Regional Roundup 2-11-02

East

MedCases Inc.of Philadelphia is raising $15 million through a private placement of Series B preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $11.7 million from 18 accredited investors. The provider of continuing medical education delivered through the Internet intends to use a majority of the proceeds from the offering for working capital.

Matrics Inc.of Columbia, Md., is raising $14.75 million through a private placement of Series B preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $13.75 million from 16 accredited investors. The developer of rFid technology intends to use the proceeds from the offering for working capital, product development and administration.

Wheelhouse Corp.of Burlington, Mass., is raising $12.16 million through a private placement of Series C convertible preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $4.33 million from 16 accredited investors. The customer interaction infrastructure services provider intends to use the proceeds from the offering for working capital.

Notiva Corp.of Rochester, N.Y., is raising $11.44 million through a private placement of Series A preferred stock. At the time of its SEC filing, the company had already raised $11.39 million from 27 accredited investors. The financial solutions provider intends to use the proceeds from the offering for working capital.

Parsee Communications Inc.of Boston is raising $7 million through a private placement of Series A convertible preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $3.35 million from 14 accredited investors. The company intends to use the proceeds from the offering for working capital, salaries and fees.

Invisible Hand Networks Inc. of Burlington, Mass., is raising $3.65 million through a private placement of Series A preferred and common stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $2.5 million from three accredited investors. The company, which is engaged in the market-based pricing of communication bandwidth, intends to use the proceeds from the offering for working capital.

Paralec Inc. of Rocky Hill, N.J., is raising $3 million through a private placement of common stock. A minimum investment of $1 million is required. At the time of its SEC filing, the company had already raised $1 million from one accredited investor. The developer, manufacturer and retailer of electronic chemicals and materials intends to use the proceeds from the offering for working capital and general corporate purposes.

Herman’s World of Sports Inc.of Bethpage, N.Y., is raising $5 million through a private placement of Series B convertible preferred stock. A minimum investment of $20,000 is required. At the time of its SEC filing, the company had already raised $2.04 million from 14 accredited investors. The e-commerce company, which specializes in after-market automotive parts, intends to use the proceeds from the offering for working capital, the repayment of indebtedness and the acquisition of other businesses.

USA Technologies Inc.of Wayne, Pa., is raising $2.5 million through a private placement. No minimum investment is required. At the time of its SEC filing, the company had already raised $1.34 million from 99 accredited investors. The licenser and seller of automated, credit card-activated control systems intends to use the proceeds from the offering primarily for working capital.

Intrac Acquisition Inc.of New York is raising $1 million through a private placement of convertible, redeemable securities. At the time of its SEC filing, the company had already raised approximately $500,000 from three accredited investors. The company intends to use the proceeds from the offering for working capital and the acquisition of other businesses.

American Image Graphics Corporationof Gordon, Pa., is raising $1.8 million through an issuance of Class A common stock. A minimum investment of $1,000 is required. The holding company intends to use the proceeds from the offering primarily for contributions to working capital of wholly owned subsidiaries and the acquisition of other businesses.

Trantech Networks Inc.of Iselin, N.J., has raised $3 million from one accredited investor through an issuance of Series A convertible preferred stock. No minimum investment was required on the placement. The developer of hardware and software related to routing and switching of digital traffic intends to use the proceeds from the offering primarily for working capital.

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South

Mountain Bank Financial Corp.of Hendersonville, N.C., is raising $10.8 million through an issuance and sale of Series A convertible preferred stock. A minimum investment of $120,000 is required. At the time of its SEC filing, the company had already raised $2.88 million from 12 accredited investors. The bank holding company intends to use the proceeds from the offering for working capital.

Digital Insurance Inc.of Atlanta is raising $8 million through a private placement of common stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $6 million from four accredited investors. The Web-based retailer of small group and individual health insurance intends to use the proceeds from the offering for working capital.

South Carolina Community Bank Inc. of Columbia, S.C., is raising $8 million through a private placement of common stock. A minimum investment of $10,000 is required. At the time of its SEC filing, the company had already raised $485,000 from seven accredited investors. The bank intends to use the proceeds from the offering for working capital.

OneCoast Network Corp. of Atlanta has raised $7 million from one accredited investor through a private placement of Series A preferred stock. No minimum investment was required. The wholesale distributor of gift, garden and home products intends to use the proceeds from the offering working capital, salaries and fees.

Proficient Systems Inc.of Atlanta is raising $6 million through a Series B preferred stock financing. A minimum investment of $5,000 is required. At the time of its SEC filing, the company had already raised $2.66 million from 12 accredited investors. The creator of a sales personnel infrastructure intends to use the proceeds from the offering for working capital.

Setagon Inc.of Charlottesville, Va., is raising $3.05 million through an issuance and sale of Series A preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $925,922 from 14 accredited investors. The medical device company intends to use the proceeds from the offering for working capital.

Victor Technologies Inc.of Boca Raton, Fla., is raising $3 million through a private placement of Series B preferred stock. A minimum of investment of $60,000 is required. The biotechnology company intends to use the proceeds from the offering for working capital, research and development, professional fees, marketing and commercial development.

Reunion Advantage Inc.of Knoxville, Tenn., is raising $3 million through a private placement of preferred stock. No minimum investment is required. The organizer of class reunions intends to use the proceeds from the offering for capital expenditures and software development.

International GLUV Corp.of Chattanooga, Tenn., is raising $2 million through a private placement of common stock. A minimum investment of $25,000 is required. The medical devices firm intends to use the proceeds from the offering for working capital, the purchase, rental or leasing and installation of machinery and equipment and the repayment of indebtedness.

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Midwest

BioForm Inc.of Franksville, Wis., is raising $4.96 million through a private placement of Series B convertible stock. A minimum investment of $1,109 is required. At the time of its SEC filing, the company had already raised $4.5 million from 15 accredited investors. The developer, manufacturer and retailer of medical devices intends to use the proceeds from the offering for working capital and the purchase, rental or leasing and installation of machinery and equipment.

Arryx Inc.of Chicago is raising $3 million through a private placement of Series B convertible preferred stock. A minimum investment of $100,000 is required. At the time of its SEC filing, the company had already raised $100,000 from one accredited investor. The company, which specializes in the commercialization of holographic optic tweezer technology, intends to use the proceeds from the offering for working capital.

Pi Squared Inc.of Cadillac, Mich., is raising approximately $3 million through a private placement of common stock. A minimum investment of $500 is required. The water bottling company intends to use the proceeds from the offering for working capital, the purchase, rental or leasing and installation of machinery and equipment, construction or leasing of plant buildings and facilities, the purchase of real estate, inventory and business start-up costs, operating expenses, salaries and fees.

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West

CourtLink Corp. of Bellevue, Wash., is raising $10 million through a private placement of Series A preferred stock and convertible securities. No minimum investment is required. At the time of its SEC filing, the company had already raised $8.04 million from 18 accredited investors. The company, which provides online court docket access and document e-filing services, intends to use the proceeds from the offering for working capital.

Targeted Molecules Corp.of San Diego is raising $10 million through a private placement of Series B preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $3.9 million from seven accredited and 18 non-accredited investors. The biopharmaceuticals company intends to use the proceeds from the offering for working capital.

Blue Steel Releasing Inc.of Hollywood, Calif., is raising $6.5 million through a private placement of Series A preferred stock. A minimum investment of $10,000 is required. The motion picture distributor intends to use the proceeds from the offering for the acquisition of other businesses and working capital.

Big Bear Inc.of Milpitas, Calif., is raising $4.5 million through a convertible securities financing. At the time of its SEC filing, the company had already raised $2.75 million from two accredited investors. No minimum investment is required. The developer of fiber-optic technology intends to use the proceeds from the offering for working capital.

RemoteMD Inc.of Salt Lake City is raising $5 million through a private placement of Series B convertible preferred stock No minimum investment is required. At the time of its SEC filing, the company had already raised $2.1 million from six accredited investors. The company, which does business as Remote Medical Diagnostics, is a medical-based, remote safety, health monitoring and diagnostic services firm. RemoteMD intends to use the proceeds from the offering for working capital.

Big Bear Bio Inc.of Alameda, Calif., is raising $2.47 million through a private placement of Series A-1 preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $955,999 from four accredited investors. The biotechnology company intends to use the proceeds from the offering for working capital.

Muscian.com Internet Networks Inc. of West Village, Calif., is raising $4.23 million through a private placement of Series B preferred stock. At the time of its SEC filing, the company had already raised approximately $3.56 million from six accredited investors. The online music service intends to use the proceeds from the offering for working capital.

AVAcore Technologies Inc. of Palo Alto, Calif., is raising $3 million through a private placement of Series B preferred stock.Allen Dumontof Ann Arbor, Mich., is acting as the agent on the placement for finders’ fees of $39,279.77. At the time of its SEC filing, the company had already raised approximately $2.67 million from 25 accredited investors. The company, which has developed a technology to rapidly and non-invasively control core body temperature, intends to use the proceeds from the offering for working capital.

Iscience Surgical Corp. of San Francisco is raising $2.5 million through a private placement of Series A convertible preferred stock and common stock. A minimum investment of $5,000 is required. At the time of its SEC filing, the company had already raised approximately $1.27 million from 12 accredited investors. The company intends to use the proceeds for the repayment of indebtedness, the construction or leasing of plant buildings and facilities, the purchase, rental or leasing of plant buildings and facilities, and working capital.

Unified Signal Holdings Inc.of Bellevue, Wash., is raising $2.38 million through a private placement of Series A preferred stock and warrants to purchase common stock. A minimum investment of $6,250 is required. At the time of its SEC filing, the company had already raised approximately $1.36 million from 31 accredited investors. The provider of telecommunications service intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

Centaur Pharmaceuticals Inc.of Santa Clara, Calif., is raising $1.85 million through a private placement of Series A preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised approximately $1 million from five accredited investors. The pharmaceutical research and development company intends to use the proceeds from the offering for working capital, salaries and fees.

Dominguez and Associates Inc. of Los Angeles is raising $1 million through a private placement of Series A preferred stock. A minimum investment of $25,000 is required. The company, which provides the Latino community with financial products and information to help they and their families achieve financial health, intends to use proceeds from the offering for working capital, salaries and fees.

EZ Connserve Inc. of Tigard, Ore., is raising $1 million through a private placement of Series A preferred stock. A minimum investment of $5,000 is required. At the time of its SEC filing, the company had already raised approximately $100,000 from nine accredited and non-accredited investors. The software developer intends to use the proceeds from the offering for working capital, salaries and fees.

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