Regional Roundup 5-27-02

East

HydroCision Inc. of Andover, Mass., is raising $12 million through a private placement of Series F preferred stock. At the time of its SEC filing, the company had already raised $5.18 million from six accredited investors. The medical instrument developer intends to use the proceeds from the offering for working capital. For more information, call Donald Freeman Jr., president, at 978-474-9300.

Kamran Afshar Associates Inc. of Bethlehem, Pa., is raising $8 million through a private placement of common stock. A minimum investment of $50,000 is required on the placement. The provider of business consulting, market research, customer satisfaction and economic analysis services 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 Kamran Afshar, president, at 610-691-3272.

Discovery Acquisition Corp. of Broadalbin, N.Y., is raising $1 million through a private placement of Series A preferred stock. There is a minimum investment of $5,000 required on the placement. Access Capital Inc. of Boca Raton, Fla., is acting as the agent on the placement for $12,500 in sales commissions. At the time of its SEC filing, the company had already raised $112,500 from eight accredited investors. The company, engaged into a stock purchase agreement to purchase 100% of the common stock of Stanley Industries Inc., which is the designer and manufacturer of architectural signage for airports, schools and other organizations; intends to use the proceeds from the offering for acquisition of other businesses. For more information, call Laurance Monks, secretary, at 518-883-4843.

GenPath Pharmaceuticals Inc. of Brookline, Mass., raised $15.5 million from 14 accredited investors through Series A convertible preferred stock financing. The developer and seller of fingerprint scanning devices intends to use the proceeds from the offering for working capital and product development. For more information, call Ronald DePinho, president, at 617-732-6781.

Penn Treaty American Corp. of Allentown, Pa., raised $2.42 million from 13 accredited investors through the sale of common stock. Philadelphia Brokerage Corp. of Wayne, Pa., acted as the agent on the placement for findersí fees of $51,000. A provider of long-term care insurance in the United States intends to use the proceeds from the offering for working capital. For more information, call William Hurt, senior VP of finance, at 610-965-2222.

Global Protein Products of Waterville, Maine raised $1.1 million from 20 accredited through preferred stock financing. The developer and marketer of products based on proprietary formulations of a certain biopolymer protein complexes, intends to use the proceeds from the offering for working capital, repayment of debt and the purchase, rental or leasing and installation of machinery and equipment. For more information, call Mark Kierstead, president, at 207-861-8175.

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South

Fired Up Inc. of Spicewood, Texas, is raising $16.5 million through a private placement of preferred stock. U.S. Bancorp Piper Jaffray of Minneapolis is acting as the agent on the placement for a $1 million commission. At the time of its SEC filing, the company had already raised $3.5 million from five accredited investors. The developer, owner, operator and franchiser of casual dining restaurants in selected global markets intends to use proceeds from the offering for working capital and stock redemption. For more information, call Norman Abdallah, president, at 512-263-0800.

Internet Access Technologies Inc. of Houston is raising $12 million through a private placement of Series B preferred stock. A minimum investment of $15,000 is required on the offering. At the time of its SEC filing, the company had already raised approximately $189,500 from three accredited investors. The provider of Internet access solutions intends to use proceeds from the offering for working capital. For more information, call Robert Knowling, chief executive, at 713-690-6016.

Medibuy Inc. of Nashville, Tenn., is raising $10 million through a private placement of Series G preferred stock. At the time of its SEC filing, the issuer had already raised $3.33 million from two accredited investors. The operator of an electronic marketplace for health-care supplies and equipment intends to use proceeds from the offering for working capital. For more information, call J. Edward Pearson, chief executive, at 615-279-2200.

Phiware Inc. of Austin, Texas is raising $5.25 million through a private placement of Series A preferred stock. At the time of its SEC filing, the company had already raised approximately $3.25 million from five accredited investors. The software development company intends to use proceeds from the offering for working capital. For more information, call Brian Magierski, president, at 512-372-8425.

Sicel Technologies Inc. of Morrisville, N.C., is raising approximately $2.16 million through a private placement of Series D convertible preferred stock. A minimum investment of $7,000 is required. At the time of its SEC filing, the company had already raised $30,608 from three accredited investors. The designer, developer, manufacturer and marketer of medical devices intends to use proceeds from the offering for working capital. For more information, call Fred Hutchison, assistant secretary at 919-465-2236.

XYZ Solutions Inc. of Alpharetta, Ga., is raising approximately $1.15 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $100,000 from one accredited investor. The software development company intends to use proceeds from the offering for working capital. For more information, call Derrick Darby, president, at 770-772-3570.

S1 Corp. Inc. of Atlanta raised approximately $16.54 million from 15 accredited investors through a private placement of common stock. The company, which is engaged in the provision of software solutions for community financial institutions, intends to use proceeds from the offering for the acquisition of outstanding shares and assets of other companies. For more information, call Richard Dobb, vice president, at 404-923-3500.

CES International Inc. of Alpharetta, Ga., has raised $2.45 million from four accredited investors through a private placement of convertible securities and warrants. The supplier of Web-based software solutions for utility companies intends to use proceeds from the offering for working capital. For more information, call Neal Miller, chief financial officer, at 770-680-2600.

Torotel Inc. of Grandview, Miss., has raised $2.3 million from three accredited investors through a private placement of common stock. The custom designer and manufacturer of power supplies and precision magnetic components for power conversion will use proceeds from the offering for the acquisition of other businesses. For more information, call Dale Sizemore, president, at 816-761-6314.

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Midwest

Efoora Inc. of Buffalo Grove, Ill., is raising $5 million through a private placement of common stock. A minimum investment of $5,000 is required on the placement. Farrand Investment Bankers of Boca Raton, Fla., is placing the transaction. At the time of its SEC filing, the issuer had already raised $500,000 from 13 accredited investors. The developer and manufacturer of medical diagnostic materials intends to use proceeds from the offering for working capital. For more information, call David Grosky, president, at 847-634-6400.

Kokhala Inc. of St. Louis is raising $3 million through a private placement of Series B convertible preferred stock. A minimum investment of $50,000 is required on the placement. At the time of its SEC filing, the company had already raised $200,000 from two accredited investors. The developer, manufacturer and marketer of solar thermal electric modular distributed power generation systems intends to use proceeds from the offering for working capital and the purchase, rental or leasing and installation of machinery and equipment. For more information, call Kevin OíBrien, executive vice president of technology, at 314-743-2900.

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West

InterSAN Inc. of Scotts Valley, Calif., is raising $17.01 million through a Series C preferred stock and warrants financing. At the time of its SEC filing, the company had already raised $14.24 million from 12 accredited investors. The company, engaged in the business of software development, intends to use the proceeds from the offering for working capital and construction or leasing of plant buildings and facilities. For more information, call Dennis Morrisson, chief financial officer, at 831-430-0692.

Radiance Technologies Inc. of Los Altos, Calif., is raising $12 million through Series B-1 preferred stock financing. At the time of its SEC filing, the company had already raised $9.2 million from 28 accredited investor. The computer software company intends to use the proceeds from the offering for working capital. For more information, call David Saul, secretary, at 650-625-9510.

iMetrikus Inc. of Carlsbad, Calif., is raising $11.5 million through Series C-1 preferred stock financing. At the time of its SEC filing, the company had already raised $11.17 million from one accredited investor. The provider of software for patient care management intends to use the proceeds from the offering for working capital. For more information, call Junius Evans, president, at 760-804-1260.

Spectralane Inc. of Santa Clara, Calif., is raising $8 million through Series B preferred stock financing. There is a minimum investment of $1,000 required on the placement. At the time of its SEC filing, the company had already raised $5 million from four accredited investors. The designer of optical networking components intends to use the proceeds from the offering for working capital. For more information, call Thomas Toblason, secretary, at 408-869-4500.

Microlslet Inc. of San Diego is raising $10 million through a private placement of Series C preferred stock. There is a minimum investment of $100,000 required on the placement. ASA Investment Company of Tucson, Ariz., is acting as an agent for $1.2 million. At the time of its SEC filing, the company had already raised $3.03 from 19 accredited investors. The biotech company, engaged in the research, development, and commercialization of transplantation therapy for patients with diabetes, intends to use the proceeds from the offering for research and development, construction or leasing of plant buildings and facilities, and the purchase, rental or leasing and installation of machinery and equipment. For more information, call John Steel, chairman, at 858-657-0287.

Impac Technology Inc. of San Jose, Calif., is raising just over $9.99 million through Series B preferred stock financing. At the time of its SEC filing, the company had already raised just about $3.6 million from eight accredited investors. The semiconductor manufacturer intends to use the proceeds from the offering for working capital. For more information, call Jean-Pierre Braun, president, at 408-428-5304.

NextComm Inc. of Kirkland, Wash., is raising $9.6 million through Series C preferred stock financing. There is a minimum investment of $100,000 required on the placement. At the time of its SEC filing, the company had already raised $4.8 million from 11 accredited investors. The provider of Internet technology that allowing businesses to access government databases intends to use the proceeds from the offering for working capital. For more information, call Jerry Wang, president, at 425-825-1770.

Filanet Corp. of Sunnyvale, Calif., is raising just over $7 million through Series A-1 preferred stock financing. A minimum investment of $5 is required on the placement. At the time of its SEC filing, the company had already raised $4.86 million from 42 accredited investors. The developer of architecture that allows companies to support intranet and extranet networks intends to use the proceeds from the offering for working capital. For more information, call Mary Titus, secretary, at 408-331-2900.

Health Language Inc. of Aurora, Colo., is raising $4 million through a private placement of Series B preferred stock. There is a minimum investment of $25,000 required on the placement. At the time of its SEC filing, the company had already raised $1 from one accredited investor. The provider of health-care application software intends to use the proceeds from the offering for working capital. For more information, call Sam Srinivasan, chairman, 303-307-4400.

Favrille Inc. of San Diego is raising $2.5 million through convertible securities financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised just about $650,000 from eight accredited investors. The developer of customized therapies for cancer diseases intends to use the proceeds from the offering for working capital. For more information, call John Longenecker, chief executive, at 858-450-5945.

The Groove Alliance Inc. of Hollywood is raising $1.5 million through convertible securities financing. At the time of its SEC filing, the company had already raised $1.2 million from two accredited investors. The software development company intends to use the proceeds from the offering for working capital. For more information, call Jody Sherman, chief executive, at 323-962-3456.

MedOrder Inc. of Seattle is raising $1.2 million through convertible securities financing. At the time of its SEC filing, the company had already raised just about $515,000 from 11 accredited investors. The Internet medical ordering company intends to use the proceeds from the offering for working capital. For more information, call Patrick Doneen, vice president, at 206-272-1000.

DepoMed Inc. of Menlo Park, Calif., raised just about $8.81 million from 59 accredited investors through common stock financing. The developer of new, and proprietary oral drug delivery technologies intends to use the proceeds from the offering for working capital. For more information, call John Hamilton, chief financial officer, at 650-462-5900.

Evolution Ventures Inc. of Santa Monica, Calif., raised $6.35 million from two accredited investors through a private placement of preferred stock. The creator of enterprise software, which integrates various software applications, intends to use the proceeds from the offering for venture capital investments, the repayment of debt and working capital. For more information, call Eric Pulier, chief executive, at 310-260-2717.

Techwell Inc. of San Jose, Calif., raised $5 million from five accredited investors through preferred stock financing. The designer, manufacturer and seller of integrated circuits intends to use the proceeds from the offering for working capital. For more information, call Graham Sangster, chief financial officer, at 408-435-3888.

Mountain Drive Investments Inc. of Santa Barbara, Calif., raised $3.2 million from one accredited investor through a common stock financing. The real estate investment firm intends to use the proceeds from the offering for the purchase of real estate. For more information, call Graham Sangster, chief financial officer, at 805-565-0788.

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