Regional Roundup 1-27-03

East

Bridgeline Software Inc. of Woburn, Mass., has filed to raise $1 million through a private offering of common stock. At the time of its SEC filing, the company had already raised $165,000 from three accredited investors. A minimum investment of $25,000 is required on the placement. Winslow Evans & Crocker Inc. of Boston is acting as an agent on the placement. The developer of Internet and Intranet products intends to use the proceeds from the offering for working capital. For more information, call Gary Cebula, chief financial officer, at 781-376-5555.

Axonyx Inc. of New York raised $4.9 million from 31 accredited investors through the issuance of common stock and warrants. Punk, Ziegel & Co. of New York acted as placement agent for $292,000 in sales commissions. The pharmaceutical company intends to use the proceeds from the offering for working capital. For more information, call Michael Espey, executive officer, at 212-688-4770.

Residential Health Care Inc. of Marlton, N.J., has filed to raise $753,001 through a private placement of senior secured notes with warrants. At the time of its SEC filing, the company had already raised $710,701 from six accredited investors. A minimum investment of $10,400 is required on the placement. The provider of health insurance management services intends to use the proceeds from the offering for debt repayment and working capital. For more information, call John Capasso, president, at 856-988-1910.

Medeor Inc. of New York has filed to raise $400,000 through a private placement of common stock. At the time of its SEC filing, the company had already raised $375,000 from eight accredited investors. The pharmaceutical company intends to use the proceeds from the offering for working capital. For more information, call Joe Elmaleh, chief executive officer, at 646-227-5238.

Very Small Technologies Inc. of Great River, N.Y., has filed to raise $5 million through a Series A preferred stock round of financing. A minimum investment of $250,000 is required on the placement. The developer of micro-electronical mechanical systems intends to use the proceeds from the offering for salaries and fees, purchase, rental or leasing and installation of machinery and equipment, construction or leasing of plant buildings and facilities, and working capital. For more information, call Glenn Fricano, president, at 631-297-8004.

61 C Networks Inc. of Pittsburgh raised $1.3 million from one accredited investor through a Series A preferred stock round of financing. The developer of software for Internet infrastructure intends to use the proceeds from the offering for working capital. For more information, call Andrew Myers, president and treasurer, at 412-370-0210.

T-Networks Inc. of Allentown, Pa., raised $150,000 from one accredited investor through a private placement of a Series A convertible preferred stock. The company, engaged in the development, manufacturing and sale of electronic components, intends to use the proceeds from the offering for working capital. For more information, call Keith Schneck, chief financial officer, at 610-289-5040.

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South

eVault Inc. of Athens, Ala., raised $495,787 from four accredited investors through a private placement of convertible promissory notes. The provider of test equipment for telecommunications industry intends to use the proceeds from the offering for working capital. For more information, call Alston Noah, chief executive officer, at 256-232-1232.

Vectorply Corp. of Phenix City, Ala., raised $3.7 million from seven accredited investors through a private placement of common stock. The manufacturer of composites reinforcement fabrics intends to use the proceeds from the offering for working capital. For more information, call Donald Massey, president and chief executive officer, at 334-291-7704.

nuBridges LLC of Atlanta has filed to raise $11 million through a Series B preferred stock round of financing. At the time of its SEC filing, the company had already raised $1.8 million from 26 accredited investors. The software developer intends to use the proceeds from the offering for working capital. For more information, call C. Tycho Howle, chief executive officer, at 770-730-3600.

VT Silicon Inc. of Atlanta has filed to raise $400,000 through a private placement of convertible promissory note. At the time of its SEC filing, the company had already raised $185,000 from one accredited investor. A minimum investment of $10,000 is required on the placement. The company, engaged in the business related to 3G power amplifiers, intends to use some proceeds from the offering for salaries, fees and working capital. For more information, call Vikram Krishnamurthy, president, at 770-690-4278.

Paramount Energy Corp. of Coppell, Texas has filed to raise $800,000 through a private placement of common stock. At the time of its SEC filing, the company had already raised $460,200 from 13 accredited and eight non-accredited investors. The minimum investment of $50,000 required on the placement can be waived. The company, engaged in exploration, development, production and sale of natural gas, intends to use the proceeds from the offering for working capital and other purposes. For more information, call Robert Foote, president, at 972-745-8070.

Sengent Inc. of Boca Raton, Fla., raised $425,000 from four accredited investors through an issuance of common stock. The software developer intends to use the proceeds from the offering for working capital. For more information, call Gioel Molinari, president, at 561-417-0665.

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Midwest

Alton Steel Inc. of Alton, Ill., has filed to raise $6 million through a private placement Series A preferred stock round of financing. At the time of its SEC filing, the company had already raised $500,000 from one accredited investor. A minimum investment of $300,000 is required on the placement. The steel mill intends to use the proceeds from the offering for working capital, insurance and electricity deposit. For more information, contact Melvin Cook, president.

Verus Financial Management Inc. of Nashville, Tenn., has filed to raise $15 million through a private placement of a Series B preferred stock. At the time of its SEC filing, the company had already raised $5 million from four accredited investors. The provider of the end-to-end secure e-commerce transaction processing solutions intends to use some proceeds from the offering for acquisition of other businesses, debt repayment and working capital. For more information, call James Edwards, chief financial officer, at 615-463-3221.

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West

Andale Inc. of Mountain View, Calif., has filed to raise $3.5 million through a Series E preferred stock round of financing. At the time of its SEC filing, the company had already raised $2.6 million from 17 accredited investors. The Internet services provider intends to use the proceeds from the offering for working capital. For more information, call Munjal Shah, executive officer, at 650-230-3000.

Biofriendly Corp. of Bradbury, Calif., has filed to raise $5 million through an offering of common stock. At the time of its SEC filing, the company had already raised $402,500 from 11 accredited and two non-accredited investors. A minimum investment of $5,000 is required on the placement. The company plans to allocate $470,000 for sales commission. The provider of catalyst products that reduce emissions, improve performance and are environmentally safe for the energy industry intends to use the proceeds from the offering for salaries, fees and working capital. For more information, contact Robert Carroll, chairman and chief executive officer.

CaseCentral Inc. of San Francisco has filed to raise $2.5 million through a Series D preferred stock round of financing. At the time of its SEC filing, the company had already raised $2.3 million from seven accredited investors. The provider of a Web-based solution, allowing customers secure access to sensitive information on the Web, intends to use the proceeds from the offering for working capital. For more information, call Christopher Kruse, chief executive officer, at 415-989-2300.

Everdream Corp. of Fremont, Calif., has filed to raise $13.3 million through a Series D preferred stock round of financing. At the time of its SEC filing, the company had already raised $9.9 million from 27 accredited investors. The provider of computer and software application subscription services intends to use the proceeds from the offering for working capital. For more information, call Gary Griffiths, executive officer, at 510-818-5500.

Horizon Food Group Inc. of San Francisco has filed to raise $3 million through a private placement of preferred stock. At the time of its SEC filing, the company had already raised $1 million from one accredited investor. The company, engaged in manufacturing and distribution of sweet snack food and gourmet coffee products, intends to use the proceeds from the offering for working capital. For more information, call James Shorin, director, at 415-788-2000.

Malibu Networks Inc. of El Dorado Hills, Calif., has filed to raise $16.7 million through private placement of a Series D preferred stock roudn of financing. At the time of its SEC filing, the company had already raised $4.7 million from 11 accredited investors. Additionally, the company issued warrants. No cash was received upon the issuance of warrants, but up to $574,804 will be received upon exercise of warrants. The company, which supplies broadband wireless access systems to service providers, intends to use some proceeds from the offering for debt repayment and working capital. For more information, call James Allen, executive officer, at 916-941-8777.

Microfluidic Systems Inc. of Pleasanton, Calif., has filed to raise $1.3 million through a private offering of secured convertible promissory notes and warrants to purchase common stock. At the time of its SEC filing, the company had already raised $375,000 from one accredited investor. A minimum investment of $125,000 is required on the placement. The producer of instruments for areas related to microfluidics and microbiology, intends to use the proceeds from the offering for working capital. For more information, call M. Allen Northrup, president, at 925-600-9026.

NetAssetManagement Inc. of Los Angeles, raised $2.5 million from three accredited investors through a Series B preferred convertible stock round of financing. The provider of the web-based software platform for large financial services enterprises intends to use the proceeds from the offering for debt repayment and working capital. For more information, call Sivagnanam Suresh, president and chief executive officer, at 310-479-1009.

Probix Inc. of Mountain View, Calif., has filed to raise $9 million through a Series B preferred stock round of financing. At the time of its SEC filing, the company had already raised $3 million from three accredited investors. Additionally, the company issued warrants for a maximum of $2.4 million fully-paid non-assessable shares of a Series B preferred stock. No cash received upon issuance of warrants, but up to $798,240 to be received upon exercise of warrants. The Internet services provider intends to use the proceeds from the offering for working capital. For more information, call Michael Mansouri, president, at 650-691-1727.

SkinMedica Inc. of Carlsbad, Calif., raised $5 million from four accredited investors through a Series C preferred stock round of financing. A minimum investment of $146,000 is required on the placement. The company, engaged in sales and distribution of skin care products, cosmetics and related pharmaceuticals, intends to use the proceeds from the offering for working capital. For more information, call Rex Bright, president and chief executive officer, at 760-448-3600.

Venomatrix Inc. of Santa Clara, Calif., raised $500,000 from six accredited investors through a Series A preferred stock round of financing. The developer of medical devices for cardiovascular functions intends to use the proceeds from the offering for working capital. For more information, call Yue-Teh Jang, director, at 408-562-6353.

Xambala Inc. of San Jose, Calif., has filed to raise $1.5 million through an issuance of unsecured subordinated promissory notes converted into a Series A preferred stock. At the time of its SEC filing, the company had already raised $777,500 from six accredited investors. A minimum investment of $25,000 is required on the placement. The software developer intends to use some proceeds from the offering for working capital. For more information, call Namakkal Sambamurthy, president and chief executive officer, at 408-573-3616.

Acoustic Technologies Inc. of Mesa, Ariz., has filed to raise $12 million through a private placement of a Series C preferred stock. At the time of its SEC filing, the company had already raised $3.8 million from 43 accredited investors. Signature Capital Securities LLC of Northfield, Ill., is acting as an agent on the placement for $1.2 million in sales commission. The semiconductor developer intends to use the proceeds from the offering for salaries, fees and working capital. For more information, call Samuel Thomasson, president and chief executive officer, at 480-507-4300.

Inovaware Corp. of Honolulu has filed to raise $1 million through a Series A preferred stock round of financing. At the time of its SEC filing, the company had already raised $601,000 from one accredited investor. The developer of billing and customer care software intends to use some proceeds from the offering for working capital. For more information, call Bruce Kim, chief executive officer, at 808-539-3758.

Verinform Systems Inc. of Portland, Ore., has filed to raise $612,500 through a private offering of common stock and warrants. At the time of its SEC filing, the company had already raised $75,000 from two accredited investors. A minimum investment of $25,000 is required on the placement. The provider of medical database software systems intends to use the proceeds from the offering for working capital. For more information, call Diana Kay Dickerson, president, at 503-231-8912.

Webhound Inc. of Orem, Utah has filed to raise $3 million through a private offering of preferred stock. A minimum investment of $8,500 is required on the placement. The company plans to allocate $150,000 to finderís fees. The company, which plans to promote and sell technology that brings downloadable music to Internet users, intends to use the proceeds from the offering for salaries and fees, royalty deposits, travel, public relations, assignment fees and technology development. For more information, call Scott McCleskey, president, at 801-224-1401.

Airbiquity Inc. of Bainbridge Island, Wash., raised $5.3 million from seven accredited investors through a private placement of secured convertible bridge notes and warrants. The developer of software for transmission intends to use the proceeds from the offering for working capital. For more information, call James Vroman, vice president, at 206-842-9262.

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