Regional Roundup 3-17-03

East

Avitar Inc. of Canton, Mass., has filed to raise $1.9 million through a private offering of units consisting of notes and common stock. At the time of its SEC filing, the company had already raised $850,000 from 16 accredited investors. A minimum investment of $50,000 is required on the placement. HCFP/Brenner Securities LLC of New York is acting as an agent on the placement for $180,000 in sales commissions. The company also plans to allocate $20,000 to findersí fees. The company, engaged in marketing and sales of chronic wound care and related products, intends to use the proceeds from the offering for working capital. For more information, call Peter Phildius, chief executive officer, at 781-821-2440.

Brainshift.com Inc. of Winchester, Mass., has filed to raise $125,000 through a private offering of common stock. At the time of its SEC filing, the company had already raised $25,000 from three accredited investors. A minimum investment of $5,000 is required on the placement. The developer of e-learning software intends to use the proceeds from the offering for working capital. For more information, call Donald Kelley, president, at 781-729-6208.

Doctor-Driven Systems Inc. of Wellesley, Mass., raised $2 million from one accredited investor through a private placement of common stock. The developer of medical management automation software intends to use the proceeds from the offering for working capital. For more information, call John Christian Kryder, president, at 781-431-2424.

Sourcefire Inc. of Columbia, Md., raised $11 million from 14 accredited investors through a Series B convertible preferred stock round of financing. A minimum investment of $10,000 was required on the placement. The provider of network security products and services intends to use the proceeds from the offering for working capital. For more information, call Marc Rubin, chief financial officer, at 410-423-1900.

American Medical Alert Corp. of Oceanside, N.Y., has filed to raise $2.8 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $2.7 million from nine accredited investors. The company, engaged in the business related to computerized personal emergency respond systems, intends to use the proceeds from the offering for research and development, licensing fee and working capital. For more information, call Jack Rhian, chief operating officer, at 516-536-5850.

firstRain Inc. of New York raised $1.5 million from six accredited investors through a private placement of promissory notes and warrants. The amount does not include the proceeds to be received from exercise of warrants. The Internet infrastructure company intends to use the proceeds from the offering for working capital. For more information, call Gaurav Rewari, president, at 212-616-8703.

VisionRx Inc. of Elmsford, N.Y., has filed to raise $210,000 through a private placement of convertible notes. At the time of its SEC filing, the company had already raised $140,000 from two accredited investors. A minimum investment of $20,000 is required on the placement. The vision test software company intends to use the proceeds from the offering for salaries and fees, working capital, marketing, consulting, legal and accounting fees and employee benefits. For more information, call Charles Shapiro, president and chief executive officer, at 914-345-1800.

Mobile Reach Technologies Inc. of Cary, N.C., raised $300,000 from eight accredited investors through a private offering of common stock. A minimum investment of $10,000 was required on the placement. The developer of software for wireless applications intends to use the proceeds from the offering for salaries, fees and working capital. For more information, call Michael Hewitt, chief executive officer, at 919-469-6997.

Neose Technologies Inc. of Horsham, Pa., raised $17.2 million from 14 accredited investors through an offering of common stock. J.P.Morgan Securities Inc. of San Francisco acted as an agent on the placement for $1.1 million in sales commissions. The biopharmaceutical company intends to use the proceeds from the offering for working capital. For more information, call Robert Kriebel, chief financial officer, at 215-315-9000.

Greenlight Energy Inc. of Charlottesville, Va., has filed to raise $750,000 through a private placement of convertible securities. At the time of its SEC filing, the company had already raised $550,000 from nine accredited investors. A minimum investment of $10,000 is required on the placement. The developer of wind power projects intends to use the proceeds from the offering for salaries and fees, purchase, rental or leasing and installation of machinery and equipment, debt repayment and working capital. For more information, call S.A. Reisky de Dubnic, president, at 434-220-1406.

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South

TEF Inc. of Dalton, Ga., has filed to raise $2 million through an offering common and preferred stock. At the time of its SEC filing, the company had already raised $600,600 from nine accredited investors. A minimum investment of $50,050 is required on the placement. The company, engaged in manufacturing, assembling, sale and distribution of floor covering products, intends to use the proceeds from the offering for salaries and fees, purchase, rental or leasing and installation of machinery and equipment and working capital. For more information, call Alfred Taylor, executive vice president, at 706-218-8800.

Convio Inc. of Austin, Texas, raised $5.6 million from eight accredited investors through a Series C convertible preferred stock round of financing. The Internet software developer intends to use the proceeds from the offering for salaries and fees, purchase of real estate, purchase, rental or leasing and installation of machinery and equipment, acquisitions and debt repayment. For more information, call Vinay Bhagat, executive officer, at 512-652-2600.

Health Maintenance Inc. of Odessa, Texas, has filed to raise $1 million through a private offering of common stock. A minimum investment of $5,000 is required on the placement. The company plans to allocate $100,000 to sales commissions. The nutraceutical research, development and wholesale company intends to use the proceeds from the offering for salaries and fees, acquisitions, debt repayment and working capital. For more information, call Scott Cartwright, president, at 915-362-3398.

SimDesk Technologies Inc. of Houston raised $2.5 million from 16 accredited investors through a private placement of units of common stock. A minimum investment of $25,000 was required on the placement. Sanders Morris Harris Inc. of Houston acted as an agent on the placement for $150,000 in sales commissions. The software developer intends to use the proceeds from the offering for working capital. For more information, call Louis Waters, chief executive officer, at 713-690-6016.

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Midwest

Nexstar Financial Corp. of St. Louis has filed to raise $5 million through a Series A convertible participating preferred stock round of financing. At the time of its SEC filing, the company had already raised $3.5 million from four accredited investors. The company, engaged in origination and servicing of residential mortgage products, intends to use the proceeds from the offering for working capital. For more information, call Thomas Wind, chief financial officer, at 314-213-1700.

DOCenter Inc. of Omaha, Neb., 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 $63,000 from three accredited and one non-accredited investors. A minimum investment of $15,000 is required on the placement. Freedom Financial Inc. of Omaha, Neb., is acting as an agent on the placement for $90,000 in sales commissions. The company, engaged in document management and medical billing outsourcing, intends to use the proceeds from the offering for working capital. For more information, call Todd Fishback, president, at 402-505-7730.

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West

ChartOne Inc. of San Jose, Calif., has filed to raise $8.8 million through a private placement of Series E preferred stock and common stock. At the time of its SEC filing, the company had already raised $6.8 million from two accredited investors. The provider of chart management solutions and services intends to use the proceeds from the offering for debt repayment and working capital. For more information, call George Abatjoglou, chief financial officer, at 408-453-1600.

Clean Air Partners Inc. of San Diego has filed to raise $12 million through a Series B preferred stock round of financing. At the time of its SEC filing, the company had already raised $8.6 million from six accredited investors. The developer of emissions reduction technology intends to use the proceeds from the offering for working capital. For more information, call Craig Williams, chief financial officer, at 858-332-4800.

Essentia Biosystems Inc. of Mountain View, Calif., raised $1.8 million from 13 accredited investors through a Series A preferred stock round of financing. The developer of novel therapeutic delivery and controlled release technologies for biopharmaceutical and medical technology markets intends to use the proceeds from the offering for working capital. For more information, call L. Daniel Browne, president and chief executive officer, at 650-299-8867.

KineMed Inc. of Emeryville, Calif., has filed to raise $4 million through a Series B convertible preferred stock round of financing. At the time of its SEC filing, the company had already raised $280,000 from seven accredited investors. A minimum investment of $25,000 is required on the placement. The company 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 David Fineman, president and chief executive officer, at 510-655-6525.

NewworldIQ Inc. of Saratoga, Calif., raised $3 million from one accredited investor through a private placement of convertible notes. The Internet technology developer intends to use the proceeds from the offering for working capital. For more information, call Michael Mahoney, chief executive officer, at 408-777-4000.

Reactrix Systems Inc. of San Carlos, Calif., has filed to raise $1 million through a private offering of convertible promissory note. At the time of its SEC filing, the company had already raised $150,000 from one accredited investor. The company, which develops and implements interactive media and visual display technology, intends to use the proceeds from the offering for working capital and general corporate purposes. For more information, call Matthew Bell, executive officer, at 650-232-1500.

Resonic Technology Inc. of Somis, Calif., has filed to raise 500,000 through a private placement of common stock. At the time of its SEC filing, the company had already raised $210,000 from eight accredited and two non-accredited investors. A minimum investment of $5,000 is required on the placement. The developer of non-destructive testing devices for metal forming and metal fabrication industries intends to use the proceeds from the offering for research, development and marketing purposes. For more information, call Frank Passarelli, president, at 805-386-8299.

UnifiedMarket Inc. of Del Mar, Calif., 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 $40,000 from five accredited investors. A minimum investment of $10,000 is required on the placement. The company plans to allocate $100,000 to sales commissions. The provider of Internet-based finance services intends to use the proceeds from the offering for salaries and fees, debt repayment and working capital. For more information, call William Owens, chief executive officer, at 858-509-9880.

WakeSoft Inc. of San Francisco has filed to raise $8.2 million through a Series B preferred stock round of financing. At the time of its SEC filing, the company had already raised $7.6 million from five accredited investors. The provider of e-business software infrastructure intends to use some proceeds from the offering for working capital. For more information, call Mike DeVries, chief executive officer, at 415-281-0300.

Bio-Sea Corp. of Tukwila, Wash., has filed to raise $1 million through a private placement of a Series A preferred stock. At the time of its SEC filing, the company had already raised $100,000 from one accredited investor. The minimum investment of $100,000 required on the placement can be waived. The company, engaged in marketing and distribution of high-end biotechnology personal care products, intends to use the proceeds from the offering for working capital, marketing and distribution purposes. For more information, call Nancy Ahn, president and chief executive officer, at 425-251-0404.

Right Hand Manager Inc. of Bellevue, Wash., has filed to raise $2.4 million through a Series B preferred stock round of financing. At the time of its SEC filing, the company had already raised $458,250 from nine accredited investors. The software developer intends to use the proceeds from the offering for working capital. For more information, call Sam Kinney Jr., president, at 425-450-6600.

Xambala Inc. of San Jose, Calif., raised $8.2 million from 12 accredited investors through a Series A preferred stock round of financing. The software developer intends to use the proceeds from the offering for working capital. For more information, call Namakkal Sambamurthy, president and chief executive officer, at 408-573-3616.

Zhone Technologies Inc. of Oakland, Calif., raised $20 million from seven accredited investors through a Series B preferred stock. The provider of telecom equipment intends to use the proceeds from the offering for working capital. For more information, call Kirk Misaka, vice president, at 510-777-7000.

BioMicro Systems Inc. of Salt Lake City has filed to raise $3 million through a Series A-1 preferred stock round of financing. At the time of its SEC filing, the company had already raised $2 million from seven accredited investors. The developer of medical laboratory equipment intends to use the proceeds from the offering for working capital. For more information, call Michael McNeely, president and chief technical officer, at 801-303-1470.

Q Comm International Inc. of Orem, Utah, has filed to raise $1.5 million through a private placement of units, consisting of 12% secured convertible debentures, common stock and warrants to purchase common stock. At the time of its SEC filing, the company had already raised $600,000 from five accredited investors. A minimum investment of $25,000 is required on the placement. The provider of electronic point of sale solutions for the prepaid transaction market intends to use some proceeds from the offering for working capital. For more information, call Michael Openshaw, chief financial officer, at 801-226-4222.

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