Regional Roundup 7-01-02

East

Authors & Readers Inc. (399 Novel Inc.) of New York is raising $10 million through a common stock financing. At the time of its SEC filing, the company had already raised $1.4 million from 58 accredited and non-accredited investors. The publisher intends to use the proceeds from the offering for working capital and author advances. For more information, contact Warren Patabendi, president.

Metabolix Inc. of Cambridge, Mass., is raising $8.53 million through the sale of Series H convertible stocks and warrants for the purchase of common stock. At the time of its SEC filing, the company had already raised $6.37 million from 17 accredited investors. The metabolic engineering company intends to use the proceeds from the offering for working capital. For more information, call James Barber, president, at 617-492-0505.

Senesco Technologies Inc. of New Brunswick, N.J., is raising $7.53 million through the private placement of common stock and convertible securities. A minimum investment is not required on the placement. Pond Equities of Brooklyn, N.Y., Perrin Holden and Davenport Capital Corp. of New York are acting as the agents on the placement for a findersi fee of $303,750. At the time of its SEC filing, the company had already raised $7.01 million from 10 accredited investors. The technology company intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call Joel Brooks, chief financial officer, at 732-296-8400.

Clarity Imaging Technologies Inc. of Woburn, Mass., is raising $2.3 million through a 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 $2 million from 21 accredited investors. The manufacturer and marketer of laser toner printer cartridges, intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call David MacIsaac, president, at 781-739-8889.

Kabloom Ltd. of Woburn, Mass., is raising $2 million through a common stock financing. At the time of its SEC filing, the company had already raised $1.39 million from 11 accredited investors. The retail flower store intends to use the proceeds from the offering for working capital. For more information, call David Hartstein, president, at 781-935-6500.

Community Care Health Network Inc. of Brooklyn, N.Y., is raising $1.5 million through a convertible securities financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $200,000 from three accredited investors. The provider of administrative and management services to physicians, physician practices and other health care providers intends to use the proceeds from the offering for working capital. For more information, call James Slamp, president and chief executive, at 347-328-0300.

Guardent Inc. of Waltham, Mass., raised $10 million from 15 accredited investors, through the offer and sale of Series C-1 convertible preferred stock. A minimum investment was not required on the placement. The consulting company intends to use the proceeds from the offering for working capital. For more information, call David Samuels, executive vice president and general counsel, at 781-577-6500.

RayGen Inc. of Columbia, Md., raised $3.62 million from accredited and non-accredited investors, through a common stock financing. A minimum investment of $50,000 was required on the placement. The biotechnology company intends to use the proceeds from the offering for working capital. For more information, call Ravinder Dhallan, chairman, chief executive, at 410-775-2111.

Affinity Express Inc. of Sanborn, N.Y., raised $1.51 million from three accredited investors, through the offer and sale of common stock and Series A-1 convertible preferred stock. A minimum investment of $50,000 was required on the placement. The manufacturer of custom apparel intends to use the proceeds from the offering for working capital. For more information, call David Grant, president, at 800-828-1603.

Technology Education Networks Inc. of Ardsley, N.Y., raised $1.8 million from three accredited investors, through common stock financing. The provider of distance learning and communications services intends to use the proceeds from the offering to acquire property. For more information, call Bruce Hanson, president and chief executive, at 914-479-1015.

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South

Celite Systems Inc. of Austin, Texas is raising $12.91 million through a Series A preferred stock financing. At the time of its SEC filing, the company had already raised $12.17 million from 15 accredited investors. The developer of broadband cable intends to use proceeds from the offering for working capital. For more information, call Joe Geesman, chief financial officer and secretary, at 512-681-2362.

Newgistics Inc. of Austin, Texas raised $8 million from four accredited investor through a Series C preferred stock financing. A minimum investment was not required on the placement. The company, which assists customers with the return of merchandise purchased over the Internet, intends to use the proceeds from the offering for working capital. For more information, call Shon Ramey, vice president of corporate development and general counsel, at 512-225-6000.

ChemCodes Inc. of Durham, N.C., is raising $11.35 million through a Series A convertible preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $9.05 million from 20 accredited investors. The life sciences company intends to use proceeds from the offering for working capital. For more information, call RobertBell, chief executive officer, at 919-806-3553.

Velant Inc. of Atlanta is raising $10 million through a private placement of preferred stock. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised $1.25 million from four accredited investors. The logistics solutions provider intends to use proceeds from the offering for working capital. For more information, call Donald Ratliff, president and chief executive, at 770-644-0088.

XYTrans Inc. of Orlando, Fla., is raising $5 million through a Series A preferred stock offering. At the time of its SEC filing, the company had already raised $4.5 million from seven accredited investors. The developer, manufacturer, provider of broadband communication equipment intends to use proceeds from the offering for working capital. For more information, call Robert Strandberg, president and chief executive, at 407-345-8008.

Image Logistics Corp. of Greensboro, N.C., is raising $2.5 million in a Series D convertible preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $2.48 million from 24 accredited investors. The customized apparel and merchandise intends to use proceeds from the offering for working capital. For more information, call JamesBarry, president, at 336-230-1011.

The Scientific World Inc. of Boynton Beach, Fla., is raising $1.2 million through a Series B preferred stock financing. A minimum investment of $20,000 is required on the placement. At the time of its SEC filing, the company had already raised $799,998 from seven accredited investors. The Web-based seller of scientific research and equipment intends to use proceeds from the offering for the repayment of debt and working capital. For more information, call Eric Tomlinson, chief executive, at 561-742-0068.

E2procure Solutions Group Inc. of Augusta, Ga., is raising $1 million through a Series B preferred stock offering with warrants. A minimum investment of $5,000 is required on the placement. At the time of its SEC filing, the company had already raised $357,665 from six accredited investors. The company aims to provide cost-efficient Internet-based procurement solutions for school districts. It intends to use proceeds from the offering for working capital. For more information, call Shankar Balan, president and chief executive, at 706-738-6999.

CovX Pharmaceuticals Inc. of Windermere, Fla., raised $5 million from one accredited investor through the sale and issuance of Series A preferred stock. The pharmaceutical company intends to use the proceeds from the offering for working capital. For more information, call Jefferson Voss, at 407-876-5432.

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Midwest

Medafor Inc. of Minneapolis is raising $5 million through an offering of common shares. At the time of its SEC filing, the company had already raised $7.94 million from 57 accredited investors. The company, engaged in the development and commercialization of a blood-clotting agents, intends to use proceeds from the offering for research and development, administrative expenses and working capital. For more information, call Joshua Waldman, chief operating officer, at 612-571-6300.

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West

Virtual IPO Inc. of Los Angeles is raising $10 million through a common stock financing. A minimum investment of $25,000 is required on the placement. Online Stock Market Inc. and Sepulveda & Smith Securities Inc. both of Los Angeles, are acting as agents on the placement for $76,162 in sales commissions. At the time of its SEC filing, the company had already raised $848,339 from 23 accredited investors. The online financial services company, intends to use the proceeds from the offering for repayment of debt, acquisition of other businesses, construction or leasing of plant buildings and facilities, purchase, rental or leasing and installation of machinery and equipment, marketing, technology infrastructure and working capital. For more information, call Michael Cratty, president and chief executive, at 310-201-9710.

Interact Devices Inc. of Folsom, Calif., is raising $4.81 million through a Series A-2 preferred stock financing. A minimum investment is not required on the placement. Waytogo Inc. is acting as the agent on the placement for findersi fees of $476,000. At the time of its SEC filing, the company had already raised $997,550 from 40 accredited investors. The software and hardware development company intends to use the proceeds from the offering for construction or leasing of plant buildings and facilities, purchase, rental or leasing and installation of machinery and equipment, and working capital. For more information, call Gregory Kilgore, president and chief executive, at 916-673-1860.

ClearMedical Inc. of Bellevue, Wash., is raising $4 million through a Series C-2 preferred stock offering. A minimum investment of $50,000 is required on the placement. At the time of its SEC filing, the company had already raised $420,000 from six accredited investors. The developer, manufacturer, distributor and seller of products of medical devices intends to use the proceeds from the offering for working capital and capital expenditures. For more information, call Sandra Rorem, president and chief executive, at 425- 401-1414.

nSite Software Inc. of Los Gatos, Calif., is raising $3.86 million through a Series A-1 preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $1.6 million from five accredited investors. The software designer and developer, intends to use the proceeds from the offering for repayment of debt and working capital. For more information, call Paul Tabet, president, at 925-867-1200.

OneRealm Inc. of Superior, Ore., is raising $2.5 million through a Series A preferred stock offering. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $1.96 million from 10 accredited investors. The software developer and provider of consulting services, intends to use the proceeds from the offering for working capital. For more information, call David Runge, president and chief executive, at 303-410-2503.

Silvaris Corp. of Seattle is raising $3.13 million through the private placement of Series C preferred stock. A minimum investment of $7,500 is required on the placement. At the time of its SEC filing, the company had already raised $2 million from 11 accredited investors. The full-service lumber trading company intends to use the proceeds from the offering for working capital. For more information, call Kurt Bray, president and chief executive, at 206-328-0185.

First To File Inc. of Menlo Park, Calif., is raising $3 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 $2 million from one accredited investor. The intellectual property management company intends to use the proceeds from the offering for working capital and general corporate purposes. For more information, call Scott Elliott, secretary, at 650-368-7200.

New Vine Logistics Inc. of Oakland, Calif., is raising $1.25 million through a common stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $550,000 from three accredited investors. The developer of strategies for distribution of alcoholic beverages intends to use the proceeds from the offering for working capital and the repayment of debt. For more information, call Deanna Leon, vice president and chief financial officer, at 510-763-4009.

Rim.com Inc. of Phoenix is raising $1.13 million through the 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 $10,000 from two accredited investors. The Internet consulting service intends to use the proceeds from the offering for the acquisition of other businesses, repayment of debt, working capital, marketing expenses and shareholder relation expenses. For more information, call Christina Strauch, chairman, at 480-970-3336.

SongPro.com Inc. of Santa Monica, Calif., is raising $1 million through a convertible securities financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $500,000 from seven accredited investors. The PDA content company intends to use the proceeds from the offering for working capital. For more information, call Jon Richmond, chief executive officer, at 310-586-4070.

CenterRun Inc. of Redwood City, Calif., raised $12 million from four accredited investors through a Series B preferred stock offering. No minimum investment was required on the placement. The developer and seller of software, intends to use the proceeds from the offering for working capital. For more information, call Caine Moss, assistant secretary, at 650-413-6400.

Regenesis Biomedical Inc. of Scottsdale, Ariz., raised $2.67 million from 13 accredited investors through preferred stock financing. A minimum investment of $10,000 was required on the placement. Meris Holdings Inc. of Scottsdale acted as the agent on the placement for $66,250 in findersi fees. The research and developer, manufacturer, seller and marketer of medical device equipment for tissue regeneration intends to use the proceeds from the offering for working capital. For more information, call Mary Ritz, president, at 408-752-9200.

Funmail Inc. of Livermore, Calif., raised $1.1 million from one accredited investor through a common stock financing. A minimum investment of $100,000 was required on the placement. The Internet and email animation company intends to use the proceeds from the offering for working capital. For more information, call Adam Lavin, president, at 925-455-1200.

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