Regional Roundup 4-14-03

East

Astrum Software Corp. of Charlestown, Mass., has filed to raise $1.5 million through a private placement of a 15% senior promissory note. At the time of its SEC filing, the company had already raised $1.1 million from seven accredited investors. The software developer intends to use the proceeds from the offering for working capital. For more information, call F. Daniel Haley, president and chief executive officer, at 617-242-5757.

SensArray Infrared Corp. of Burlington, Mass., raised $1.2 million from one accredited investor through a Series A preferred stock round of financing. A minimum investment of $1 million was required on the placement. The company, which manufactures a wide selection of infrared detectors for spectroscopic, analytical and military applications as well as laser and ultrasonic crystal material, intends to use the proceeds from the offering for working capital. For more information, call Paul Murphy, president, at 781-273-7373.

NFR Security Inc. of Rockville, Md., has filed to raise $7.5 million through a Series D preferred stock round of financing. At the time of its SEC filing, the company had already raised $4.1 million from six accredited investors. The provider of Internet security software intends to use the proceeds from the offering for working capital. For more information, call Robert Aldrich, chief financial officer, at 800-234-8419.

LiveWire Logic Inc. of Morrisville, N.C., has filed to raise $2.3 million through a Series A-2 preferred stock round of financing. At the time of its SEC filing, the company had already raised $750,000 from six accredited investors. The software developer intends to use the proceeds from the offering for working capital. For more information, call James Lester, vice president, at 919-234-2144.

Black Dog Software Group Inc. of Morristown, N.J., has filed to raise $3 million through a private offering of Class B non-voting common stock. At the time of its SEC filing, the company had already raised $387,500 from eight accredited investors. The software developer 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 Barrett Einaugler, president, at 877-346-2845.

Prolong Pharmaceuticals Inc. of Califon, N.J., has filed to raise $500,000 through a Series A convertible preferred stock round of financing. At the time of its SEC filing, the company had already raised $225,000 from four accredited investors. The pharmaceutical company intends to use some proceeds from the offering for working capital. For more information, call Abraham Abuchowski, president and chief executive officer, at 908- 229-3941.

Quantiva Inc. of Princeton, N.J., has filed to raise $2.5 million through a private offering of convertible securities. At the time of its SEC filing, the company had already raised $1.3 million from five accredited investors. A minimum investment of $17,604 is required on the placement. The provider of computer network services intends to use the proceeds from the offering for working capital. For more information, call Z. Alan Fink, president, at 609-514-9540.

InSciTek Microsystems Inc. of Fairport, N.Y., has filed to raise $1 million through a private offering of a Series B 8% convertible preferred stock. At the time of its SEC filing, the company had already raised $495,000 from 10 accredited investors. A minimum investment of $10,000 is required on the placement. Executive Venture Partners LLC of Rochester, N.Y., is helping to place the issue for $16,250 in findersí fees. The company, which develops office information systems and provides digital consulting services, intends to use some proceeds from the offering for working capital. For more information, call George Daddis Jr., president, at 585-421-3850.

Knowledge Delivery Systems Inc. of New York has filed to raise $1 million through a private placement of common stock. The provider of online professional development services to teachers and other professionals that require continuing education intends to use the proceeds from the offering for working capital, marketing and new technology. For more information, call Thomas Gilbert, chief executive officer, at 212-809-2960.

M5 Networks Inc. of New York raised $100,000 through a private placement of convertible securities from one accredited investor. The communications services provider intends to use the proceeds from the offering for working capital. For more information, call Phillip Kim, vice president, at 646-230-5000.

Proscape Technologies Inc. of Fort Washington, Pa., raised $2.7 million from nine accredited investors through a private placement of promissory notes with warrants. A minimum investment of $15,000 was required on the placement. The software developer intends to use the proceeds from the offering for working capital. For more information, call Timothy Healy, president and chief executive officer, at 215-540-8100.

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South

Palladia Systems Inc. of Huntsville, Ala., has filed to raise $299,000 through a private offering of common stock. At the time of its SEC filing, the company had already raised $128,000 from three accredited investors. A minimum investment of $26,000 is required on the placement. The software developer intends to use the proceeds from the offering for salaries, fees and working capital. For more information, call Kelly Parker, president, at 256-722-2737.

Brickstream Corp. of Atlanta raised $6.3 million from six accredited investors through a private placement of Series A preferred stock with warrants. The provider of customer intelligence software solutions intends to use the proceeds from the offering for working capital. For more information, call Amir Hudda, chief executive officer, at 404-745-3005.

Medical Sharps Inc. of Norcross, Ga., has filed to raise $2.5 million through a private offering of common stock with warrants. At the time of its SEC filing, the company had already raised $125,000 from two accredited investors. A minimum investment of $25,000 is required on the placement. Hartsfield Capital Securities Inc. of Alpharetta, Ga., is acting as an agent on the placement for $12,500 in sales commissions. The developer of protective medical hypodermic needles and related products intends to use some proceeds from the offering for salaries, fees and working capital. For more information, call Raphael Meloul, president, at 770-409-9639.

KMV Technologies Inc. of Austin, Texas, has filed to raise $18 million through a Series C preferred stock round of financing. At the time of its SEC filing, the company had already raised $8.7 million from six accredited investors. The manufacturer of video communications systems intends to use the proceeds from the offering for salaries, fees, and working capital. For more information, call Craig Malloy, president, at 480-507-4300.

Layer N Networks Inc. of Austin, Texas, has filed to raise $6.5 million through a private offering of notes and warrants. At the time of its SEC filing, the company had already raised $3 million from seven accredited investors. The designer of semiconductors for network security solutions intends to the proceeds from the offering for working capital. For more information, call Scott Perry, vice president, at 512-250-2129.

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Midwest

Environmental Lubricants Manufacturing Inc. of Waverly, Iowa, 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 $200,000 from one accredited investor. A minimum investment of $40,000 is required on the placement. The company, engaged in the business related to soybean based industrial lubricants, intends to use the proceeds from the offering for working capital. For more information, call Lou Honary, president, at 563-352-5300.

DocuMed Inc. of Ann Arbor, Mich., has filed to raise $500,000 through a private offering of common stock. A minimum investment of $25,000 is required on the placement. The developer of electronic medical software intends to use the proceeds from the offering for salaries and fees, working capital, sales and marketing, research and development. For more information, call Leslie Bloom, president, at 734-930-9053.

Quatrx Pharmaceuticals Co. of Ann Arbor, Mich., raised $1.4 million from four accredited investors through a Series B preferred stock round of financing. The pharmaceutical company intends to use the proceeds from the offering for working capital. For more information, call Robert Zerbe, president, at 734-913-9900.

Rubicon Genomics Inc. of Ann Arbor, Mich., raised $700,000 from three accredited investors through a private placement of convertible debt. The biotech company intends to use the proceeds from the offering for working capital. For more information, call Fred Beyerlein, president and chief executive officer, at 734-677-4845.

DYMEDIX Corp. of Minneapolis has filed to raise $500,000 through a private offering of convertible promissory notes through a bridge round of financing. At the time of its SEC filing, the company had already raised $223,000 from four accredited investors. The company, which produces patented pyroelectric breath sensor for monitoring and treatment of sleep deprivation diseases, intends to use the proceeds from the offering for working capital. For more information, call William Ham, president, at 612-789-8280.

RuleStream Corp. of Mayfield Hts., Ohio, raised $2 million from eight accredited investors through a Series A preferred stock round of financing. A minimum investment of $50,000 was required on the placement. The software developer intends to use the proceeds from the offering for debt repayment and working capital. For more information, call Gian Picone, executive officer, at 440-720-0951.

Mirus Corp. of Madison, Wis., has filed to raise $2 million through a private offering of common stock. A minimum investment of $50,000 is required on the placement. The gene therapy research company intends to use the proceeds from the offering for working capital and redemption of common stock currently held by PanVera LLC. For more information, call Terry Sivesind, president, at 608-238-4400.

Paradigm Diagnostics Inc. of River Falls, Wis., has filed to raise $500,000 through a private placement of preferred stock. At the time of its SEC filing, the company had already raised $375,000 from two accredited investors. A minimum investment of $10,000 is required on the placement. The company, engaged in development and sale of rapid bacteria detection products, intends to use the proceeds from the offering for salaries, fees and working capital. For more information, call Gervaise Wilhelm, president, at 651-697-0812.

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West

ANTs software Inc. of Burlinggame, Calif., has filed to raise $18.3 million through an offering of common stock. Berry-Shino Securities Inc. of Scottsdale, Ariz., is acting as an agent on the placement for $600,000 in sales commissions. The software developer intends to use the proceeds from the offering for working capital. For more information, call Francis Ruotolo, president and chief executive officer, at 650-692-0240.

Cytokinetics Inc. of San Francisco has filed to raise $50 million through a Series E preferred stock round of financing. At the time of its SEC filing, the company had already raised $17.1 million from 12 accredited investors. The biotech company intends to use the proceeds from the offering for working capital. For more information, call James Sabry, president and chief executive officer, at 650-624-3000.

Equator Technologies Inc. of Campbell, Calif., has filed to raise $15 million through a private offering of convertible notes and warrants. At the time of its SEC filing, the company had already raised $11 million from 29 accredited investors. The provider of performance VLIW processors for computation-intensive digital imaging, media and communications applications intends to use some proceeds from the offering for working capital. For more information, call Brian McGee, chief financial officer, at 408-369-5200.

NetAssetManagement Inc. of Los Angeles raised approximately $1 million from three accredited investors through a Series B convertible preferred stock round of financing. The Web-based software platform for large financial services enterprises intends to use the proceeds from the offering for working capital. For more information, call George Holdridge, president, at 310-479-1009.

NetBrowser Communications Inc. of Pleasanton, Calif., has filed to raise $3.3 million through a private offering of subordinated secured convertible promissory notes and warrants. At the time of its SEC filing, the company had already raised $2.6 million from six accredited investors. The software developer intends to use the proceeds from the offering for working capital. For more information, call Gary Hegna, president and chief executive officer, at 925-463-9002.

FishTail Design Automation Inc. of Lake Oswego, Ore., has filed to raise $544,500 through a Series A preferred stock round of financing. At the time of its SEC filing, the company had already raised $466,335 from four accredited investors. The software developer intends to use the proceeds from the offering for working capital. For more information, call Ajay Daga, president, at 503-598-2210.

Cyberkey Corp Inc. of St. George, Utah, 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 $75,000 from one accredited investor. The provider of flash memory and information storage devices intends to use the proceeds from the offering for salaries and fees, purchase, rental or leasing and installation of machinery and equipment, as well as completion of a chip di-bond process. For more information, call James Plant, president and chief executive officer, at 435-688-9666.

Forum Systems Inc. of Sandy, Utah, has filed to raise $3.5 million through a Series A preferred stock round of financing. At the time of its SEC filing, the company had already raised $3 million from 24 accredited investors. A minimum investment of $1,000 is required on the placement. The software developer intends to use the proceeds from the offering for working capital. For more information, call Weston Swenson, president, at 801-313-4400.

Action Engine Corp. of Redmond, Wash., raised $15.5 million from 19 accredited investors through a Series C preferred stock round of financing. Cascadia Capital LLC of Seattle acted as an agent on the placement for $712,000 in sales commissions. The provider of software for mobile devices intends to use the proceeds from the offering for working capital. For more information, call Craig Eisler, president and chief executive officer, at 425-498-1500.

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