Venture Update Vol. X, #3, March 2006
Done Deals
Raleigh – Misys Healthcare Systems, a developer and supporter of software designed for healthcare management by physicians and caregivers, has acquired Payerpath, Inc., a Richmond-based private healthcare IT company, in a $49 million all-cash deal. The new business will operate as Payerpath, A Misys Company, and will be headquartered in Richmond. Contact Mike Truell (919. 329.1321).
Morrisville – Integrian Inc., a developer of mobile digital video technology for the public safety and transportation markets, has secured $36 million in a round of financing led by Credit Suisse, a Zurich-based global financial services company. All of Integrian’s current investors also participated in the round, including Polaris Venture Partners, Intersouth Partners, The Wakefield Group, Motorola Ventures and Dow Pension Fund. Contact Robin Potts (919.472.5022).
Charlotte – Chelsea Therapeutics International, Ltd., a biopharmaceutical company developing treatments for rheumatoid arthritis, psoriasis, inflammatory bowel disease and certain cancers, has completed a private placement of 7.2 million shares of its common stock to institutional and other accredited investors, resulting in gross proceeds of approximately $21.5 million. Healthcor Management, LP led the round, with significant participation from RA Capital Management, Great Point Partners, GMT Capital, Vivo Ventures, as well as a number of other well-known healthcare investors. Contact Nick Riehle (704.341.1516).
Winston-Salem – Targacept, Inc., a biopharmaceutical company involved in the design, discovery and development of a new class of drugs to treat multiple diseases and disorders of the central nervous system, has received early payment of its $10 million agreement with the international pharmaceutical company, AstraZeneca AB. Federal antitrust officials gave Targacept early regulatory clearance to move forward with a research and licensing agreement to develop and commercialize TC-1734, a compound to treat Alzheimer’s disease. Contact Alan Musso (336.480.2186).
Morrisville – BioDelivery Sciences International, Inc. has received an initial $2 million payment under a clinical development and license agreement with CDC IV LLC, an affiliate of Clinical Development Capital, LLC. This resulted from BDSI achieving certain key milestones in the clinical development of its BEMA™ Fentanyl formulation, a narcotic introduced to patients via BDSI's licensed and patented oral BEMA™ patch. Contact Janet Vasquez (212.825.3210).
RTP – RTI International, an independent, nonprofit scientific research and technology development corporation, has acquired Cary-based pharmaceutical safety surveillance and consulting company Integrated Safety Systems, Inc. As a result of the acquisition, all six former ISS staff members will join the RTI Health Solutions group, a business unit of RTI International, focusing on services to the pharmaceutical, biotechnology and medical device industry. Contact Lisa Bistreich (919.316.3596).
[ top ]
On The Up
Bright View Technologies
Morrisvlle, NC
In today’s entertainment-based, multimedia-dependent society, the global display market has grown into a billion-dollar enterprise. In fact, the market for light management products, a subset of overall display market, is more than $10 billion and continues to expand rapidly.
Since its inception in 2002, Morrisville-based Bright View Technologies, Inc. has been developing light management products for these increasingly popular display applications.
Specifically, Bright View focuses on creating innovative, microstructure-based light management films to enhance the performance of display products.
Bright View’s two main products, the X-LAMP’s system and GigaScreen, improve the quality of a wide range of display products including rear projection, front projection, and LCD display televisions.
Bright View’s X-LAMP’s system serves as the company’s breakthrough platform technology. X-LAMP’s allows for the creation of new, microstructure-based plastic films that create seamless microstructure patterns over very large surface areas–such as over a home theater screen.
These microstructure patterns provide for ultra-high resolution, accuracy and an increased seamless area capacity that is produced very quickly.
While the X-LAMP’s system can be applied to a wide range of applications, the GigaScreen is designed specifically for MicroDisplay Rear Projection Televisions (MD-RPTV's).
Each GigaScreen contains one billion individual micro-optical elements, or microlenses, that give images full resolution from the projector and distribute the image light to the viewer. Even more, the viewer side of the GigaScreen is covered with an optically black material that absorbs almost all ambient light, allowing for better front of screen contrast.
An experienced five-person team operates Bright View Technologies. Collectively the group boasts more than 40 patents from previous ventures and a rich history in technological and entrepreneurial endeavors.
“The key to success for Bright View lies in addressing some of the most exciting markets around,” said Bright View CEO David Reed. “Attacking major markets with new products and technology is what makes Bright View stand out among its competitors.”
Battery Ventures and other leading venture capital firms provide Bright View’s funding. Bright View will also present at CED’s Venture 2006 Conference in May. Contact David Reed (919.361.5333).
[ top ]
New Developments
Raleigh – MeadWestvaco, a global packing company, will open a new packaging innovation center on NC State’s Centennial Campus. Centennial Campus, a 1,334-acre site adjacent to NC State’s north campus, is now home to more than 100 large and small companies, government agencies and NC State units. The center will bring 200 jobs to the campus and an investment of $14 million over the next four years. Contact Odessa Montgomery (919.515.7036).
Chapel Hill – UNC-Chapel Hill will receive $2.7 million for research on mothers and children from the U.S. Department of Health and Human Services' National Institute of Child Health and Human Development. Duke University has also received $760,000 from the National Heart, Lung and Blood Institute for research on heart and vascular diseases. Other North Carolina universities received federal grants, including East Carolina University and UNC-Pembroke. Contact Joni Worthington (919.962.4629).
Durham – North Carolina Central University has entered into a material transfer agreement with Biogen Idec. Biogen Idec has agreed to grant NCCU a worldwide, royalty-free, non-exclusive license to use a chemical collection of approximate 350,000 compounds at the Biomanufacturing Research Institute and Technology Enterprise (BRITE) as a research tool in its drug discovery and chemical genomic research. Contact Erica King (919.530.7204).
Kannapolis – North Carolina officials have broken ground on a new $1 billion, 350-acre biotechnology center in Kannapolis, a former textile hub outside Charlotte. Billionaire investor David Murdock, the owner of Dole Food Co. and the real estate development firm Castle and Cooke, has established a $100 million venture capital fund for companies that locate in the Kannapolis biotechnology center. He also has committed $150 million to a nonprofit foundation that will operate the research lab. Contact Karen Wichard (704.782.3244 x109).
RTP – The Research Triangle Regional Partnership (RTRP), a partnership that promotes economic development in the 13-county RTP region, has launched a new international strategy. RTRP’s strategy seeks to attract more direct investments, build strategic alliances and increase trade opportunities. The project will build on RTRP’s $5 million, five-year regional competitiveness plan to create 100,000 jobs and boost employment in all 13 counties in the region. Contact Bo Carson (919. 840.7372 x11).
RTP – Eisai Inc., a research-based human health care company, will start development on new pharmaceutical production and formulation research and development facility. The new $90 million, approximately 65,000 square foot facility will encompass aseptic processing suites, laboratories and other support functions. The new facilities will lead to 59 new jobs over the next three years and a total of 84 new jobs over the next five years. Contact Cathy Pollini (201.287.2052).
Durham – The NC State College of Management is bringing its part-time MBA program to the Research Triangle Park this fall. The evening courses will be taught in the new CED headquarters, 100 Capitola Drive, Suite 101, near the southwestern edge of the RTP in Durham. The college will continue to offer full-time and evening programs on NC State’s main campus. Contact Anna Rzewnicki (919.513.4478).
[ top ]
In the Pipeline
Cary – 3Dsolve Inc., a simulation learning company, is part of a team that has won a $483 million contract from the US Army Training and Doctrine Command, the Distributed Learning, Education and Training Products program. Under the contract, 3Dsolve will work with a team of product and service providers assembled by prime contractor Karta Technologies to provide distributed e-learning for soldiers worldwide. Contact Shawn Ramsey-Kroboth (919.621.0737).
Durham – Aldagen, which is focused on regenerative medicine to treat cardiovascular disease, has received FDA approval for a trial that will utilize the company’s stem cell technology as part of an effort to help advanced heart failure patients. The study will use stem cells harvested from patients’ bone marrow using Aldagen’s Aldesort technology. Contact Ed Field (919.484.2571).
Durham – Inspire Pharmaceuticals, Inc. has entered into a development and license agreement with Boehringer Ingelheim International GmbH. Inspire will acquire certain exclusive rights to develop and market an intranasal dosage form of epinastine in the United States and Canada for the treatment or prevention of rhinitis. Under this agreement, Inspire will have full responsibility for the intranasal epinastine development program and regulatory filings in the United States and Canada. Contact Jenny Kobin (919.941.9777 x 219).
RTP – Geomagic, a software and services company focused on digital shape sampling and processing, has received a U.S. patent for the core technology behind its digital reconstruction software. The patented process can transform captured shape data from physical objects into models for CAD/CAM, engineering analysis, custom manufacturing and other applications. Contact Chuck Hester (919.960.9794).
RTP – The Council for Entrepreneurial Development has finalized the presenting company line-up for Venture 2006, set for May 2-3 at Pinehurst Resort in Pinehurst, NC. Presenting companies at Venture 2006 include Advanced Liquid Logic, Argos Therapeutics, Arrendale Associates, Bandwidth.com, Bioptigen, Bright View Technologies, Broadwick Corporation, Centice Corporation, Emu Software, Ercole Biotech, Humacyte, INI Power Systems, Integrian, Kyma Technologies, Liquidia Technologies, Nextreme Thermal Solutions, Nitronex Corporation, Optotrack, Overture Networks, Phase Bioscience, Piedmont Pharmaceuticals, Pique Therapeutics, rPath, SCYNEXIS, TranS1, Teotten Diagnostics, Visitar and Xsira Pharmaceuticals.
Mark Your Calendar!
CED’s Venture 2006
May 2-3, 2006
Pinehurst Resort
Pinehurst, NC
Biotech 2006
May 22-23, 2006
Benton Convention Center
Winston-Salem, NC
For more information, visit the CED Web site (www.cednc.org) or call 919-549-7500.
Venture Update is published by the
Council for Entrepreneurial Development (CED)
an entrepreneurial support organization located in the Research Triangle Park, N.C.
Robert Albright, editor
P.O. Box 13353, RTP, NC 27709
Phone: 919-549-7500
FAX: 919-549-7405
email: news@cednc.org