PrimeraDx Raises $20 Million

PrimeraDx Inc., a Mansfield, Mass.-based molecular diagnostics company, has raised $20 million in Series C funding. CHL Medical Partners led the round, and was joined by return backers Abingworth, InterWest Partners, Malaysian Technology Development Corporation, MPM Capital, Burrill & Co. and the Invus Group.

PRESS RELEASE

PrimeraDx, Inc., a privately held molecular diagnostics company, announced today that it has closed on its $20 million Series C financing. The financing was led by CHL Medical Partners and also included significant participation by many of the Company’s existing investors; Abingworth, InterWest Partners, Malaysian Technology Development Corporation, MPM Capital, Burrill & Company and the Invus Group.

“We are very excited to welcome CHL Medical Partners into the Company and we appreciate the very strong support of our existing investors. Our ability to attract new capital in this difficult economic climate is a clear endorsement of our technology, the markets that we will soon address, and the talent and the dedication of all of PrimeraDx’s employees.” said Martin L. Verhoef, President and Chief Executive Officer of PrimeraDx, Inc. “We will use this funding for the continued commercialization of our technology, including the advancement of our regulatory strategy and the broadening of quantitative, multiplexed assay menu to run on our ICEPlex system”

”PrimeraDx is an excellent investment opportunity. The Company addresses key needs in the growing Molecular Diagnostics market and is positioned to dominate the quantitative multiplexing segment. We are pleased to participate in the Company”, commented Ronald Lennox, Partner at CHL Medical Partners.

PrimeraDx’s new Board of Directors will continue to be led by Laurence McCarthy as Executive Chairman and will include Martin Verhoef, President and CEO; Ronald Lennox, CHL Medical Partners, Vincent Miles, Abingworth; Nina Kjellson, InterWest Partners; Norhalim Yunus, Malaysian Technology Development Corporation and Robert Rosenthal, President and CEO of Magellan Biosciences, Inc.

About PrimeraDx

PrimeraDx is dedicated to the fast growing field of molecular diagnostics. The Company is developing a unique automated platform for quantitative multiplexed and cost effective assays using its proprietary STAR technology implemented on the ICEPlex instrument. The integrated platform provides a cost effective, “walk-away” work flow for laboratories. The Company’s initial products are for infectious disease management. PrimeraDx plans to extend its focus into oncology to support personalized cancer therapy management through diagnostic, prognostic, staging and therapeutic monitoring.

About CHL Medical Partners

CHL Medical Partners is a premier venture capital firm dedicated to partnering with entrepreneurs and inventors to create and finance innovative biotechnology, molecular diagnostic, healthcare service and medical device companies. Our team is well-known among industry observers and healthcare investment professionals for identifying and validating visionary scientific ideas and healthcare service models and then creating businesses with extraordinary market potential around these breakthrough concepts. Collectively, we have invested in and grown more than 80 start-ups, establishing a notable track record of building prominent companies with products and services that significantly improve patient care. We are currently investing from our sixth fund, the $120 million CHL Medical Partners III, L.P.

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Ensequence Raises $20 Million

Ensequence Inc., a Portland, Ore.-based provider of interactive video software and services, has raised $20 million in fourth-round funding, according to VentureWire. The round was led by former CEO Clay Mathile. Ensequence previously raised over $58 million in VC funding, from firms like Westbury Partners and Fortuna Investments. www.ensequence.com

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Imperial Innovations Backs Cell Medica

Cell Medica Ltd., a UK developer of cell-based treatments for infectious disease and cancer, has raised £1.16 million from Imperial Innovations Group.

PRESS RELEASE

Imperial Innovations Group plc (AIM: IVO, ‘Imperial Innovations’), a leading technology commercialisation and investment company, has invested £1.16 m in Cell Medica Ltd., an early stage cellular therapeutics company developing innovative cell-based treatments for infectious disease and cancer.

Imperial Innovations led the £1.95 million funding round, which included £0.79 m from private investors. Cell Medica has now raised a total of £4.5 m in equity and convertible debt investment capital. The proceeds will be used by Cell Medica to commercialise Virus-specific Immune Reconstitution, a cell therapy technique which protects patients with weakened immune systems against cytomegalovirus (CMV) infections, particularly after bone marrow transplants. Infections are a major cause of mortality in this patient group.

Launched in 2007 with funding from Imperial Innovations and the Wellcome Trust, Cell Medica is commercialising clinically proven cell therapy techniques, some of which were developed at Imperial College London.

Imperial Innovations has provided Cell Medica with early stage company support services and industry expertise, including the appointment of investment manager Maina Bhaman to its board.

Susan Searle, CEO of Imperial Innovations, said:

“We believe Cell Medica has an important new approach to the treatment of many serious diseases and are confident that our funding and support will help it become a commercial success.”

About Imperial Innovations

Imperial Innovations is one of the UK’s leading technology commercialisation and investment companies. Founded in 1986 and admitted to the AIM Market of the London Stock Exchange in 2006, Imperial Innovations’ access to early stage technology and intellectual property is unparalleled.

Imperial Innovations’ integrated commercialisation approach encompasses the identification of ideas, the protection of intellectual property, the development and licensing of technology and the formation, incubation and funding, through investment, of technology businesses.

Based at Imperial College, London, Imperial Innovations’ portfolio of equity holdings in more than 80 companies spans its three core areas of Healthcare, Engineering & IT, and Energy & Environment.

Companies in the portfolio of Imperial Innovations include: Circassia (allergy therapeutics), Evo Electric (electric motor and generator solutions), Nexeon (lithium ion battery technology), Polytherics (drug development), Quantasol (solar concentrators) and Respivert (respiratory drug development).

Imperial Innovations has already realised significant value from its investments to date including from a recent trade sale in December 2008 when Thiakis Limited, a company in which Imperial Innovations had a 23.7% stake, was sold for up to £100 million to US-based Wyeth Pharmaceuticals. More recent trade sales include certain Heliswirl IP to Technip and InforSense to IDBS.

www.imperialinnovations.co.uk

About Cell Medica

Cell Medica is a clinical stage cellular therapeutics company engaged in the development and delivery of cellular immunotherapy treatment strategies for infectious disease. The Company’s lead clinical application, involves the transfer of donor-derived virus-specific T cells into a patient in order to prevent infections following bone marrow transplant.

Cell Medica was founded to convert a complex cellular immunotherapy technique developed by members of its Scientific Advisory Board into a cost effective and convenient medical treatment which can be used by hospitals on a routine basis. The method has been proven safe and effective in several exploratory clinical studies, and is currently being tested in a controlled, randomised clinical study across 11 centres in the UK.

www.cellmedica.co.uk

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eCommera Raises £5 Million

eCommera, a UK-based provider of ecommerce services to the retail industry, has raised £5 million in second-round funding. Frog Capital led the deal, and was joined by return backer West Coast Capital.

PRESS RELEASE

Frog Capital, the growth capital investor in cleantech and ICT companies, has led a £5 million second round financing in eCommera, a UK-based provider of e-commerce services to the retail industry.  Existing shareholder, West Coast Capital, supported the round.

Founded in 2007 by Michael Ross, the online entrepreneur and founder of successful fashion retailer Figleaves.com and ex-BT marketing director, Andrew McGregor, eCommera currently helps over 20 large retailers, including Asda and House of Fraser, to analyse and run profitable online retail operations. The new funding will be used to expand the company’s services and geographical reach.

eCommera’s CoreTrader service is an analytical dashboard that helps retailers to understand the drivers of profit and growth in the highly competitive world of online commerce. The company’s CoreCommerce Platform is an e-commerce trading platform delivered over the internet, to enable retailers to act on this information and build profitable online operations. Alongside the core technology platforms, eCommera provides associated online retail consulting services.

Commenting on the investment, Frog Capital’s Managing Partner, Mike Reid, says: “eCommera has found a highly attractive sweet-spot. E-commerce is now critical to retailers, and the eCommera service directly meets their needs. The front line ‘been there, done it’ experience of the eCommera team is unsurpassed in Europe. With several deal wins this year already, and more to come, this business has great momentum.”

Andrew McGregor, CEO and co-founder of eCommera, added: “In the early days of web adoption, retailers needed just to establish an online presence to succeed. As the market matures and internet shoppers become spoilt for choice, retailers need to understand how the dynamics of online retail differ in order to compete effectively and ensure that online operations are profitable and not just pretty web-based shop windows. Even established and successful retailers are struggling to make that transition and are coming under increasing pressure.”

This is Frog Capital’s first investment in the ICT sector following the arrival last year of Managing Partner, Mike Reid, from 3i’s Growth Capital team. The investment reflects the firm’s strategy in the sector of supporting companies that offer service or product to data-intensive businesses seeking to harness the cost and time efficiencies of web-based marketing.

The investors in the transaction were advised by Osborne Clarke (legal).  eCommera was advised by GP Bullhound (corporate finance) and McGrigors (legal).

About Frog Capital
Frog Capital was founded in 2005.  Its investments include SIG Processing AG, a German-based business recycling key elements from semiconductor and solar panel production, which has doubled its revenues every year since 2006; Solar Century, the UK’s best-known solar energy company; Ostara, whose technology enables water and sewage companies to recycle phosphorous avoiding the use of harmful chemicals and Hydrodec, which recycles transformer oil for a market that throws away 300m litres of used transformer oil a year. Hydrodec is currently opening sites across the USA.  For more information, visit www.frogcapital.com

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Octopus Ventures Backs GetOptics

GetOptics Ltd., a UK-based online provider of contact lens and eye care products, has raised £1.355 million from Octopus Ventures. The investment helps create GetOptics, via a merger of GetLenses and PostOptics.

PRESS RELEASE

Octopus Ventures Ltd (“Octopus”), a specialist investor in early-stage and expanding companies, is pleased to announce an investment of £1.355 million into GetOptics Ltd (“the Company”). This investment facilitates the acquisition of GetLenses and PostOptics creating GetOptics.

The combination of the two companies under the new brand GetOptics creates the UK’s largest online contact lens and eye care product business. The newly combined company has over 100,000 existing customers, pro forma sales of £6 million and a ‘white label’ online contact lens contract with one of the UK’s largest retailers. The Company has projected growth of 33% for the year following completion.

The UK eye care market is worth £2.3bn per annum, of which contact lenses accounts for nearly £500m and the online contact lens market £25m1. The online contact lens market in the UK is expected to follow the rise in internet retail sales2.

The acquisition of the two companies with total consideration in excess of £5 million is innovatively structured, enabling the deal to go ahead despite the current shortage of traditional debt facilities due to the credit crisis. Nearly 45% of the total consideration for the acquisitions of GetLenses and PostOptics is deferred in place of conventional bank debt.

Octopus’ £1.355m investment in GetOptics gives Octopus a significant minority stake in the business. The funding was provided by the Octopus Titan 1, 2 and 3 VCTs, Eureka EIS, and the Octopus Investor Group.

Commenting on the deal, Michael Kraftman, who will become Chief Executive of GetOptics, said: “GetOptics is ideally placed to take advantage of both the growth in use of contact lenses and the continued expansion of online sales. We already have a wide and loyal base of customers, who continue to place repeat orders with us and our proven expertise means we are in a strong position to expand our “white label” service to other major international retailers.

“The management team retains key people from both GetLenses and PostOptics who will provide invaluable experience as we grow the business. Andrew Harrison from PostOptics will run our Finance and Fulfilment operation and Brendan O’Brien will head Business Development.

Utilizing our market expertise, supplier relationships and strong cash flow to fund the Company’s growth, we will look to expand our offering into Continental Europe.”

Commenting on today’s announcement, Alex Macpherson, Chief Executive of Octopus Ventures, said: “We are delighted to be backing GetOptics’ entrepreneurial management team. From the outset we have been impressed by the team’s vision, enthusiasm, determination and professionalism.

“We believe that the Company’s market leadership excellently positions it to fully exploit the growth in the European on-line contact lens and eye care market. We look forward to providing GetOptics not only with the capital that they need but the strategic support to help them achieve their ambitious expansion plans.”

Jo Oliver led the investment on behalf of Octopus. Shoosmiths was legal adviser to Octopus and Lawrence Graham provided legal advice to the Company.

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Nujira Raises £10 Million

Nujira, a UK-based provider of RF transmission for cellular and broadcast networks, has raised £10 million in fourth-round VC funding. Environmental Technology Fund led the round, and was joined by return backers Bank Invest, 3i, Amadeus and Mitsubishi UFJ Capital.

PRESS RELEASE

Nujira today announced that it has completed further funding of £10 million, to accelerate development of its handset technology and support expansion into a new market as well as general commercial development of Cellular Infrastructure and TV Broadcast sectors. The round included Environmental Technologies Fund* (ETF), a new investor, as well as existing investors Bank Invest, 3i, Amadeus, Mitsubishi UFJ Capital and private investors.

Commenting, Nujira CEO Tim Haynes said, “Nujira is making excellent progress in its established markets demonstrating the real benefits that our solutions deliver; in the past year we have announced significant customer engagements for our cellular base station, broadcast transmitter and handset technologies. More recently we have identified military communications as a market with considerable potential for our Coolteq™ products and have already delivered hardware to customers. The new investment provides Nujira the opportunity to continue with the commercialisation of its Coolteq™ products, and to promote our technology into new markets.”

Poul Erik Schou-Pedersen, managing partner at BankInvest New Energy Solutions said: “Nujira’s commercial and technical progress since our last investment in September 2008 is extremely impressive, and we are delighted to extend our relationship with them through a further investment. In the past year, Nujira has extended and strengthened its relationships with major OEMs and has executed well on its technical strategy. This new round will enable them to fully exploit the existing market opportunities that they have developed, as well as enter a major new market.”

Patrick Sheehan from the Environmental Technologies Fund added, “ETF believes in supporting successful businesses that make a positive contribution to the environment by bringing highly efficient technologies to market, and is delighted to add Nujira to its growing portfolio. We have tracked Nujira’s progress over the last 5 years and seen it develop a strong market position and productive relationships with major OEM customers. We see a business with an innovative and proven technology with huge potential alongside a clear, well managed commercial strategy that is developing a market leadership position and is well positioned for long-term commercial success.”

About Nujira
Nujira’s mission is to dramatically improve the energy efficiency of cellular network base stations and digital broadcast transmitters by reducing the amount of waste energy dissipated as heat in the RF Power Amplifier circuit.

Further details: www.nujira.com.

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MooBella Raises $18 Million

MooBella Inc., a Taunton, Mass.-based developer of a technology that lets users make hard-scoop ice cream in 40 seconds, has raised $18 million in Series A funding from an affiliate of Inventages. The funding will be used to support the company’s initial product rollout, with 100 commercial machines.

PRESS RELEASE

MooBella® Inc., which marries innovative technology with the world’s most popular dessert, ice cream, today announced it has secured $18 million in Series A funding from W. Health L.P., a venture fund managed by Inventages. MooBella’s multi-patented technology allows consumers to make-their-own fresh, hard-scoop ice cream in just 40 seconds.

This funding has positioned the Company to execute its initial market launch, beginning with the deployment of its first 100 commercial machines. With the completion of this round of funding, the Company has transitioned its corporate structure from MooBella LLC to MooBella, Inc.; moving from research and development to a commercial enterprise.

“By again joining forces with Inventages, a world-class and experienced investor, we have successfully completed an exhaustive development process and have positioned the Company to begin a commercial launch later this year,” said Bruce Ginsberg, President and Chief Executive Officer of MooBella, Inc. “Our immediate focus is to launch MooBella machines in 100 selective high traffic locations throughout New England within the next six months. We look forward to changing the premium ice cream experience for consumers and foodservice operators, one scoop at a time.”

MooBella, Inc. lets consumers “make their own” fresh, hard-scoop ice cream in just 40 seconds. Consumers can choose from 96 possible combinations via a computer touch screen, and in three easy steps, make their own ice cream from a menu of two ice cream varieties (e.g., Premium and Light), twelve flavors and three mix-ins. MooBella ice cream is made with 100 percent all natural, real dairy ingredients. The MooBella Ice Creamery has been designed to be extremely simple for customers to operate and is also very space efficient, at less than 10 square feet – about the size of a household refrigerator.

“In this challenging economic climate, only the best and most innovative companies are securing funding,” said Erich Sieber, partner at Inventages and a member of the MooBella, Inc. Board of Directors. Geneva-based Inventages is one of the world’s largest life-sciences, nutrition and wellness focused venture capital funds with $1.5 billion under management. “MooBella has the potential to affect a paradigm shift in the ice-cream industry, by changing the supply chain. It will allow the manufacturing and distribution of ice cream at ambient temperature without a major investment in assets. And because consumers make it fresh, on the spot, they know they are getting the highest quality ice cream. We’re pleased to continue working alongside the expert team at MooBella, Inc. We believe in the people, the technology and the business plan behind this great product,” Sieber continued.

MooBella, Inc. also provides a radical supply chain breakthrough by completely eliminating the need for traditional and costly frozen supply chain, thereby increasing, dramatically, the potential points of retail distribution.

Since the 2006 introduction of the initial prototype machines—which garnered awards and significant national press attention— the company has totally re-engineered the initial prototype and expanded the senior management team to include industry leaders with global experience in engineering, marketing and food science. Equally important, MooBella, Inc. has joined forces with IDEX Corporation (NYSE: IEX), a leader in sophisticated specialty machinery, to develop, manufacture and provide technical service for the first generation of commercial machines.

About Inventages

Inventages (www.inventages.com) is one of the largest venture capital/private equity firms specializing in life sciences, with more than $1.5 billion under management. Inventages’ investment focus includes innovative food, nutrition, nutraceuticals, medical food, cosmeceuticals, pharmaceuticals, consumer relationship management processes and novel packaging technologies. Inventages is operating out of four offices around the globe, Geneva, London, Auckland and Nassau.

About MooBella, Inc.

MooBella, Inc. (www.moobella.com) has developed a revolutionary, disruptive technology that has the potential to transform and expand the nearly $60 billion ice cream industry. It enables instantaneous aeration, flavoring and freezing of ice cream into scoops of premium hard ice cream within seconds, and thereby eliminating the frozen supply chain. MooBella, Inc. has received the INNY Award from the San Jose, California-based Tech Museum of Innovation, the 2006 Kitchen Innovations™ award from the National Restaurant Association and was honored by the Food Network as a recipient of the first annual Food Network Award. MooBella, Inc. has also been featured in top-tier publications including Newsweek, The Wall Street Journal, USAToday, Fortune, The Washington Post, and The Boston Globe and showcased on “Good Morning America”, “Rachel Ray”, the “Profile Series” hosted by Louis Gossett Jr. and a number of Food Network Shows including “The Secret Life of…” and “Unwrapped”. MooBella® is a registered trademark of MooBella, Inc.

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BonitaSoft Raises $3 Million

BonitaSoft, a Grenoble, France-based developer of open-source business process management software, has raised $3 million in Series A funding. Backers include Ventech and Auriga Partners, while Chausson Finance served as placement agent.

PRESS RELEASE

BonitaSoft, the first provider of open source Business Process Management (BPM) software, announced today the completion of a first round of funding of $3 Million from Ventech and Auriga Partners. Chausson Finance acted as advisor for this transaction.

At the same time, the company marks the arrival of Bertrand Diard, CEO and co-founder of Talend, to its Board of Directors.

Positioned for a gap in the market

BonitaSoft is the first provider of open source software for business process management (BPM), a market which currently represents $2.6 billion with a forecasted growth of 30% per annum by 2012.

The BPM market today is dominated by giants in the software industry. Their solutions are characterized by high acquisition costs and hefty maintenance and the return on investment for the companies that have deployed them is difficult to measure and so difficult to justify.

Even in the context of the current economic crisis, marked by shrinking IT investments, BonitaSoft is faring well. This company has earned the trust of its customers by offering an open source solution that is easy to implement, with a cost of acquisition and maintenance ten times less than that of the traditional software providers.

“Open Source is needed today in all segments of information systems, to allow companies to reduce expenditures. Today, companies like MySQL, JasperSoft, Redhat, SpringSource and Talend are gaining more and more ground in the information systems of notable companies, and are seeing more and more success in the competition with the historic names in the software industry. This trend ‘reshuffles the deck’ every day in this industry, and leads me to think that BonitaSoft has what it takes to become the new success story of the open source software industry on the international market,” said Bertrand Diard, CEO and co-founder of Talend.

“We chose Bonita from BonistaSoft as the underpinning for our public sector offering,” says David Labajo, Director, Public Sector Bull Spain. “Bonita gives our customers economical, fast and intuitive processes to support e-administration and e-government. Thanks to Bonita, our customers are able to reduce development and maintenance costs of their applications while benefiting from the flexibility, reliability and scalability of the solution. Bonita is used for production at major clients in Spain such as the Ministry of Finance and the Government of the Canary Islands.”

An innovative technology based on 8 years of R & D The story of BonitaSoft began 8 years ago with the Bonita Project. Its team had the opportunity to create the first BPM open source community within Bull. Today the Bonita solution has been downloaded more than 140 000 times and has 300 contributors around the world. BonitaSoft’s BPM open source solution proposes an architecture that is adaptable to all types of applications in all types of businesses.

“This funding will allow us to accelerate our development internationally as well as in France. We will be able to bring more resources to our community to make the deployment of BPM solutions equally feasible in companies regardless of their size, by providing solutions with powerful and simple-to-use features,” explains Miguel Valdes Faura, CEO of BonitaSoft and co-founder of Bonita.

“The team, the business model, and the BonitaSoft solution completely captivated us. Given the reputation that this BPM solution has in the open source community, we are confident that BonitaSoft will contribute to the ‘democratization’ of BPM in business through its technological innovation,” says Claire Houry, Ventech. “BonitaSoft has everything it needs to quickly become the open source BPM leader in the marketplace,” says Philippe Granger, Auriga Partners.

About Bonita

Created in 2009 by Miguel Valdes, Rodrigue Le Gall and Charles Souillard, BonitaSoft is the first provider of open source business process management (BPM) software. The Bonita solution has been downloaded more than 140 000 times to date by companies and organizations worldwide. BonitaSoft will democratize the use of BPM in companies of all sizes with an intuitive and powerful solution with an optimum cost. BonitaSoft is a partner of Talend and Bull and is an active member of the OW2 consortium.

 

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Rennovia Raises VC To Make Chemicals from Renewable Feedstock

Rennovia, an early-stage chemical development company, recently raised $6 million in startup funding from 5AM Ventures and Versant Ventures, according to regulatory documents. The funding is the first infusion of a proposed $12.3 million Series A round that the company is seeking, documents show.

 

The stealth Menlo Park, Calif.-based startup is working to make specialty chemicals from renewable feedstock. The company has not disclosed what chemicals it will make.

 

A chemical company such as Rennovia is something of an anomaly in Silicon Valley, where information technology and life science companies vie with cleantech for attention from venture capitalists. Still, some VCs are willing to go out on a limb for a compelling chemistry process applied to an industry that has long relied on petroleum as the principle input for its products.

 

“There was just enough deal precedent in the chemical space that we weren’t treated as being that esoteric, at least by the investors we talked with,” said co-founder Tom Boussie.

 

Boussie is quick to point out that he didn’t found the company to pursue a save-the-world, green-related agenda.

 

“The company was not born of a political philosophy, it was the product of opportunities in the chemical industry and this is one opportunity of significant value, diversifying their feedstock base away solely from petroleum,” he said.

 

Many startups have tried to use renewable, biologic feedstocks to produce fuel. To date, VCs have invested several billion dollars into ethanol refineries that make the gasoline substitute from corn, switchgrass and algae. But few of the startups have made it to maturity, thanks to volatility in both the cost of inputs and the value of the product they produced.

 

Boussie says that Rennovia is focused on making chemicals, not fuels. “Margins are higher, volumes are lower and the capital barrier for the same return on investment is lower,” he said.

 

Rennovia isn’t the only bio-chemicals company to lately garner investor attention.

 

Ithaca, N.Y.-based Novomer raised a $14 million Series B earlier this summer from OVP Venture Partners, Physic Venture Partners, Flagship Venture Partners and DSM Venturing. The company has dropped petroleum out of its chemical products in favor of carbon dioxide and carbon monoxide.

 

“Not only are you getting these materials made without releasing these gasses, but you’re actually decreasing the supply of them too,” said Carl Weissman, managing director of OVP Venture Partners. Novomer has now raised $21 million in total funding from investors.

 

In the spring, Okemos, Mich.-based Draths Corp. raised $21.7 million in a Series C round from Khosla Ventures, TPG Ventures and CMEA Ventures, records show. The startup has bioengineered bacteria to convert corn into various chemical intermediaries that are used in the production of any number of final products, including plastics, paints, nylons and resins.

 

Draths recently received a $5.2 million, 10-year tax credit from Michigan to build its production facilities within the state. The company’s Chief Technical Officer, W. Henry Weinberg, formerly worked at chemical maker Symyx Technologies, at the same time Rennovia’s founders were there.

 

Recently, Khosla Ventures also invested $15 million in Golden Valley, Minn.-based Segetis, a startup working to pull petroleum out of the chemicals business. Last year, the company attracted Jim Stoppert to be its CEO. Stoppert, a former executive at Dow Chemical, ran that company’s collaboration with Cargill to create corn-based bioplastics.

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Too Much Hype At PEA? Jim Breyer Sounds Gloomy

Despite the fact that Accel won TWO awards this week — it got the top spot on Red Herring’s Top 100 Global Venture Capitalists list and was elected to Dow Jones Private Equity Hall of Fame — Accel’s Jim Breyer did not sound upbeat today when he was interviewed about the economy from the PEA conference by CNBC.

“I don’t think things are nearly as optimistic as we’ve been led to believe at this conference,” he told CNBC’s Rebecca Jarvis. “I have a great fear that today there is very little of a small business and consumer-led recovery. Until we see a small business and consumer-led recovery, I would advise great caution for the time being.”

Breyer is worried because “there’s no incentive now for a small business to take significant risk,” he told Jarvis, because they’re uncertain about healthcare and the economy and international trade. He doesn’t see small businesses hiring or spending, even though big businesses are starting to spend.

Based on his talks with the customers of Wal-Mart and Dell, where he sits on the boards and walks around the stores, he’s predicting “a late Christmas.”

But not everybody is suffering. Facebook and Etsy, two companies that happen to be in Breyer’s portfolio, aren’t, according to Breyer. They are undervalued, he said, and “are performing extremely well.” He also predicts bright futures for mid-range technology companies — especially if they’re in infrastructure, cloud computing or virtualization — because there’s so much deferred spending on IT.

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Calypso Medical Raises $50 Million

Calypso Medical Technologies Inc., a Seattle-based developer of real-time localization technology used for the tracking of tumor targets, has raised $50 million in fifth-round funding. Skyline Ventures and Frazier Healthcare Ventures co-led the deal, and were joined by fellow return backers Bay City Capital and InterWest Partners. The company has now raised nearly $175 million in total VC funding since 1999.

PRESS RELEASE

Calypso Medical Technologies, Inc., a developer of real-time localization technology used for the precise tracking of tumor targets, today announced the completion of a $50 million round of venture capital financing, led by Skyline Ventures and Frazier Healthcare Ventures. Bay City Capital and InterWest Partners were also major investors in the financing. Proceeds from this financing will be used to support the Company’s commercial expansion, both domestically and internationally, as well as the development of products to support new clinical indications and the continued integration of the Calypso® System with existing linear accelerators and other radiation therapy technologies.

The Company’s platform technology, also known as GPS for the Body®, utilizes miniature implanted Beacon® transponders to provide precise, continuous information on the location of the tumor during external beam radiation therapy. Any movement by the patient, including internal movement of the tumor, may cause the radiation to miss its intended target and hit adjacent healthy tissue. In contrast to other tumor targeting solutions, the Calypso System provides continuous tumor position information, objectively and without ionizing radiation, thereby enabling an increase in the radiation delivered to the tumor while reducing radiation misapplied to normal tissue.

“Making sure that a tumor is located where the linear accelerator assumes it to be is critical in external beam radiation therapy,” said John Freund, managing director of Skyline Ventures. “We believe that Calypso’s proprietary GPS for the Body technology represents a fundamental advance in radiation therapy. Calypso allows radiation oncologists to increase the dose delivered to the tumor while decreasing unwanted side effects, for a fraction of the cost of a new linear accelerator.

“This financing validates the investment community’s continued confidence in the vision of the company, the team, the unique benefits of our product platform and its potential in the marketplace,” said Eric Meier, president and chief executive officer of Calypso Medical. “We are pleased to welcome both Skyline Ventures and InterWest Partners as our newest investors. With the completion of this financing, we are well capitalized and positioned to further expand the presence of our product platform to leading cancer centers around the globe.”

“We believe the Calypso System will grow in importance as additional clinical data about its impact emerges and as the company develops capabilities to address a growing number of tumor types over the next several years,” added Glenn Reicin, managing director of Skyline. “Our prediction is that it will become a standard of care that clinicians and patients insist upon for many tumor types.”

“As the founding investor in Calypso Medical, Frazier Healthcare Ventures is very pleased to welcome firms of the quality of Skyline Ventures and InterWest Partners to the company’s already impressive group of investors,” said Trevor Moody, general partner at Frazier. “This new syndicate further validates the significant opportunities ahead for Calypso.”

Also participating in this financing round were existing investors Versant Ventures, BB Biotech, Arnerich Massena & Associates, Apothecary Capital, RiverVest Ventures, Merlin Nexus, Early Bird Ventures, Glenview Capital Management, Integra Ventures, AEOW, Kaiser Permanente Ventures, Mosaix Ventures, SB Life Science Ventures, Mitsui & Co. Venture Partners and Rockport Ventures.

About Skyline Ventures

Skyline Ventures, formed in 1997, is a nationally known venture capital firm that specializes in investing in outstanding product-focused healthcare companies. Areas of expertise include small molecule and protein therapeutics; medical devices; diagnostics; and technologies that facilitate drug discovery and life science research. Each principal possesses an M.D. or Ph.D. degree and hands-on operating experience in various start-up healthcare companies that later went public. For more information, please visit http://www.skylineventures.com.

About Frazier Healthcare Ventures

Frazier Healthcare Ventures, founded in 1991, is one of the nation’s leading providers of venture and growth equity capital to emerging healthcare companies. Frazier’s mission is to partner with outstanding entrepreneurs to build enduring companies that deliver therapies and services which address significant unmet healthcare needs. Since inception in 1991, Frazier Healthcare Ventures has raised seven investment funds with commitments totaling over $1.8 billion. For more information, please visit http://www.frazierhealthcare.com.

About Calypso Medical

Calypso Medical Technologies, Inc. is a Seattle-based, privately held medical device company. The Company’s proprietary tumor localization system utilizes miniaturized implanted devices (Beacon® electromagnetic transponders) to continuously, accurately and objectively track the location of tumors for improved accuracy and management of radiation therapy delivery. The technology is designed for body-wide cancers commonly treated with radiation therapy. The products are FDA 510(k) cleared for use in the prostate and post-operative prostatic bed. The Company has strategic relationships with Varian Medical Systems, Siemens Medical Systems, Elekta Corporation, and Philips Medical. Additional information can be found at http://www.calypsomedical.com.

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NextBio Raises $8 Million

NextBio, a Cupertino, Calif.-based developer of an online search engine for life sciences data, has raised $8 million in Series C funding led by return backer Newbury Ventures.  

PRESS RELEASE

NextBio, provider of an innovative platform that enables life science researchers to search, discover, and share knowledge locked within public and proprietary data, today announced that it has closed a $8 million Series C round of financing led by Newbury Ventures, a previous investor, and including participation from prominent private investors.

The capital will be used to fund the company’s continued growth in sales reach and channels, international expansion, and technology leadership. Since its launch, NextBio’s research platform has been adopted for use by researchers at many of the world’s top commercial and academic institutions, and the company has recently partnered with leading life science publisher Elsevier to make the power of NextBio available to subscribers of ScienceDirect. This partnership delivers unique, intelligent and insightful scientific content enabling researchers to accelerate scientific discoveries.

“NextBio is a strong innovative organization, poised for continued growth,” said Bruce Bauer, Senior Managing Director, at Newbury Ventures. “NextBio’s combination of ground-breaking technology, an exceptional team, and its unique and compelling value proposition creates the opportunity for it to be a continued leader in the life sciences information technology space.”

“We are delighted by this vote of confidence from both our existing and new investors and share their enthusiasm for the company’s strategy and execution,” said Saeid Akhtari, NextBio Co-founder, President and Chief Executive Officer. “We are pleased to have these funds in place to finance the next phase of our growth.”

About NextBio
NextBio is the provider of an innovative platform that enables life science researchers to search, discover, and share knowledge locked within public and proprietary data. NextBio’s platform seamlessly combines powerful tools with unique correlated content to transform information into knowledge, providing the foundation for new scientific discoveries. NextBio helps organizations increase productivity and dramatically improve collaboration across therapeutic groups and geographic boundaries. NextBio is delivered as a SaaS (Software as a Service) solution resulting in quick deployment and rapid return on investment.

Today, NextBio is used by researchers at the world’s top commercial and academic institutions. NextBio’s enterprise solution has been deployed at Burnham Institute for Medical Research, Celgene, Eli Lilly, Genzyme, Johnson & Johnson, Merck, Regeneron, Scripps Research Institute, Stanford University, and Takeda, among many others. To learn more about NextBio, please visit our website at http://www.nextbio.com.

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Autism-Focused Seaside Therapeutics Raises $30 Million

Seaside Therapeutics LLC, a Cambridge, Mass.-based drug startup focused on autism and Fragile X Syndrome, has raised $30 million from an undisclosed family investment firm.

PRESS RELEASE

Seaside Therapeutics LLC today announced that it has secured $30 million in financing from a private, family investment firm which is committed to advancing research in the field of autism and Fragile X Syndrome. The financing will be used to fund the Company’s pipeline of novel therapeutic candidates to correct or improve the course of those who suffer these disorders. The financing brings the total capital raised by Seaside to $66 million.

“Seaside understands the toll that brain development disorders take on individuals and their families and shares in the frustration over the lack of effective therapeutics for these devastating disorders,” said Randall L. Carpenter, M.D., President and Chief Executive Officer of Seaside Therapeutics. “Seaside was founded to fill this void by translating breakthrough discoveries in neurobiology into therapeutics that improve the lives of patients and their families. This significant financial commitment will support our ongoing Phase 2 studies of STX209 in both autism and Fragile X and support the initiation of a second novel clinical candidate, STX107, into Phase 1 studies in Fragile X in early October.”

Historically, drug discovery in disorders of brain development has been unproductive largely due to the lack of mechanistic understanding of these disorders, as well as the absence of predictive animal models. Seaside Therapeutics is changing this paradigm through scientific exploration that focuses on identifying the fundamental pathophysiology of brain development disorders and applying this knowledge to develop targeted therapeutics. Recent discoveries by the Company’s scientific founder, Mark Bear, Ph.D., Howard Hughes Medical Institute Investigator and Professor of Neuroscience at M.I.T., have revealed a molecular pathway, the mGluR5 signaling cascade, that is disrupted in a specific disorder of brain development – Fragile X Syndrome. With this knowledge, further research has provided insights for developing novel medications to normalize the function of this pathway, which Seaside believes may extend beyond Fragile X into a number of other developmental disorders, including autism.

STX209 is a selective gamma-amino butyric acid type B (GABA-B) receptor agonist. STX209 inhibits glutamate signaling in the brain and should thereby indirectly inhibit the excessive metabotropic glutamate receptor (mGluR) mediated protein synthesis implicated in Fragile X Syndrome. Preclinical studies using STX209 and other prototypic GABA agonists have demonstrated efficacy in animal models of Fragile X, suggesting that GABA agonists may provide significant benefits to people with Fragile X Syndrome and other disorders of brain development. STX209 entered a Phase 2 clinical study in adults and adolescents with Fragile X in December 2008 and a second trial in adolescents with autism spectrum disorders was initiated in March 2009. Seaside intends to expand both studies to include children as young as 6 years old during 2009. Data from both Phase 2 studies is expected in the first quarter of 2010.

STX107 is a highly potent, selective mGluR5 antagonist that was licensed from Merck & Company, Inc. STX107 was selected for development based on Dr. Bear’s discovery of the connection between mGluR5 signaling and Fragile X Syndrome. Specifically, the evidence suggests that most, if not all, of the neurological and psychiatric consequences of Fragile X can be accounted for by exaggerated signaling through mGluR5 receptors. Preclinical research indicates that normalizing this exaggerated mGluR5 signaling reverses most of the anatomic, behavioral and synaptic abnormalities associated with Fragile X. By directly inhibiting exaggerated mGluR5 signaling, STX107 provides a compelling opportunity to treat core symptoms and disabilities of Fragile X Syndrome, autism and other developmental disorders. Seaside has been awarded translational research grants to support the development of STX107 from the National Institute of Mental Health, the National Institute of Child Health and Human Development, the National Institute of Neurological Disorders and Stroke, Autism Speaks, FRAXA and the Best Pharmaceuticals for Children Act. STX107 is expected to enter Phase 1 clinical studies in healthy volunteers in October 2009.

About Seaside Therapeutics
Seaside Therapeutics is creating new drug treatments to correct or improve the course of Fragile X Syndrome, autism and other disorders of brain development. We are dedicated to translating breakthrough discoveries in neurobiology into therapeutics that improve the lives of patients and their families. www.seasidetherapeutics.com

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Authentic Response Raises $2 Million

Authentic Response Inc., a New York-based provider of online consumer and B2B sampling and data collection, has raised around $2.07 million Series A funding led by Sutter Hill Ventures (the dollar amount was disclosed in a regulatory filing). The company also announced that Jim Follett, former CEO of Survey Sampling International, will take over as CEO. He succeeds interim CEO Matt Blumberg of Return Path, from which Authentic Response spun out last year.

PRESS RELEASE

Authentic Response Inc., a leading online consumer and BtoB sampling and data collection company supporting the market research industry, made two announcements today. First, its Board of Directors has appointed Jim Follett as the new Chief Executive Officer of the Company. Mr. Follett, a current Board member of Authentic Response Inc. and former Chief Executive Officer of Survey Sampling International (SSI) will replace Matt Blumberg as CEO. Mr. Blumberg, the Chairman & CEO of Return Path Inc., has served as the interim Chairman & CEO of Authentic Response since its spin-out from Return Path in 2008. Second, the Company announced the closing of its Series A preferred equity investment led by Sutter Hill Ventures in Palo Alto, California. The terms of the financing were not disclosed.

Mr. Follett has held senior executive management positions that were global at SSI, NOP World (now a part of GfK) and domestic at Information Resources, Inc., and he brings a wealth of market research, marketing information services consulting, and process reengineering experience to the Company. Mr. Follett also has had extensive experience in packaged goods sales and marketing with Nestle Waters (Perrier), Cadbury Schweppes (Motts), General Foods (Kraft) and Procter & Gamble. He earned an MBA in marketing from Columbia University and a BA in history from Williams College.

Blumberg, who will retain the role of Chairman of the Board of Authentic Response, states that “the Board is very pleased to have Jim join Authentic Response. Jim’s management experience in the global market information services industry coupled with the capital infusion from Sutter Hill Ventures will enable Authentic Response to more aggressively pursue its growth path as an independent and emerging player in the global online panels and market research market.”

Jeff Mattes, co-President of Authentic Response states, “this combination of events is a major milestone for Authentic Response. Jim’s past experiences and the added investment enhance our commitment of providing our clients with the highest quality sample and services.”

Greg Sands, a managing director of Sutter Hill Ventures and Authentic Response board member, states that “we look forward to Jim joining the Authentic Response team and leveraging his industry knowledge and leadership to scale the business.”

About Authentic Response

Since 1998, Authentic Response has led the market research industry with best of breed solutions for global online sample, including its Authentic Recruitment panelist recruitment technique, its patented Double Opt-in permission standards, and its Authentic Validation techniques to ensure the most legitimate, secure survey responses. With industry-leading reach to consumers, IT professionals, business decision makers, and numerous other segments — it’s no wonder that hundreds of market research firms look to Authentic Response for their global online sample needs. For more information about Authentic Response, please visit www.authenticresponse.com for more information.

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PharmAbcine Raises $6 Million

PharmAbcine, a South Korea-based developer of monoclonal antibodies for the treatment of cancer and inflammatory diseases, has raised $6 million in Series A funding. OrbiMed’s Caduceus Asia Partners and Novartis Korea Venture Fund co-led the round, and were joined by Green Cross, Tong Yang and Saehan Venture Fund.

PRESS RELEASE

PharmAbcine, a specialized biotech company focused on the development of fully-human monoclonal antibodies for the treatment of cancer and inflammatory diseases, announced that is has received $6 million USD in a Series A financing. OrbiMed’s Caduceus Asia Partners and Novartis Korea Venture Fund co-led the round, with additional participation from an international syndicate including Green Cross, Tong Yang and Saehan Venture Fund.

The financing will be primarily used to continue developing a pipeline of fully human therapeutic antibodies in the area of cancer and inflammation. In 2008, PharmAbcine was selected as the winner of business plan competition under ‘GATE (Get Armed To Explore Global Market)’ project. GATE was a collaborative initiative among the Korea Health Industry Development Institute (KHIDI), Samsung Advanced Institute of Technology (SAIT), McKinsey & Co., the Korea Trade-Investment Promotion Agency (KOTRA), and Novartis.

“We are very excited to make the first investment by OrbiMed in a Korean company and believe that PharmAbcine is uniquely positioned with talented scientists, excellent science and meaningful product opportunities,” said Dr. Nancy Chang, Chairman and Senior Managing Director of OrbiMed’s Caduceus Asia Partners. “The company’s Series A financing is a first where a Korean start-up was able to attract an international syndicate of quality investors. We believe that this experienced syndicate can work well and we look forward to working closely with Novartis, Green Cross, Tong Yang, and Saehan Venture Fund to build PharmAbcine into a first rate biotech company in Korea.”

“Novartis Korea Venture Fund puts priority on investing in the best life science start-ups in Korea - our mission is to support Korea as it builds a world class biotech industry,” said Dr. Anja Koenig, Managing Director, Novartis Venture Fund. “I believe that the PharmAbcine deal is a significant milestone in Korean biotech industry. We look forward to working with the company as it looks to build a pipeline of antibodies in the area of inflammation and oncology.”

“This $6 million financing, with such a high-quality group of international investors, is a major achievement for PharmAbcine,” said, Dr. Jin-San Yoo, CEO and founder of PharmAbcine. “We believe this investment speaks to the potential of our technology and will continue to lead the way, seeking to build a top quality biotech company in Korea.”

“We are very pleased to be part of the Series A investment to PharmAbcine,” said Dr. B.G. Rhee, Executive Vice President of Green Cross. “PharmAbcine has a strong technology platform and Green Cross will fully collaborate to develop a world-class monoclonal antibody product.”

“Tong Yang VC is very delighted to invest in PharmAbcine and to collaborate with the internationally distinguished biotech investors,” said Dr. Min-Chol Shin of Tong Yang. “This round of financing would act as a significant step forward to foster its pipeline of therapeutic antibodies. And I believe that PharmAbcine will prove the unique competitiveness of its next generation platform technology as well.”

As part of this financing, PharmAbcine has made several new board appointments, including Dr. Jin-San Yoo, Dr. Nancy Chang, Dr. Jonathan Wang, Dr. Eun Chul Huh, and Dr. Paul Kim.

About OrbiMed Advisors

OrbiMed is the world’s largest healthcare-dedicated investment firm, with approximately $5 billion in assets under management. OrbiMed’s investment advisory business was founded in 1989 with a vision to invest across the spectrum of healthcare companies: from private start-ups to large multinational companies. OrbiMed manages the Caduceus Private Investments series of venture capital funds and a family of public equity investment funds.

OrbiMed’s investment team includes over 25 experienced professionals with backgrounds in science, medicine, industry, finance and law. The firm’s diverse team of professionals has a unique understanding of industry dynamics through active participation in both public and private companies. Our professionals work together in a collaborative, team-oriented approach which seamlessly integrates our public and private equity platforms. OrbiMed seeks to be the capital provider of choice for life sciences companies pursuing growth and new opportunities. Where appropriate, particularly within its venture capital funds, OrbiMed supports its portfolio companies in achieving strategic, financial and operational objectives via participation at the Board of Directors level. OrbiMed professionals currently serve on the Board of Directors of dozens of different life sciences companies.

For more information, please visit: http://www.orbimed.com/

About Global Novartis Venture Fund

The global Novartis Venture Fund was established in 1996 with the objective of fostering development of new drugs and technologies by providing financial investment and consultation to potential unlisted venture start-ups with innovative ideas in life science field. It currently has more than $700 million under management in more than 60 early start-ups across the world. Novartis announced last year the formation of a dedicated Novartis Korea Venture Fund which will invest $20 million in Korea over the next 5 years.

For more information, please visit: http://www.venturefund.novartis.com/

About Green Cross - For more information, please visit: http://www.greencross.com/

About Tong Yang - For more information, please visit: http://www.tyvc.co.kr/

About PharmAbcine

PharmAbcine is a specialized biotech company that develops fully human therapeutic monoclonal antibody (mAb) using innovative discovery technology and excellent human resources for the treatment of human diseases, such as cancer and inflammatory diseases. Its mission is to develop a first-in-class and best-in-class mAb for those target diseases. It intends to build competitive pipelines & drug discovery platform through an in-house approach. Its management team has expertise in all aspects of therapeutic antibody discovery and development, including marketing and is also supported by world-class scientific advisors who are thought leaders in biology and medicine. For more information, please visit the company’s web site at http://www.pharmabcine.com.

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Zoove Raises $13 Million

Zoove, a Palo Alto, Calif.-based provider of an abbreviated dialing mobile direct response marketing service, has raised $13 million in Series C funding. Return backers include Highland Capital Partners, Worldview Technology Partners and Cardinal Capital Partners. The company previously raised around $23 million.

PRESS RELEASE
Zoove, provider of the patented abbreviated dialing mobile direct response marketing service, today announced the first close of a $13 million Series C funding round. The funding will support the aggressive growth of the company, and the United States launch of cross-carrier abbreviated dialing code (ADC) services using ## (PoundPound) and ** (StarStar) abbreviated dialing codes. Investors participating in the round include Highland Capital Partners, Worldview Technology Partners and Cardinal Capital Partners.

“With this new round of funding Zoove will move forward to roll out the abbreviated dialing mobile direct response marketing platform across the major US carriers,” said Tim Jemison, Co-founder and Chief Executive Officer of Zoove. “StarStar dialing will provide brand advertisers, agencies and media companies with a uniform and universal call to action in their advertising. Interest in the round indicates how powerful and important ADC’s and mobile direct response are to the growth of mobile marketing, and how big the opportunity is for Zoove.”

Zoove’s patented mobile direct response marketing platform enables marketers to easily engage consumers in interactive campaigns via a mobile phone through simple dialing. Less complicated than text messaging direct response, dialing a unique ## or ** code is as simple as calling a phone number, and can immediately deliver to a consumer’s device a wide variety of follow on user-targeted responses, such as a text message, a link to a web page, a video, an image, or product information downloaded to the phone. Dialing an ADC can also result in a voice call to a call center or interactive voice response (IVR) system.

“Brand advertisers are constantly seeking more effective direct response mechanisms to engage and interact with mobile consumers and Zoove’s ubiquitous mobile direct response marketing platform will give them that capability,” said Sean Dalton, General Partner at Highland Capital. “We are excited about the possibilities that this opens up for the integration of traditional advertising with mobile devices as a direct response and customer engagement platform.”

“Zoove has continued to make fantastic progress with customers and with their products and we believe they are poised to revolutionize mobile marketing,” noted Tim Weingarten, General Partner at Worldview Technology Partners. “The entire board of directors continues to have high confidence in Zoove’s ability to execute and deliver extraordinary value to it’s customers and partners.”

About Zoove – Zoove delivers the only mobile direct response marketing service that enables brands and advertisers to bridge off- and on-line advertising via the mobile phone with a simple, consumer-driven call-to-action. Zoove’s abbreviated dial codes (ADC’s) can be dialed by any mobile phone in the United States, and can deliver to the user a variety of direct response offers. Powered by the Zoove Service Platform, a carrier-class service delivery platform delivering mobile direct response through the largest US mobile operators, Zoove enables consumers to interact with advertisers, brands, and media companies by Simply Dialing. For more information, please visit www.zoove.com

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Juvaris BioTherapeutics Raises $25 Million

Juvaris BioTherapeutics Inc., a Pleasanton, Calif.-based developer of vaccines for cancer and infectious diseases, has raised $25 million in the first close of a Series B round. SV Life Sciences led the round, and was joined by return backer Kleiner Perkins Caufield & Byers.

PRESS RELEASE

Juvaris BioTherapeutics, Inc., a biotechnology company developing adjuvanted vaccines for infectious diseases, announced that it has completed the first close on its Series B equity financing of up to $25 million led by SV Life Sciences (SVLS) along with existing investor, Kleiner Perkins Caufield & Byers (KPCB). In conjunction with the financing, Michael Ross, Ph.D., Managing Partner at SVLS, will join the Juvaris Board of Directors (BOD).

The funds will be used to advance Juvaris’ novel adjuvant platform of cationic-lipid DNA complexes, which are designed to significantly improve the quality and quantity of immune responses achievable with vaccines. Juvaris has shown in clinical development that its lead adjuvant, JVRS-100, produces significant T-cell mediated immune responses and improved antibody responses without toxicity. JVRS-100 is in clinical development to address unmet needs in seasonal and pandemic influenza. Juvaris is also developing its own proprietary adjuvanted vaccines, including an HSV-2 (herpes) vaccine and a universal influenza vaccine.

“The robust immunological responses seen with Juvaris’ adjuvant, JVRS-100, create a significant breakthrough opportunity to produce new and improved vaccines,” said Dr. Ross. “I look forward to working with the strong team of vaccine developers already assembled at Juvaris to rapidly advance this important technology.”

“We are pleased to have the support of SVLS and KPCB as we advance JVRS-100 into mid-stage clinical development,” said Grant Pickering, Juvaris President, Chief Executive Officer and BOD member. “In addition, Mike’s highly successful drug development experience at Genentech and track record of building strong biotech companies at SVLS will be of critical ongoing value to Juvaris.”

“Juvaris’ adjuvant technology is ideally suited to enable the development of novel vaccines and improved existing vaccines to address the many unmet needs in infectious disease,” said KPCB partner, BOD member and developer of multiple licensed vaccines, Tom Monath, M.D. “We look forward to joining forces with our colleagues at SVLS to bring this technology forward.”

The remaining Juvaris BOD includes Lewis “Rusty” Williams, Ph.D., the founder and Executive Chairman of Five Prime Therapeutics and former CSO of Chiron, a leading vaccine manufacturer acquired by Novartis, and Carol Brosgart, M.D., an expert in infectious disease drug development and public health policy formerly of Gilead Sciences.

About Juvaris

Juvaris BioTherapeutics is a clinical stage company developing adjuvanted vaccines to treat infectious diseases. The Company’s lead adjuvant, JVRS-100, is currently in clinical development to improve the efficacy of seasonal influenza vaccines in the elderly population. The Company is also developing vaccines for HSV-2, universal flu and pandemic flu. For more information about the Company and its technology, please visit www.juvaris.com.

About SV Life Sciences

SV Life Sciences is a venture capital adviser and manager that makes selected investments in entrepreneurs and management teams. SV Life Sciences provides finance to businesses at all stages of development and across the human life sciences sector. These sectors range from biotechnology & pharmaceuticals to medical devices & instruments, to healthcare information technology and services. SV Life Sciences currently advises or manages five funds with capital commitments of approximately $1.5 billion which primarily invest amounts of between $1m and $40m in North America and Europe, but will consider innovative investments in other regions. Our team of 32 professionals has a diverse, complimentary set of skills and experience that allow us to tailor a team to work with almost any life sciences business. SVLS was established in 1993 and currently has offices in Boston, San Francisco and London. For additional information, please visit www.svlsa.com.

About Kleiner Perkins Caufield & Byers

Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm’s portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. For additional information, please visit www.kpcb.com.

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Accept Raises $17 Million

Accept, a Fremont, Calif.-based provider of on-demand software for idea management, portfolio management and requirements management, has raised $17 million in Series B funding. StarVest Partners led the round, and was joined by return backers Jefferson Partners and The Entrepreneurs Fund.

PRESS RELEASE

Accept, the expert in on-demand software for idea management, portfolio management, and requirements management, today announced that the company closed its Series B financing. Led by StarVest Partners, L.P. with participation by existing investors Jefferson Partners and The Entrepreneurs Fund (TEF), the investment totaled just over $17M. The new funds will be used to respond to growing customer demand by accelerating development of the company’s product line and expanding sales and marketing.

Accept helps companies increase the speed and certainty of new product success and turn product innovation into a competitive advantage. Accept SaaS innovation management solutions help companies engage communities, prioritize and manage new ideas, align products with company strategy, and unify execution across teams.

“In Accept, we saw a company solving a significant customer problem,” said Larry A. Bettino, general partner at StarVest Partners. “They are indicative of a next-generation Software-as-a-Service company we like to invest in. Accept has excellent customers, innovative products, and an experienced team with the ability to execute in a very tough time. We look forward to working with them as they continue their strong growth.”

“StarVest Partners invested in Accept because of our consistent performance and vision,” said Bryan Plug, President and CEO, Accept. “We have grown year-over-year revenues in excess of 70% and significantly increased both the number and industry diversity of customers we serve. Furthermore, we continue to rapidly introduce innovative market-focused products.”

About Accept Software

Accept helps companies create tomorrow’s winning products and drive sustained competitive advantage. Forward-thinking businesses increase new product revenue, drive competitive advantage, maximize R&D investment, and improve productivity with Accept’s award-winning Innovation Management Solution. Accept conceived of and delivered the first comprehensive solution to combine voice-of-the market, portfolio and product planning and management, and requirements management. With Accept, companies gain visibility and control, align corporate and product strategies with market needs and successfully execute strategies and plans. Accept Software was recognized by the Association of International Product Marketing and Management (AIPMM) in 2006, 2007, and 2008 with the Excellence in Product Management Award. For more information, visit www.acceptsoftware.com.

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Retweet This: Twitter Raising $50M at $1B Valuation

Forget learning how to increase your Twitter followers ten-fold. What I want to know is how is it that Twitter supposedly is raising $50 million in venture capital at a $1 billion valuation?

TechCrunch reports that Twitter CEO Ev Williams spilled the beans about the funding during an all-hands meeting at the San Francisco HQ of Twitter.

What surprises me most, apart from the large valuation, is that I thought the company already had raised plenty of cash and had gobs more stashed away in its nest.

If you’ll recall, in February, Twitter raised $35 million in a Series D funding round from Benchmark Capital (which provided $21 million) and Institutional Venture Partners ($14 million).  In addition, Twitter raised a still undisclosed amount of capital from previous investors Spark Capital and Union Square Ventures, at a valuation of about $230 million. At the time, colleague Dan Primack reported that Twitter was expected to have more than $50 million in cash on hand, which included some old VC money that has not yet been spent.

Stay tuned. I’m certain peHUB will have more on this later.

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