Author: Serkadis

Employers in Hawaii are required to pay 98.5 percent of the health insurance costs of full-time workers, an arrangement that has earned the state an exemption from the employer mandate in health reform bill being considered by the House of Representatives, the Associated Press reports. Three paragraphs in the legislation would allow Hawaii to opt out of reform requirements. No other state would be exempt from the effects of the legislation, despite efforts by some senators. Hawaii also sets minimum requirements for health insurance policies and prevents insurers from excluding people for preexisting conditions (Niesse, 11/05). 

House members from Texas, meanwhile, “are mounting a late effort to delay new limits on physician-owned hospitals, putting them at odds with Democratic leaders who think the facilities drive up health care costs,” The Dallas Morning News reports. House Democrats have proposed restrictions that would prevent new doctor-owned hospitals from opening, and curb the expansion of existing ones. But, Rep. Sheila Jackson Lee, D-Texas, “is pushing two amendments to soften the restrictions, including a grandfather clause for more than 100 doctor-owned hospitals under development. … Texas has 67 physician-owned hospitals – more than any other state – with about 50 more that have yet to open” (Michaels, 11/5).

Social Media policies of well-known organizations often appear in the news with commentary throughout the Blogosphere, the Twitterverse, etc. There is an ongoing debate about just how restricted social networks should be when it comes to employee use.

Where do you stand on this debate? Share your thoughts.

Bloxx, based in the UK, has released some research finding that 90% of IT Managers surveyed believe access to social networking site should be banned or restricted. 90%. That’s a lot. The managers surveyed came from across the UK public sector as well as private organizations.

The concerns addressed in this survey were the usual suspects: staff productivity, network security risks, and damage to the corporate reputation. Productivity was by far the top concern.

Is productivity your top concern with employee social network use? Discuss here.

The research found that not only are an increasing number of organizations completely banning staff access from social networking sites, but it is also quite common for staff to post disparaging remarks regarding other employees, their boss, or the company on social networks.

Over 22% of respondents don’t have any controls in place for staff accessing social networks. 35% of IT managers believe staff are spending over 30 minutes each per day on average accessing social networks. The companies are potentially providing an additional 16 days paid vacation for each employee, Bloxx says. Still, the research also shows that social networking is increasingly being used as a valuable business tool. Obviously access is required to take advantage.

"UK businesses really can’t afford to underestimate some of the risks of Social Networking use in the workplace," says Bloxx CEO Eamonn Doyle. "However, our view is that a complete ban is unrealistic and adopting this approach means that companies can’t obtain the potential business benefits of Social Networking and can alienate staff." Among Doyle’s suggestions are increased employee education, "well-thought-out" acceptable use policies, and the use of Web filtering. 

There are plenty of reasons why social network access shouldn’t be completely banned. We cover these reasons about every day. If  your company completely ignores social networks, you’re ignoring a tremendous amount of opportunities for marketing, customer service, traffic, sales, communication, etc.

Social networks are not going away. The popularity of specific ones may change in time, but the concept of social networking is going nowhere. It’s not even a new concept. Forums and email are pretty much social media for all intents and purposes. Social networks have recently been blamed for $2.25 billion in lost productivity. I wonder how much money lost productivity from personal email and general web surfing accounts for. I wonder how much employees simply talking to each other at the workplace has cost companies. That’s not necessarily online, but it’s still socializing. How have you handled email and general web use in the past?

Reputation issues are one thing. Security is another (and I think employee education plays a big role there) but as far as productivity, I really don’t see that the use of social networks is really that different than any other form of simply not working. People can spend their time using the phone for personal calls, but you probably haven’t completely banned the telephone. You may need that to communicate with customers, drive sales, etc. I’m sure you see my point.

Are social networks really the time wasters or is it just the people finding new ways to waste time? Share your thoughts here.

Related Articles:

> Social Networks Blamed For $2.25B In Lost Productivity

> How SHOULD Employees Use Social Media?

> Some Brands Have Good Ideas For Social Media. Do You?

“The $894 billion health reform bill working its way toward a House vote this week would repeal the Children’s Health Insurance Program, shifting some low-income kids into Medicaid and others into private plans that would both cost more and guarantee fewer benefits,” The Washington Independent reports. “Which program the youngsters tumble into hinges, not on need, but on the state where they live – a design some advocates call ‘the lottery of geography.’”

Under CHIP, which was designed to cover kids in families that earn too much to qualify for Medicaid, states “were granted broad discretion to fashion the program to fit their needs, with some carving out a separate CHIP program, some using CHIP funds to expand Medicaid eligibility, and still others opting for some combination of the two.” The House bill handles the two models differently. “While it expands Medicaid eligibility to 150 percent of poverty and shifts all kids living above that level to private plans contained on a proposed insurance marketplace, or exchange, the proposal also carves out an exception in states which augmented Medicaid in lieu of creating a separate CHIP program. In those cases, the youngsters would remain in Medicaid. The distinction carries both coverage and cost implications.” (Lillis, 11/6).

Researchers in San Francisco have identified how much virus people infected with HIV are carrying and mapped their results, which show that that AIDS treatment lags in certain neighborhoods. The work also showed that the sickest patients were often African-American, homeless and transgender. The New York Times reports: “The map is the product of a groundbreaking effort to identify where care should be focused. The research combines medical records and epidemiological tools to show the intensity of the illness, measured by individual’s viral load, the number of viral particles in a patient’s bloodstream. The ultimate goal is to provide treatment and stop transmission of the disease.”

“Using the data of individuals’ viral load levels, the city can track where the virus is circulating and focus attention on the deepest reservoirs of H.I.V. Successful anti-retroviral treatment reduces the load in an individual so it is undetectable in the blood. The less virus in the blood, the lower the chance of infecting others. … Other communities have mapped the presence of H.I.V., but those have been basic efforts: counting the number of H.I.V./AIDS cases in a geographical area. In effect, those efforts show the surface of the water; the new effort shows the water’s depth” (Pogash, 11/6).

President Barack Obama’s meeting with House Democrats – originally scheduled for today – is now slated for tomorrow, in advance of an expected weekend vote on the health reform bill. 

The Associated Press reports Obama is headed to Walter Reed Army Hospital today, a trip that “had been scheduled before the fatal shootings Thursday at Fort Hood in Texas” (11/5).

Roll Call reports on what’s expected at the Saturday meeting: “Obama will say that ‘there are a lot of critical provisions and lots of things in the bill that are important components of health reform,’ said one White House official. But aides said a portion of Obama’s pitch will be to suggest that Democrats should vote for the legislation to keep the process moving forward, even if they have some reservations about its substance” (Koffler, 11/6).

Politico reports that the White House will endorse “strongly” the House bill Friday, but that Obama is not favoring it over the Senate legislation. “When the (House) bill was introduced last week, Obama was careful not to throw his weight behind the proposal. Instead, he highlighted provisions he liked such as the bill’s insurance reforms and its public option, but he stopped short of endorsing the legislation” (Frates, 11/5).

Update: Cookie Monster himself is appearing in today’s doodle at Google.com.

Original Article: If you are a regular visitor to the Google home page, you have probably noticed that Big Bird’s legs have taken the place of the ls in Google’s logo (in the US). Sesame Street’s 40th anniversary is coming up on November 10th, and Google has announced that it will be featuring a different character for each day until then.

They haven’t wasted anytime with the characters yet though, because depending on what region you are in, you may have seen different characters already (and not necessarily all from Sesame Street). For example, Google.co.uk has a doodle up for Wallace and Gromit, who are apparently also celebrating their 20th anniversary. Barry Schwartz at Search Engine Roundtable has provided a list of all of the different Google properties that are showing children’s programming-related doodles and their corresponding images.

Google discussed the series of doodles in a post to the company blog today. The company says Sesame Street provided them with the following video as well, which features Cookie Monster singing a song, part of which is to the tune of "Old McDonald" and has the lyrics "with a Google Google here, and a Google Google there…" 

The clip has nothing to do with the Google we know today. It is from 1982. It’s an appropriate find for the week, however, and Google is no doubt proud to show it off.

"Many Googlers grew up on Sesame Street, watching the colorful, seamless blend of education and entertainment. We’re delighted to have partnered with Sesame Street to create this special series of doodles, particularly since we share the same values of education, diversity and accessibility," says Marissa Mayer, Google’s VP, Search Products & User Experience.

Keep your eyes peeled for a week’s worth of more Sesame Street doodles at Google.com. Hopefully they will get Guy Smiley involved. He’s the legendary Sesame Street game show host.

Related Articles:

> YouTube, Hulu, iTunes Welcome "Sesame Street"

> Top 5 Reasons YouTube is a Great Educational Tool

> Google Celebrates the Barcode

TPH Partners has formed Storm Peak Energy, a Midland, Texas-based acquisition platform focused on oil and gas properties in the Permian Basin. No financial terms were disclosed.

PRESS RELEASE

TPH Partners, L.P., a middle market energy private equity fund, announced the formation of Storm Peak Energy, LLC, a Midland, Texas‐based company focused on the acquisition and development of oil and gas properties in the Permian Basin. The company is headed by seasoned Permian Basin operators, David Cox, 48, who serves as President and lead reservoir engineer; Bill Coggin, 55, as CFO; and Mark Ellerbe, 49, is VP of Operations. Cox and Ellerbe have worked in the area for approximately 25 years, both together at Mobil Oil as well as separately for other private‐equity backed companies. TPH Partners owns a majority of the company and will contribute at the Board of Directors’ level.

“The Permian Basin offers an excellent opportunity set for operators with the right expertise and relationships,” said Joe B. Foster, Chairman of TPH Partners. “We are very pleased to be partnering with this high quality Midland‐based team in its effort to build a new company. David, Bill and Mark have spent essentially their entire careers in the Basin and have demonstrated an ability to create value.”

As its first operating activity, Storm Peak is partnering with another established operator on the exploitation of an acreage block in one of the Basin’s horizontal oil plays.

TPH Partners makes equity investments in the energy industry with a specific focus on the upstream, oilfield services and midstream subsectors. TPH Partners’ other current portfolio companies include: BlueRock Energy Capital, an upstream finance business; Ingrain, Inc., a digital rock physics company; Meritage Midstream Services, a gathering and processing company; and UniversalPegasus, an engineering firm focusing primarily on the US onshore market and international subsea market. Additional information on TPH Partners can be found at www.tphpartners.com.

Storm Peak Energy is headquartered in Midland, Texas.

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Steven Axel has joined private equity firm Southfield Capital Advisors as head of a new mezzanine fund, which is expected to be licensed as an SBIC and begin investing next year. He previously was a managing director with Calvert Street Capital Partners.

PRESS RELEASE

Southfield Capital Advisors, a private investment firm focused on the lower middle-market, announced today that Steven Axel has recently joined the firm to lead in the formation of a new mezzanine fund. The mezzanine fund will apply to be licensed as a Small Business Investment Company and is expected to begin investing capital in 2010.

Mr. Axel brings over a dozen years of mezzanine investing experience in the lower middle market. Most recently, he spent 8 years as a Managing Director at Calvert Street Capital Partners, where he co-founded and managed their mezzanine fund, which invested over $140 million in 23 companies. Prior to Calvert Street, Mr. Axel was a Partner at Canterbury Capital Partners, which managed two mezzanine funds totaling over $400 million.

“We are very pleased to have someone of Steve’s caliber to lead this effort”, said Andy Levison, Founder of Southfield Capital.

“Mezzanine investing is a natural extension of our private equity business, and Steve’s background is highly complementary to our team’s experience in private equity and leveraged lending.”

Mr. Axel’s prior experience also includes underwriting leveraged financings at LaSalle Business Credit and consulting at Ernst & Young’s Financial Advisory Services group, and he began his career at Arthur Andersen & Co. Mr. Axel holds a Bachelor of Science degree in Economics from the Wharton School at the University of Pennsylvania and a Masters of Business Administration in Finance and Management from Columbia Business School.

About Southfield Capital

Founded in 2005, Southfield Capital Advisors provides capital for majority recapitalizations and management-led buyouts of privately owned businesses. The firm has $150 million in committed capital and makes investments in North American companies generating $5-15 million in EBITDA with proven business models, attractive growth and profitability trends and solid leadership. Southfield Capital partners with superior management teams with the collective interest of generating exceptional long-term financial results. Headquartered in Greenwich, CT, Southfield Capital also has offices in Alexandria, VA and Louisville, KY. More information on Southfield Capital can be found at www.southfieldcapital.com.

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WAMEX Private Equity Management has held a $55 million first close for its second fund, which will focus on mid-market opportunities in Mexico.

PRESS RELEASE

Local group WAMEX Private Equity Management (WAMEX) announced today the first closing of US$ 55 million for the Multinational Industrial Fund II (MIF II), its second private equity fund targeting investments in middle market companies based in Mexico. MIF II builds upon the experience of Multinational Industrial Fund (MIF I), a US$ 66 million fund that has made eight investments since 2003 and is now in its harvesting phase.

MIF II is the first private equity fund to access Mexico’s public markets, tapping domestic institutional investors such as pension funds. This was accomplished through an investment vehicle listed on the Mexican Stock Exchange. The vehicle will invest in parallel with a private limited partnership also managed by WAMEX.

“We are proud to finalize this closing under a difficult global funding environment. It is a vote of confidence for the opportunities available in the Mexican economy and for the Wamex growth-based value creation proposition,” said Ernesto Warnholtz, Senior Partner of WAMEX.

“We worked hard to design an innovative, viable structure that incorporates best-in-class governance and reporting standards in order to raise, for the first time in Mexico, significant domestic funds for private equity. This fundraise will be complemented by foreign investors in further closings,” said Jose Contreras, Partner. “Our pipeline has very promising opportunities in manufacturing and services, with a combination of minority and majority stakes. The Mexican economy offers attractive opportunities where we can play a significant and active role,” added Kurt Lipp, Partner.

“This public placement is key for the Mexican market as it effectively opens up an alternative asset class for domestic institutional investors. We worked closely with issuer and investors to take advantage of this window of opportunity for enhanced portfolio diversification and profitability,” said Ricardo Fernández of placement agent Credit Suisse.

Established in 1999, WAMEX Private Equity Management, with offices in Mexico City and representatives in Germany, has a team of five operating partners and additional support staff managing portfolio companies in major Mexican cities.

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Lazy Days’ R.V. Center Inc., a Seffner, Fla.-based portfolio company of Bruckmann Rosser Sherrill & Co., has filed for Chapter 11 bankruptcy protection, as part of a previously-announced financial restructuring. Wayzata Investment Partners will become majority shareholder, via a debt-for-equity swap.

PRESS RELEASE

Lazy Days’ R.V. Center, Inc. (the “Company”) today announced it has received the requisite approvals from its lenders and bondholders to move ahead with its previously announced debt restructuring plan. The restructuring plan is expected to eliminate all of the Company’s $137 million of bond debt, reducing its annual cash interest costs by approximately $16.2 million through the elimination of bond interest payments. The Company’s ongoing cash interest expense will be approximately $3 million incurred on its vehicle financing line, representing a reduction of 84% in annual cash interest expense from a total of $19.2 million prior to the restructuring.

As previously communicated, in order to implement this “pre-packaged” restructuring plan, the Company today filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Wilmington, Delaware. Because approvals have already been received from its lenders and the requisite percentages of the bondholders, the Company expects to move through the court-supervised process very quickly. The prepackaged Chapter 11 is expected to be completed by the end of the year, with minimal disruption to the Company’s business and without affecting services to the Company’s customers.

Lazydays will remain open for business as usual and will continue to serve customers in the normal course. The Company will maintain its same commitment to professionalism, customer service and quality. Customer benefits will remain unchanged.

“We are very pleased to have received approval from our bondholders and lenders for our debt restructuring plan, which will put Lazydays on strong footing to take advantage of our industry leadership position as the economy recovers,” said John Horton, President and Chief Executive Officer. “We intend to move as expeditiously as possible to implement the plan, and we have taken the next step today by initiating the court-supervised process.”

Under the proposed plan, all suppliers will be paid in full — or “unimpaired.” Accordingly, the Company has filed motions seeking authorization from the Court to continue to pay its suppliers under normal terms. Such approvals are routinely granted. The Company currently has adequate cash on hand to satisfy obligations associated with conducting business in the ordinary course. In addition, the Company’s floor plan lenders, Bank of America and Key Bank, have agreed to provide interim funding through the Company’s credit facility to support the acquisition of inventory during the restructuring period and have also consented to an amended floor plan agreement that will be effective on confirmation of the plan. The ad hoc committee of bondholders has agreed to invest $10,000,000 into the reorganized Lazydays.

The Company’s legal advisor is Kirkland & Ellis LLP and its financial advisor is Macquarie Capital (USA) Inc. For more information on the restructuring, please visit www.BetterLazydays.com.

About Lazydays

Lazydays® was founded in 1976 with two travel trailers and $500. Today, the company’s focus on unparalleled customer service has made Lazydays the largest single-site RV dealership in North America. For more information on Lazydays, visit Lazydays.com.

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NEW YORK (Reuters) – Scripps Networks Interactive Inc plans to buy a controlling stake in the Travel Channel under a deal with Cox Communications Inc that values the cable network at nearly $1 billion.

Under the deal announced on Thursday, Scripps, which already owns the Food Network and HGTV, gets 65 percent of the Travel Channel and Cox Communications will hold on to the other 35 percent. The deal is expected to be completed by January.

In creating a joint venture, Cox will contributing the Travel Channel, which the two sides valued at $975 million, and Scripps will put in $181 million in cash. The partnership, which will be controlled by Scripps, will take on $878 million in third-party debt.

Sources previously said that News Corp and private equity firms Kohlberg Kravis Roberts & Co, Thomas H. Lee Partners and Providence Equity were interested in the Travel Channel, known for programs such as “Anthony Bourdain: No Reservations” and “Bizarre Foods with Andrew Zimmern.”

Initially, media analysts and bankers expected Travel Channel to be valued in the range of $600 million to $700 million. The ultimate valuation underscores the appetite in the industry for cable networks, which draw revenue from distribution fees as well as advertising.

Time Warner Inc, NBC Universal, owned by General Electric Co and Vivendi SA, and Liberty Media Corp had also initially expressed interest in looking at the sales prospectus, sources had previously said, but it was unclear how many of them had bid.

For Cox, a joint venture should help it avoid the big tax bill it inherited as part of a 2007 deal to swap its 25 percent stake in Discovery Communications Inc. It received the Travel Channel and $1.275 billion of cash for that stake.

(Reporting by Paul Thomasch; Editing by Derek Caney)

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Lonza Group AG (VTX: LONN) has acquired AlgoNomics NV, a Ghent, Belgium-based provider of immunogenicity screening services and tools. No financial terms were disclosed. AlgoNomics had raised a small amount of VC funding from Baekeland Fund II, Gemma Frisius Fund, TrustCapital, VIB and the Flanders Institute for Biotechnology.

PRESS RELEASE

Lonza strengthens its protein design technology offering for biopharmaceutical development by acquiring Algonomics NV (Gent, Belgium). Algonomics is a contract research organisation providing integrated immunogenicity prediction services to support companies in the development of biotherapeutics. Effective 2 November 2009 Lonza has acquired all shares of Algonomics including the proprietary Epibase, Epibase IV and Tripole technology platforms as well as the existing services business. The purchase price was not disclosed.

“The acquisition of this business is in line with our goal to offer a compelling portfolio of services and technologies for the creation, optimization and development of advanced, best in class biopharmaceuticals”, said Janet White, Head of Lonza Development Services & Biologics R&D. “With the combined technologies of Lonza and Algonomics we can significantly strengthen our offering for our customers”.

The Epibase and Epibase IV platforms help to provide a solution to the problems of unwanted immunogenicity seen in many biopharmaceuticals. The Tripole technology platform supports Lonza’s aim to incorporate “Quality by Design” directly at the molecular level in order to improve the product quality, safety, efficacy and manufacturability of protein based drugs. In particular it adds further advanced in silico predictive services to Lonza’s technology offering and complements the existing AggreSolve™ platform offered by Lonza Advanced Protein Technologies function.

Philippe Stas, CEO of Algonomics NV, said “By combining the Algonomics’ immunogenicity screening platforms with Lonza’s advanced protein technologies such as AggreSolve™, a comprehensive solution is offered for the design and optimization of biologics. The integrated group will assist Lonza’s business partners to generate better and more effective protein therapeutics and vaccines.”

The integration of Algonomics and its workforce of 12 people will start today. Philippe Stas will join Lonza and will continue to lead the acquired business.

About Lonza
Lonza is one of the world’s leading suppliers to the pharmaceutical, healthcare and life science industries. Its products and services span its customers’ needs from research to final product manufacture. Lonza is the global leader in the production and support of active pharmaceutical ingredients both chemically as well as biotechnologically. Biopharmaceuticals are one of the key growth drivers of the pharmaceutical and biotechnology industries. Lonza has strong capabilities in large and small molecules, peptides, amino acids and niche bioproducts which play an important role in the development of novel medicines and healthcare products. Lonza is a leader in cell-based research, endotoxin detection and cell therapy manufacturing. Lonza is also a leading provider of value chemical and biotech ingredients to the nutrition, hygiene, preservation, agro and personal care markets.

Lonza is headquartered in Basel, Switzerland and is listed on the SIX Swiss Exchange. In 2008, Lonza had sales of CHF 2.937 billion. Further information can be found at www.lonza.com.

About Algonomics NV
Algonomics is a Gent, Belgium-based contract research organization providing integrated immunogenicity services to support companies in the development of biotherapeutics. Algonomics’ broad range of services includes specialized modelling, characterization and structure annotation studies for therapeutic proteins and antibody-based therapeutics. For more information about Algonomics visit http://www.algonomics.com.

About Epibase, Epibase IV and Tripole
Epibase is a comprehensive in silico protein immunogenicity analysis platform that can be used to screen and select lead candidates at an early stage whilst Epibase IV is an in vitro immunoprofiling platform to provide an accurate assessment of a protein’s immunogenic potential and highlight immunogenicity ‘hotspots’. Tripole is a structural bioinformatics platform to assist in the reengineering of a protein to reduce immunogenicity and optimize other properties.

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Facet Solutions Inc., a Hopkinton, Mass.-based developer of surgical devices for the treatment of degenerative spinal disorders, has acquired the assets of Archus Orthopedics, a Redmond, Wash.-based company that closed its doors three months ago. Facet Solutions has raised over $20 million from firms like De Novo Ventures, FirstMark Capital and Spray Venture Partners. Archus had raised around $64 million from InterWest Partners, J&J Development Corp., Polaris Venture Partners and MPM Capital.

PRESS RELEASE

Facet Solutions, Inc. announced today that it has acquired all of the assets of Archus Orthopedics. The acquisition creates an undisputed leadership position in product offerings, intellectual property and clinical experience in posterior motion preservation.

“This is a win for patients suffering from lumbar spinal stenosis,” stated Facet Solutions’ President & CEO, Geoff Pardo. “This consolidation further strengthens Facet Solutions’ position in lumbar spine motion preservation surgery, which is the fastest growing sector of the surgical spine marketplace.”

With the Archus acquisition, Facet Solutions now holds 36 patents and nearly 200 patent applications. “The combined portfolio represents an unprecedented level of coverage for an orthopedic product category,” stated Marc Peterman, Vice President of Research & Development for Facet Solutions. “The acquisition clarifies Facet Solutions’ intellectual property position and provides a tremendous platform for innovation. Our posterior motion solutions hold the potential to supplant the bulk of the degenerative fusion market.”

Facet Solutions is currently enrolling the ACADIA(TM) lumbar stenosis study. “We are making rapid progress in our US Pivotal trial,” continued Geoff Pardo. “The speed with which we are enrolling patients is indicative of both the market need and the simplicity of the ACADIA(TM) procedure.” Twenty sites in the United States are now active in the trial, with over 100 patients enrolled in 2009. The combined company has treated over 300 patients worldwide, with excellent clinical outcomes extending past 4 years.

About Lumbar Stenosis

Over 1.5 million people are diagnosed with lumbar spinal stenosis each year in the United States. There are 400,000 surgeries annually in the United States targeting lumbar spinal stenosis. Facet Solutions has developed the ACADIA(TM) system, offering the potential of quicker recovery, restoration of range of motion, and better overall pain relief for the patient suffering from both leg and back pain.

About Facet Solutions

Facet Solutions, Inc. is a privately held, venture-backed company focused on development and commercialization of surgical devices for the treatment of degenerative spinal disorders. Facet Solutions has received venture capital from its partners De Novo Ventures, Spray Venture Partners, and FirstMark Capital. Facet Solutions is certified to ISO 13485. ACADIA(TM) is an investigational device in the United States (U.S.), limited by Federal Law for investigational use only.

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Metabolex Inc., a Hayward, Calif.-based drug company focused on diabetes and other metabolic disorders, has raised $8.6 million in new VC funding. Return backers include Alta Partners, Venrock, Versant Ventures, Bay City Capital, VantagePoint Venture Partners, Novo Ventures, Pictet, Next Chapter Holdings, Charter Ventures, Merlin Biomed and Birchmere Ventures. The company previously raised around $196 million in total VC funding since 1996, including a 2003 financial restructuring.

PRESS RELEASE
Metabolex, Inc., a biopharmaceutical company focused on the discovery and development of proprietary new medicines for the treatment of metabolic diseases, today announced it had closed an additional $8.6 million in financing. Participating investors in this insider financing include: Alta Partners, Venrock, Versant Ventures, Bay City Capital, VantagePoint Venture Partners, Novo Ventures, Pictet, Next Chapter Holdings, Charter Ventures, Merlin Biomed, and Birchmere Ventures.

The company plans to use the funds to continue to advance development of its four clinical-stage candidates, including a Phase 2 study for MBX-2982. MBX-2982 is a potential first-in-class treatment for type 2 diabetes that targets G protein-coupled receptor 119 (GPR119), a receptor that interacts with bioactive lipids known to stimulate glucose-dependent insulin secretion. The company has completed three Phase 1 trials and has generated promising data for this potential first-in-class therapy.

“We are pleased by the continued consistent support Metabolex has received from our investors,” said President and CEO, Harold Van Wart, Ph.D. “These funds will enable us to continue to advance our product portfolio including the development of MBX-2982, a potential new therapy for treating type 2 diabetes.”

About Diabetes

Diabetes is a worldwide health problem and a rapidly growing source of illness, death and health care costs. According to the International Diabetes Federation, approximately 246 million adults, or 6 percent of the world’s adult population, had diabetes in 2007. The American Diabetes Association (ADA) estimates that there were approximately 23.5 million adults in the United States with diabetes in 2007, making up 10.7 percent of the adult population. According to estimates from the ADA, one in ten health care dollars is attributed to diabetes. Type 2 diabetes accounts for 90 to 95 percent of diabetic cases.

About Metabolex

Metabolex is a privately-held biopharmaceutical company focused on the discovery and development of proprietary new medicines for the treatment of metabolic diseases, with an emphasis on type 2 diabetes. The company has four clinical-stage compounds: MBX-102/JNJ 39659100, which has completed three Phase 2 trials; MBX-2044, which has completed a Phase 2a trial; MBX-8025, which recently completed a Phase 2 trial in patients with dyslipidemia; and MBX-2982, which recently completed its third Phase 1 trial. Ortho-McNeil, Inc. has the exclusive right to develop and commercialize MBX-102/JNJ 39659100.

For additional information about Metabolex and its development pipeline, visit www.metabolex.com.

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TravelHorizon BV, a French operator of an online travel site, has raised €20 million in new VC funding. AGF Private Equity and CM-CIC Capital led the round, and were joined by return backer Wellington Partners. Hotel management company HMC is no longer a shareholder. Part of the proceeds will be used to acquire Sportura BV, a Dutch online travel site focused on ski-related trips. www.travelhorizon.com

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Light Sciences Oncology Inc., a Snoqualmie, Wash.-based developer of light-activated treatments for solid tumors, has raised $35 million in debt and option financing, according to a regulatory filing. VentureWire refers to the round as “bridge financing” as it considers a second stab at the IPO market. LSO had filed for an IPO in early 2006, but pulled it in 2008 citing ”unfavorable market conditions.”

At the time, LSO had raised nearly $99 million in VC funding since 2005, from firms like Essex Woodlands Health Ventures, Scandinavian Life Science Venture, Novo AS, New Science Ventures, China Industrial Development Bank and Johnson & Johnson Development Corp. www.lsoncology.com

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The Prime Minister has reaffirmed the UK’s commitment to the campaign in Afghanistan.

During a speech at the Royal College of Defence Studies this morning, Gordon Brown said the Government remained committed to tackling the threat of terrorism at its source, and preventing it reaching the UK.

• Read a transcript of the speech
• Read more about the UK’s involvement in Afghanistan
• Read more: RAF Merlin crews ready for Afghanistan

Mr Brown said the biggest domestic threat “continues to come from the mountains of Pakistan and Afghanistan” justifying the area as Britain’s “first line of defence”.

The Prime Minister added that the campaign in Afghanistan is one of “necessity, not one of choice”.

“There is no strategy that is without danger and risk. But that is the responsibility of leadership – of government, and of our armed forces. To do what is necessary, however difficult, to keep the British people safe. We can not, must not and will not walk away.”

Mr Brown said the campaign would be deemed a success when British troops have helped to train local troops and police to deliver security themselves.

“We will not give up this strategy of mentoring because it is what distinguishes a liberating army from an army of occupation. Not an army in opposition to local Afghan people but an army supporting local Afghan people.”

Mr Brown said ongoing international and local support would depend on President Karzai delivering on five tests during his second term as President: sufficient training of Afghan troops; leading the fight against corruption; drug-free economic development supported by work on schooling and infrastructure; an inclusive political settlement; and a stronger relationship with Pakistan.

During his speech, Gordon Brown paid a personal tribute to UK soldiers who have been wounded or given their lives in Afghanistan ahead of Remembrance Day.

If you are a tech lover, there is nothing quite like the launch day of a much hyped new gadget. Expectations run high. And since those expectations are rarely satisfied once you have the special little device in hand, it’s a moment to savor. In the hours before you own it, that device is perfect in every way. It will make you happier, a better person. There are no bugs, there are only features. It is whatever you want it to be.

Launch day of a new cool gadget is the closest thing to being a kid again on Christmas day (or whatever your winter solstice holiday of choice). You’ve anticipated the day. You’ve called in sick to work. And you are standing out in the freezing cold at 7 in the morning, hoping your place in line assures you a device before the carefully-planned sell out occurs. You’ve worked yourself into…a Fever Pitch.

I’ve always been let down with the real world gadget after that high of anticipation. But that’s ok. It’s part of the cycle of tech.

Today is Droid day. In just a few hours Verizon stores will open and the first customers will get their hands on their very own Droid.

And I promise you, if you are one of the people waiting in line, you will have a much lower than average amount of letdown. That’s because, in my humble opinion, the Droid is the coolest mobile phone to exist to date. It is as close as we’ve come to the Platonic ideal of a smartphone. It’s very existence ensures that the next iPhone will be even better than it otherwise would have been. Competition is good.

Yes, this is an unabashed love letter to the Droid. If you want the dispassionate reviews, we’ve got em. And then some. That isn’t what this post is about.

One of our connects just hit us up with this shot, and it would appear that RIM has a theme going on. Step 1: make successful handset in black, step 2: relaunch said handset in white. Almost a month after the vastly popular vanilla BlackBerry Bold hit the streets, AT&T and RIM are teaming up to bring you the WhiteBerry Curve 8900 sans color, or is it the presence of all the colors? Whatever. Now, the 8900 won’t have the sensual white leather back, but the white bezel looks pretty sexy to us; as a group that enjoys simultaneously eating Cheetos and text messaging we can’t say that we’re too upset about the omission of the white keyboard either. So what do you think? Is this the BlackBerry you’ve been waiting for? Actually, scratch that, this thing is already outdated. This is the BlackBerry you’ve been waiting for.

Thanks, Gabe Jr.!

Brooks writes “Speaking at a cable broadcaster’s summit, Steve Burke, Comcast’s COO, said: “An entire generation is growing up, if we don’t figure out how to change that behavior so it respects copyright and subscription revenue on the part of distributors, we’re going to wake up and see cord cutting.” How’s that for cart before the horse?

How many consumers, in any market, are focused on “respecting” vendors’ revenue streams? How, exactly, does he propose to effect this sea change? And why not just develop products that consumers will willingly pay for, rather than trying to change consumer behavior in such a fundamental way?”

The quotes really are quite stunning. Burke basically seems to be saying the focus needs to be on figuring out ways to get consumers to change, rather than changing to match what customers want. A business model based on going against what consumers want doesn’t seem likely to last that long.

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