changed its name from Incara Pharmaceuticals in July of this year. The company focuses on developing disease-modifying drugs. AEOL 10150 is the most developed drug in the Aeolus pipeline, which also includes a cancer therapy drug that is in an early stage of development.

Aeolus Pharmaceuticals is a CED member.

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Bayer Environmental Science to Locate in RTP
Bayer Environmental Science is moving its North American operations from New Jersey and Alabama to the Research Triangle Park. The 90-person unit is a business group of Bayer CropScience, which is already located in RTP.

The company is hopeful that the move will allow for efficiencies between all three of its business groups: BioScience, CropScience and Environmental Science. Currently, Bayer CropScience employs about 375 people at its Research Triangle Park headquarters. Bayer CropScience LP is the U.S. business of Bayer CropScience, which has its global headquarters in Monheim, Germany. Bayer CropScience has a global workforce of about 19,000 and is represented in more than 120 countries, ensuring proximity to dealers and consumers.

Bayer’s Biological Products Division is a member of CED.

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Events Update

December 4 — Innovator's Workshop
January 27 — Engage: Finance