Regional Roundup 5-05-03

East

ChipWrights Design Inc. of Newton, Mass., raised $18.4 million from 24 accredited investors through Series C-1 and C-2 convertible preferred stock round of financing. A minimum investment of $7,500 was required on the placement. SoundView Technology Corp. of Old Greenwich, Conn., acted as an agent on the placement for $750,000 in fees. The computer chip designer intends to use the proceeds from the offering for working capital. For more information, call Brian Fitzgerald, president, at 617-928-0100.

Colubris Networks Inc. of Waltham, Mass., has filed to raise $11.7 million through a Series C convertible preferred stock round of financing. At the time of its SEC filing, the company had already raised $1.5 million from two accredited investors. The developer of wireless networking products intends to use the proceeds from the offering for working capital. For more information, call Barry Fougere, president and chief executive officer, at 781-684-0001.

Signiant Inc. of Burlington, Mass., raised $2.5 million from three accredited investors through a private placement of a Series D convertible participating preferred stock. A minimum investment of $27,649 was required on the placement. The company, engaged in the business related to flexible data movement technology, intends to use the proceeds from the offering for working capital. For more information, call Dennis Albano, president and chief executive officer, at 781-221-0022.

Way Systems Inc. of Medford, Mass., has filed to raise $1.4 million through a Series A convertible preferred stock round of financing. At the time of its SEC filing, the company had already raised $1.3 million from eight accredited investors. A minimum investment of $25,000 is required on the placement. The software developer intends to use the proceeds from the offering for working capital and startup expenses. For more information, call William Graylin, president, at 617-216-5370.

Avatech Solutions Inc. of Owings Mills, Md., has filed to raise $1.6 million through a Series C convertible preferred stock round of financing. At the time of its SEC filing, the company had already raised $246,893 from eight accredited investors. A minimum investment of $25,000 is required on the placement. The reseller of software and provider of training and professional services intends to use the proceeds from the offering for working capital. For more information, call Donald Walsh, chief executive officer, at 410-902-6900.

Ziptronix Inc. of Morrisville, N.C., has filed to raise $3 million through a private offering of convertible promissory notes with attached warrants. At the time of its SEC filing, the company had already raised $890,000 from four accredited investors. The company, which fuses wafers for semiconductor integration, intends to use the proceeds from the offering for working capital. For more information, call Douglas Milner, director, at 919-459-2400.

Berdy Medical Systems Inc. of Saddle Brook, N.J., raised $600,000 from 16 accredited investors through a private placement of units consisting of 7% notes and common stock. A minimum investment of $25,000 was required on the placement. Finance Investments Inc. of Red Bank, N.J., acted as an agent on the placement for $60,000 in sales commissions. The developer of electronic medical record software intends to use the proceeds from the offering for working capital. For more information, call Jack Berdy, chief executive officer, at 201-291-2645.

Charge Injection Technologies Inc. of Monmouth Junction, N.J., raised $50,000 from two accredited investors through a private placement of convertible promissory notes. The company, engaged in the business related to electrostatic atomizers, intends to use the proceeds from the offering for working capital. For more information, call Ross James, president, at 732-274-1470.

election.com of Garden City, N.J., raised $1.2 million from one accredited investor through a Series C convertible preferred stock round of financing. A minimum investment of $50,000 was required on the placement. The developer of election software intends to use the proceeds from the offering for working capital. For more information, call Mark Prieto, president and chief executive officer, at 516-248-4770.

Flarion Technologies Inc. of Bedminster, N.J., has filed to raise $50 million through a Series B preferred stock round of financing. At the time of its SEC filing, the company had already raised $33 million from 33 accredited investors, three of which reside outside of the United States. The company, engaged in the wireless mobile broadband technology, intends to use some proceeds from the offering for working capital. For more information, call Theodore Bogdanski, chief financial officer, at 908-947-7000.

Jedai Broadband Networks Inc. of Red Bank, N.J., has filed to raise $15 million through a Series B convertible preferred stock with warrants. At the time of its SEC filing, the company had already raised $10 million from 23 accredited investors. Spencer Trask Ventures Inc. of New York is acting as an agent on the placement for $598,000 in sales commissions. The provider of broadband services intends to use the proceeds from the offering for working capital. For more information, call Michael Graziano, chief financial officer, at 732-758-9900.

Novadel Pharma Inc. of Flemington, N.J., has filed to raise $7.5 million through a private offering of common stock. At the time of its SEC filing, the company had already raised $2.8 million from 19 accredited investors. A minimum investment of $100,000 is required on the placement. Paramount Capital Inc. of New York is acting as an agent on the placement for $209,625 in sales commissions. The developer of novel applications of drug delivery system intends to use the proceeds from the offering for working capital. For more information, call Gary Shangold, president, at 908-782-3431.

Neuronetics Inc. of Malvern, Pa., raised $10.5 million from eight accredited investors through a Series A-2 convertible preferred stock round of financing. A minimum investment of $20,000 was required on the placement. The developer of devices used for modulation of physiologic activity 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 Bruce Shook, chief executive officer, at 610-640-4202.

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South

DocuSys Inc. of Mobile, Ala., has filed to raise $250,000 through a Series A preferred stock round of financing. At the time of its SEC filing, the company had already raised $125,000 from one accredited investor. The provider of medical products intends to use the proceeds from the offering for working capital. For more information, call Robert Hanson, president, at 251-461-9903.

ADcom Information Services Inc. of Deerfield Beach, Fla., raised $2 million from 29 accredited investors through a private placement of units consisting of senior convertible promissory notes and warrants. The company, which monitors and reports cable vision viewership, intends to use the proceeds from the offering for working capital. For more information, contact David Chemerow, chief operating officer.

360Commerce Inc. of Austin, Texas, has filed to raise $2 million through a private offering of subordinated convertible promissory notes. At the time of its SEC filing, the company had already raised $1 million from one accredited investor. The developer of software solutions for multi-channel retailing intends to use the proceeds from the offering for working capital. For more information, call Charles Boyd, president and chief executive officer, at 512-491-2600.

InnerWireless Inc. of Richardson, Texas, raised $1 million from two accredited investors through a Series A preferred stock round of financing. The developer of wireless telecommunications systems intends to use the proceeds from the offering for working capital. For more information, call Tim Kinnear, chief financial officer, at 972-479-9898.

SkyComm Technologies Corp. of Houston raised $2.5 million from three accredited investors through a private placement of Series B 8 1/2% secured convertible debentures. I.E. Butler Securities Inc. and Stowers & Associates Inc., both of Little Rock, Ark., acted as agents on the placement. The developer of satellite communications teleport 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 Thomas Orem, chief financial officer, at 281-272-7500.

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Midwest

KeraCure Inc. of Chicago raised $250,000 from nine accredited investors through a private placement of common stock. A minimum investment of $12,500 was required on the placement. The company, engaged in development of wound care products, intends to use the proceeds from the offering for salaries, fees and working capital. For more information, call Wendi Olson Ramsay, treasurer, at 312-587-1078.

Mass Sensors Inc. of St. Louis has filed to raise $1 million through a private placement of convertible bridge notes and warrants. At the time of its SEC filing, the company had already raised $500,050 from three accredited investors. A minimum investment of $250,000 is required on the placement. The developer of scientific instruments intends to use the proceeds from the offering for salaries, fees and working capital. For more information, call Phillip Berger, president, at 314-997-5779.

Enviroscrub Technologies Corp. of Bloomington, Minn., has filed to raise $3 million through a private offering of common stock. At the time of its SEC filing, the company had already raised $522,998 from 19 accredited investors. A minimum investment of $5,000 is required on the placement. The company, engaged in the business related to multi-pollutant control process technology, intends to use the proceeds from the offering for working capital. For more information, call John von Steinbergs, president and chief executive officer, at 952-884-7337.

BestNet Communications Corp. of Grand Rapids, Mich., raised $916,620 from 59 accredited investors through a private placement of units, consisting of three shares of common stock, one share of a Series A preferred stock and a three-year warrant to purchase one share of common stock. The provider of long distance telecommunications services intends to use the proceeds from the offering for working capital. For more information, call Paul Jachim, chief financial officer, at 616-977-9933.

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West

Avamar Technologies Inc. of Irvine, Calif., has filed to raise $13 million through a Series D preferred stock round of financing. At the time of its SEC filing, the company had already raised $12 million from nine accredited investors. The company, engaged in the business related to data storage hardware and software, intends to use the proceeds from the offering for working capital. For more information, call Mark de Raad, chief financial officer, at 949-743-5100.

InfraredVision Technology Corp. of Buellton, Calif., raised $618,494 from six accredited investors through a private placement of common stock. A minimum investment of $26,875 was required on the placement. The company, which designs and manufacturers infrared vision devices, intends to use the proceeds from the offering for working capital. For more information, call Shon Paul Gerdan, executive officer, at 805-686-8848.

PIXIM Inc. of Mountain View, Calif., has filed to raise $22.2 million through a Series D convertible preferred stock round of financing. At the time of its SEC filing, the company had already raised $22 million from 35 accredited investors. The fabless semiconductor company, which develops chips for the digital imaging market, intends to use the proceeds from the offering for working capital. For more information, call Robert Weinschenk, executive officer, at 650-934-0550.

Polivec Inc. of Mountain View, Calif., raised $3.4 million from one accredited investor through a Series B preferred stock round of financing. The software developer intends to use the proceeds from the offering for working capital. For more information, call Robert Ney, president and chief executive officer, at 650-230-3470.

Savacor Inc. of Los Angeles has filed to raise $3 million through a private offering of subordinated convertible promissory note with warrants, each convertible into equity securities, which will be issued in the next round. At the time of its SEC filing, the company had already raised $400,000 from three accredited investors. Musket Research Associates Inc. of Cambridge, Mass., is acting as an agent on the placement. The provider of medical devices related to treatment of cardiac patients with congestive heart failure intends to use the proceeds from the offering for working capital. For more information, call Neal Eigler, president and chief executive officer, at 310-441-1083.

ServGate Technologies Inc. of Milpitas, Calif., has filed to raise $4 million through a private offering of convertible promissory note with warrants through a bridge round of financing. At the time of its SEC filing, the company had already raised $2.5 million from six accredited investors. The provider of Internet security appliances intends to use some proceeds from the offering for working capital. For more information, call Larry Lessler, vice president, at 408-635-8400.

VhaYu Technologies Corp. of Los Gatos, Calif., raised $6.1 million from 17 accredited investors through a Series B preferred stock round of financing. The developer of software for storage and analysis of real-time data intends to use the proceeds from the offering for working capital. For more information, call Tejpal Chadha, chief executive officer, at 408-402-9867.

IDK Enterprises Inc. of Boulder, Colo., raised $750,000 from two accredited investors through a Series A convertible preferred stock round of financing. The provider of secure system for delivery of electronic documents intends to use the proceeds from the offering for working capital. For more information, call Heidi Newton, chief financial officer, at 303-541-1005.

NAREX Inc. of Golden, Colo., has filed to raise $3.5 million through a private placement of promissory notes. At the time of its SEC filing, the company had already raised $1.5 million from five accredited investors. The financial services provider intends to use some proceeds from the offering for working capital. For more information, call Robert Devers, vice president, at 303-526-4000.

SageFire Inc. of Boulder, Colo., has filed to raise $1.5 million through a Series A preferred stock round of financing. 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 financial software intends to use the proceeds from the offering for working capital. For more information, call John-Paul OiBrien, president and chief executive officer, at 303-415-2055.

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