Regional Roundup 5-13-02

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East

Prisma Micro Finance Inc. of Boston is raising $5 million through a private placement of Series B preferred stock. A minimum investment of $100,000 is required on the placement. At the time of its SEC filing, the company had already raised $585,030 from one accredited investor. The company, which is raising capital and investing in domestic and international micro venture enterprises, intends to use the proceeds from the offering for repayment of debt and for research and development. For more information, call David Satterthwaite, president, at (617) 648-0043.

MadMax Optics Inc. of Hamden, Conn., is raising $11.5 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $10.48 million from 291 accredited investors. The creator and seller of opto-electronic design tools used to design a range of optical components, systems and networks intends to use the proceeds from the offering for working capital, research and development, sales and marketing and capital expenditures, including the purchase of multi-function servers. For more information, call Byron Bequette, chief financial officer, at (203) 248-1338.

GlobalServe Inc. of Valhalla, N.Y., is raising $2.05 million through a private placement of Series C-1 preferred stock. At the time of its SEC filing, the company had already raised $1 million from eight accredited investors. The Internet-based procurement and e-services company intends to use the proceeds from the offering for working capital. For more information, call Scott Andersen, chief executive officer, at (914) 729-6800.

Cornerstone Pharmaceuticals Inc. of New York is raising $5 million through a private placement of Series B convertible preferred stock. There is a minimum investment of $100,000 required. Paramount Capital Inc. of New York is acting as the agent on the placement for sales commissions and finders” fees totaling $400,000. The pharmaceutical company, dedicated to the commercialization of value-added cancer therapies, intends to use the proceeds from the offering for working capital, repayment of indebtedness, research and development and patents and licensing. For more information, contact David Polinsky, director.

Akustica Inc. of Pittsburgh is raising $1.5 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $660,000 from eight accredited investors. The developer of acoustic micro-electro-mechanical systems intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment and working capital. For more information, call James Rock, chief executive officer, at (412) 390-1730.

Hidden Treasures Inc. of New York is raising $1.5 million through a private placement of Series A convertible preferred stock. At the time of its SEC filing, the company had already raised $250,000 from seven accredited investors. The television production company intends to use the proceeds for working capital. For more information, call Stuart Rekant, chief executive officer, at (203) 318-0400.

Advion Biosciences Inc. of Ithaca, N.Y., raised $15.25 million from eight accredited investors through the sale of Series B preferred stock. The developer, manufacturer, seller and marketer of chips and robotic equipment used to miniaturize and automate electro-spray mass spectrometry and related analytical technology intends to use the proceeds from the offering for working capital. For more information, call John D. Nozell, chief financial officer, at (607) 266-0665.

Axonlink Inc. of Lawrenceville, N.J., raised $3 million from two accredited investors through an offering of Series B preferred stock. The company, engaged in the business of marketing and development of telecommunication equipment and services, intends to use the proceeds from the offering for working capital. For more information, call Joel Mazur, chief financial officer, at (609) 844-7520.

Home EcoSystems Inc. of Cambridge, Mass., raised $2 million from one accredited investor through an offering of convertible securities. The developer of energy management solutions intends to use the proceeds from the offering for working capital. For more information, call David Wechsler, president, at (617) 873-9239.

Combine.Net Inc. of Pittsburgh raised $1.85 million from eight accredited investors through an offering of Series A preferred stock. The developer of sourcing technology intends to use the proceeds from the offering for working capital. For more information, call Brian Jacobsen, chief financial officer, at (412) 621-6100.

Aralight Inc. of Township, N.J., raised $1.7 million from three accredited investors through an offering of Series B convertible preferred stock. There was a minimum investment of $100,000 required on the placement. The developer and provider of optical switching and core routing systems intends to use the proceeds from the offering for working capital.For more information, call Ashok Krishnamoorthy, chief executive officer, at (609) 409-3337.

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South

Medical Present Value Inc. of San Antonio, Texas, is raising $15.9 million through a Series B preferred stock financing. A minimum investment of $62,500 is required on the placement. At the time of its SEC filing, the company had already raised $10.34 million from seven accredited investors. The manufacturer of medical software intends to use the proceeds from the offering for working capital. For more information, call Teresa Lopez, chief financial officer, at (210) 930-1230.

Varitek Industries Inc. of Houston is raising $15 million through a private placement of Series A preferred stock. A minimum investment of $5,000 is required on the placement. At the time of its SEC filing, the company had already raised about $2.5 million from 25 accredited investors. The consumer product sales company intends to use the proceeds from the offering for working capital, the repayment of debt and legal expenses. For more information, call Randy Bayne, chairman and chief executive officer, at (713) 690-9935.

Coollogic Inc. of Dallas is raising $15 million through a Series B preferred stock financing. A minimum investment of $10,000 is required on the placement. At the time of its SEC filing, the company had already raised $2.92 million. The Internet access device company intends to use the proceeds from the offering for working capital and the purchase, rental or leasing and installation of machinery and equipment. For more information, call Robert Wood, chief financial officer, at (972) 590-5700.

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Midwest

Caraco Pharmaceutical Laboratories of Detroit is raising $13 million through a private placement of common stock. A minimum investment of $65,000 is required on the placement. At the time of its SEC filing, the company had already raised $650,000 from two accredited investors. The manufacturer and marketer of generic and private label prescription drugs for the U.S. market intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call Jitendra Doshi, chief operating officer, at (313) 871-8400.

North Pointe Holdings Corp. of Southfield, Mich., is raising $9 million through a private placement of class A common stock. A minimum investment of $50,000 is required on the placement. The corporation, organized to act as a acquirer and holding company in the property and casualty insurance industry, intends to use the proceeds from the offering for acquisitions of other businesses. For more information, call James Petcoff, president and director, at (248) 358-1171.

Neuromics Inc. of Minneapolis is raising $5 million through a placement of preferred stock. A minimum investment of $22,500 is required on the placement. The genomics company, dedicated to accelerating the development of new drugs that treat neurological diseases, intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, working capital and the repayment of debt. For more information, call Samuel Shuster, president and chief executive officer, at (612) 379-3604.

Confluent Inc. of Louisville is raising $1 million through convertible securities financing. A minimum investment of 25,000 is required on the placement. At the time of its SEC filing, the company had already raised $709,408 from 10 accredited investors. The stock ownership holding company intends to use the proceeds from the offering for working capital. For more information, call Gregory Sahrmann, chief financial officer, at (502) 212-4000.

Hypertension Diagnostics Inc. of Eagan, Minn., raised $2 million from five accredited investors through a private placement of Series A preferred stock. Hyperion Partners Corp. of Atlanta and Redwood Consultants LLC of Mill Valley, Calif., acted as agents on the placement for $180,000 in sales commissions. The company designs, develops and commercializes a proprietary instrument that provides a non-invasive method of obtaining a cardiovascular profile. It plans to use the proceeds from the offering for working capital and marketing. For more information, call James Murphy, chief financial officer, at (651) 687-9999.

Ultravisual Medical Systems Corp. of Madison, Wis., raised $2.72 million from 34 accredited investors through a common stock financing. The software development company intends to use proceeds from the offering for working capital. For more information, call Kark Gehring, chief executive officer and president at (608) 256-7775.

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West

Vital Living Inc. of Tempe, Ariz., is raising $10 million through a private placement of Series A preferred stock. A minimum investment of $1,180 is required on the placement. At the time of its SEC filing, the company had already raised just over $150,000 from four accredited investors. The company, which markets a line of nutritional products, intends to use the proceeds from the offering for working capital. For more information, call Kenneth Lind, president, at (480) 784-6700.

NapaStyle Inc. of Helena, Calif., is raising $8.5 million through a private placement of Series B preferred stock and convertible securities. At the time of its SEC filing, the company had already raised about $6.05 million from 29 accredited investors. The company, engaged in the business of multimedia services, intends to use the proceeds from the offering for working capital. For more information, call Michael Chiarello, president, at (707) 967-0405.

Vigilos Inc. of Seattle is raising $8 million through the private placement of Series A preferred stock. Cascadia Capital Securities of Seattle is acting as the agent on the placement for $115,312. At the time of its SEC filing, the company had already raised $5.66 million from 31 accredited investors. The seller and distributor of computer software intends to use the proceeds from the offering for working capital and repayment of debt. For more information, call Douglas Gorder, chief financial officer, at (206) 728-6464.

Auxora of Baldwin Park, Calif., is raising $6 million through Series A preferred stock and convertible securities. At the time of its SEC filing, the company had already raised $3 million from seven accredited investors. The manufacturer of fiber optic filters and related products intends to use the proceeds from the offering for working capital. For more information, call Xinxiong Zhang, assistant secretary, at (626) 960-1988.

IMedica Corp. of Mountain View, Calif., is raising $5 million through Series A preferred stock. At the time of its SEC filing, the company had already raised more than $3 million from 10 accredited investors. The electronic medical record keeping and data management company intends to use the proceeds from the offering for working capital. For more information, call Charles Koor, president and chairman, at (650) 960-6890.

Rappore Technologies Inc. of Orem, Utah, is raising $2.12 million through a private placement of preferred stock. At the time of its SEC filing, the company had already raised $1.12 million from nine accredited investors. The developer of telecommunication components intends to use the proceeds from the offering for working capital. For more information, call William Hogan, president, at (801) 947-8550.

@HDL Inc. of San Jose, Calif., is raising $1.25 million through Series B convertible preferred stock. At the time of its SEC filing, the company had already raised $915,003 from eight accredited investors. The researcher, developer, producer and marketer of software for semiconductors intends to use the proceeds from the offering for working capital. For more information, call Badruddin Ararwala, president and chief executive officer, at (408) 441-1317.

Electronic Service Provider USA Inc. of Spokane, Wash., is raising $1 million through a private placement of common stock. A minimum investment of $5,000 is required on the placement. At the time of its SEC filing, the company had already raised $2.55 million from six accredited investors. The credit card processing company intends to use the proceeds from the offering for working capital, printing costs, salaries and fees. For more information, call Tracey Smith, secretary, at (509) 232-7510.

Mygeek.com Inc. of Phoenix is raising $1 million through Series C convertible preferred stock. At the time of its SEC filing, the company had already raised $560,978 from four accredited investors. The provider of services related to Internet usage intends to use the proceeds from the offering for working capital. For more information, call Chad Little, president, at (602) 265-5242.

Genitope Corp. of Redwood City, Calif., raised $13.49 million from 81 accredited investors through a Series E preferred stock financing. There was a minimum investment of $5,001 required on the placement. The developer of cancer therapies intends to use proceeds from the offering for working capital. For more information, call Dan Denney Jr., chief executive officer, at (415) 482-2000.

GreyPrism Inc. of San Francisco raised $7.5 million from seven accredited investors through the issuance of Series B preferred stock. The data networking infrastructure company intends to use the proceeds from the offering for working capital. For more information, call Ron Gould, secretary, at (415) 217-4265.

HPL Technologies Inc. of San Jose, Calif., raised $7.22 million from 24 accredited investors through a Series E preferred stock financing. The company engaged in the businesses of software development intends to use proceeds from the offering for working capital. For more information, call Rita Rubinstein, vice president, at (408) 437-1466.

Zenasis Technologies Inc. of Campbell, Calif., raised $6 million from 12 accredited investors through Series B preferred stock and convertible securities financing. There was a minimum investment of $5,000 required on the placement. The design automation software company intends to use the proceeds from the offering for working capital. For more information, call Jayanta Roy, president, at (408) 364-2002.

Metreo Inc. of Palo Alto, Calif., raised $5 million from eight accredited investors through a Series D preferred stock offering. The company, engaged in business-to-business e-commerce, intends to use proceeds for working capital. For more information, call Daphne Carmeli, president and chief executive officer at (650) 855-0550.

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