Private Equity Week Wire for Tuesday, 7-31

RESEARCH TRIANGLE PARK, NC — A. M. Pappas & Associates today announced the promotion of Eric W. Linsley to Executive Vice President, Asset Management.  In his new position, Mr. Linsley will assume responsibility for the management of all equities and other assets generated by AMP&A?s Advisory Services group.  He will continue to serve as Chief Investment Officer, responsible for overseeing the company?s venture capital and public equity funds.

Prior to joining A. M. Pappas & Associates in early 2000, Mr. Linsley served as Chief Financial Officer of TriPath Imaging, Inc. (Nasdaq: TPTH), a medical device company where he played a key role in the three-way merger between AutoCyte, NeoPath and Neuromedical Systems that created TriPath.  He currently serves as a director for two of A. M. Pappas & Associates? portfolio companies:  Panacos Pharmaceuticals, a drug discovery and development company; and Signase, a cancer therapeutics company. 

GREENWICH, CT — Portico Capital, a merchant bank focused exclusively on the Information & Technology Services sector, has hired Scott Reed as Vice President. Mr. Reed joins the Firm from the private equity group at Whitney & Co. where he focused on information technology venture investments. Previously, he worked at Morgan Stanley.

Portico Capital, based in Greenwich, CT, provides venture investment and advisory services to companies in the Information & Technology Services (ITS) sector.FORT WORTH, TEXAS — Adams Laboratories Inc., a pharmaceutical company that develops, markets and sells prescription products to physicians specializing in ear, nose, throat (ENT), allergy and respiratory diseases, has raised $25 million in a Series B round of financing. Adams Laboratories will use the funds for expanded sales and marketing efforts, as well as further new product development.

The Perseus-Soros BioPharmaceutical Fund of New York led the follow-on round of financing. Other new investors include Tullis-Dickerson & Co., Inc. and Merrill Lynch Ventures. Current investors also participated in the round and include Equity Group Investments, LLC, Talon Opportunity Fund and Marquette Venture Partners. Salem Partners LLC served as advisor to Adams Laboratories on the transaction.NEW YORK — Newtek Capital Inc. (AMEX:NKC) is pleased to announce that Gregory Zink and Celia Holtzberg have joined Newtek Capital, Inc. Mr. Zink is a principal in Wilshire Partners, LLC, Newtek’s Florida certified capital company (“CAPCO”) and is joining Newtek on a full time basis. Ms. Holtzberg, former head of portfolio management at New York Life Insurance Company, will be primarily responsible for sourcing insurance company funding and making acquisitions in early stage high growth businesses. Most recently, Ms. Holtzberg served as a volunteer consultant with The New York City Investment Fund. For the previous 13 years, she was in charge of the $53 billion fixed income portfolios at New York Life Insurance Company, the fifth largest insurance company in the U.S. Ms. Holtzberg holds a CFA and graduated from Alfred University.BOULDER, COLO. — NETdelivery Corporation, the premier provider of digital solutions for secure online data exchange, today announced it has closed $22.8 million in Series C financing, its largest round of funding to date, from existing and new investors including Northwestern Mutual, CDP Sofinov and First Analysis and a broad-based group of private domestic and international investors. The growing company has broadened its support in the investment community by adding to its current list of investors, which include Apex Investment Partners, Keystone Venture Capital, Output Technology Solutions and United Parcel Service.

NETdelivery’s proven Web-based technology platform is the engine behind epost(TM), the world’s first electronic post office. More than 130,000 Canadians have signed up for epost and 90 content “senders” deliver a wide range of digital documents, including bills, forms, statements, invoices, catalogs and marketing offers to subscribers. Sweden Post also recently selected NETdelivery to develop and implement their electronic postal system. The company will use its recent round of funding to expand its sales and marketing efforts into new industries, such as healthcare, insurance and government. DENVER — Enough venture capital flowed into Colorado to rank the state sixth in the nation during the second quarter despite the cooling economy. Thirty Colorado companies raised more than $400 million during the quarter, up about $2.4 million from the first quarter but down significantly from the same quarter last year, when Colorado companies secured more than $1 billion, according to a study by the National Venture Capital Association and Venture Economics. Internet-related companies won 62 percent of the financing, or $247 million, during the second quarter. MELBOURNE — Privately-owned biotech company Iatia hopes to raise $A10 million ($US5.04 million) in order to develop its leading edge quantitative phase imaging (QPI) technology. The QPI technology allows the digital construction and manipulation of images without the need for specialised optics. The Australian-based Iatia, founded by Malaysian entrepreneur Vincent Thiang, today announced that former Liberal Victorian Senator Jim Short will be chairman of the company. Chief executive, ex-French fighter pilot Phillippe Cussinet, said Iatia was looking at several options to raise the funds, including venture capital, private equity or a minority stock market float with Mr Thiang holding the majority of the shares.SANTA MONICA, CALIF.— Dynamic Digital Depth Inc. (CDNX:DDE), the company bringing 3D TV to market, has raised CDN$5 million through an equity private placement. Lead investor, Elliott Associates, subscribed for more than $3 million of the capital and remains DDD’s largest shareholder. The terms of the private placement announced in April were amended to increase the size of the equity financing to CDN$5,029,024 through the issuance of 1,796,079 Units at a price of CDN$2.80 per Unit. Each Unit comprises one common share and one-half warrant, with each whole warrant exercisable into one common share at an exercise price of CDN$3.50 over a two year period. Commissions of cash and units were paid in accordance with applicable securities laws. This private placement is subject to regulatory approval.SAN DIEGO — JMAR Technologies Inc. (Nasdaq:JMAR), a provider of precision micro- and nanotechnology products, announced Tuesday that it had received $7,796,259 to continue the financing of its X-ray lithography (XRL) program from the U.S. Army Robert Morris Acquisition Center in Adelphi, Md., sponsored by the Defense Advanced Research Projects Agency (DARPA). The funds will be used to construct an engineering prototype, or “beta” system, of an integrated X-ray-powered lithography system designed to cost-effectively produce advanced high-speed semiconductors for the optical networking and high performance military and commercial wireless telecommunications markets.LAGUNA BEACH, CALIF. ? Senior Care Industries Inc. (OTCBB:SENC) today announced that The Bauer Partnership, an investment-banking firm based in London, is assisting Senior Care with a private equity offering and anticipates raising up to $10 million. Funds raised will be used to acquire land for development, assist with the financing needed to complete development of the Baja California properties that Senior Care purchased from Tri-National Development Corp. (OTCBB:TNAV) in April of this year, as well as for general corporate purposes.

As part of the offering, company management has just completed a two-week trip with the Bauer organization to major European financial centers, meeting with private banks, investment bankers and fund managers to introduce them to Senior Care and its strategic plans for growth.For yesterday?s Wire, click here