Google loves you and wants to make sure your holiday travel isn’t absolutely horrible by providing free Wi-Fi at 47 airports nationwide. Don’t be evil, indeed.
The promo starts on November 16 and runs through January 15, 2010. The only catch is that once you log onto the free Wi-Fi, you will be prompted to try Google Chrome and set Google as your default search engine. Fine by me. In fact, it sounds less annoying that current airport Wi-Fi that generally has a gigantic banner somewhere on the screen reminding you that you’re in a wonderful airport waiting to board an H1N1-infested plane.
Those that hate Google but travel frequently might feel a bit conflicted over the next couple of months because of Google’s holiday gift to America. Starting today and ending on January 15th, Google will be offering up free, no strings attached Wi-Fi at 47 airports while Virgin American flyers will be getting free in-flight Wi-Fi as of the 18th. The In addition to this, Google has set up a way for travelers at each airport to donate to charities Engineers Without Borders, the One Economy Corporation and Climate Savers Computing Initiative. Google will match each airports donations up to $250,000 and will also give the most generous airport $15,000 for the charity of its choosing.
Allen Bouch and Scott Norby have joined UBS Investment Bank as managing directors within the firm’s financial sponsors group. Bouch will be based in San Francisco, and previously was with Citigroup. Norby will be based in New York, and previously was with Goldman Sachs.
PRESS RELEASE
UBS Investment Bank announced today that it has hired two senior investment bankers within the firm’s Financial Sponsors Group. Allen Bouch and Scott Norby will join the firm’s Investment Banking Department (IBD) as Managing Directors, reporting to Steven Smith, Global Head of Leveraged Finance and Americas Head of Financial Sponsors. Bouch and Norby will be based in San Francisco and New York, respectively.
“Our financial sponsors deal pipeline continues to grow as financing markets have normalized and sponsors are becoming more active in both acquisitions and exits,” said Smith. “We are delighted Allen and Scott will be joining UBS. I am confident they will help strengthen and advance our Financial Sponsors practice through their deep knowledge of the sponsor community and proven credibility advising and delivering strategic solutions to top clients in this space.”
Bouch joins UBS from Citigroup, where he was most recently in the Financial Entrepreneurs Group and Head of the San Francisco Investment Banking Group. Previously, he was with Merrill Lynch in its investment banking division. He brings 21 years of top-tier investment banking experience, the last 13 of which have been focused on covering the financial sponsor community. Bouch holds a BA from Claremont McKenna College and an MBA from Duke University’s Fuqua School of Business.
Previously, Norby was a Managing Director at Goldman Sachs in its Financial Sponsor Group. Prior to joining Goldman Sachs, he was with Morgan Stanley in its Financial Sponsor practice. Most recently, Norby was a Managing Director at North Sea Partners where he led financial sponsor coverage. He holds a BA from the University of Wisconsin and an MBA from the University of Chicago.
Kevin Cox, Americas Head of IBD, added, “The financial sponsor community represents a very important group of clients for UBS. We are committed to serving clients with bankers like Allen and Scott who can deliver innovative ideas, valuable insights and flawless execution.”
Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.
UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
UBS Media Relations: Doug Morris, +1-212-882-5694 www.ubs.com
Mark Wesseldine has joined the London office of law firm Fried Frank, as a partner focused on leveraged finance transactions. He previously was a partner with Allen & Overy.
PRESS RELEASE
Fried Frank announced today that Mark Wesseldine will join the Firm’s finance practice as a partner and will be based in London. Mark specializes in leveraged finance transactions with broad experience in all financing disciplines. He was previously a partner at Allen & Overy.
Mark has extensive experience in leveraged acquisitions and other event driven financings. His practice includes advising lenders, investors and borrowers, including major financial institutions, financial sponsors and corporate entities, on a wide range of multi-jurisdictional leveraged buyouts and other complex financing and restructuring transactions.
“We are delighted to have someone of Mark’s caliber join the Firm as we continue to extend the depth of our global finance practice. He has worked on some of the largest and most high profile leveraged transactions in the European market,” said Valerie Ford Jacob, Fried Frank’s Chairperson.
“Mark brings his experience and expertise to a strong team who have been working on some of the most innovative and prominent transactions in the market, including advising on the largest European high yield transaction this year and the first “amend and extend” bank amendments in Europe,” added Managing Partner, Justin Spendlove.
Fried Frank’s financing practice stands out because of its presence at all levels of the capital structure, working on some of the most sophisticated and complex deals on behalf of lead managers, arrangers and private equity sponsors. Clients include blue-chip corporations, financial institutions and private equity funds on a wide array of transactions, including merger and acquisition, mezzanine, and leveraged financing.
“As a result of the recent disruption to the financial markets, it is increasingly important for law firms to understand the debt market on both sides of the Atlantic and are able to apply this knowledge to transactions. Mark’s appointment is a key part of our commitment to building our international practice,” said Fried Frank’s Head of Finance, F. William Reindel.
Plex Systems Inc., an Auburn Hills, Mich.-based provider of ERP software for manufacturers, has raised $6 million in new funding led by return backer Apax Partners.
PRESS RELEASE
Plex Systems, Inc., provider of the No. 1 rated ERP software for manufacturers, today announced the company has received an investment totaling $6 million USD from multiple sources. Plex will use the growth capital to build on its strong customer base, expand its product development, and accelerate sales and marketing efforts.
Funds advised by Apax Partners, a global private equity firm that has been an investor in the company since 2006, have invested $5 million. Additional investors include company management and the founding investors.
“We have backed Plex Systems since 2006 and are pleased to be supporting the company’s management team as it oversees the next phase of growth,” said Jason Wright of Apax Partners.
“Plex Systems has generated robust revenue growth and expanded into new markets over the past two years, winning new business in a very challenging economy,” said Plex SystemsCEO and President Mark Symonds. “With our competitors faltering, and the economy starting to show signs of life, we believe we have an immediate opportunity to accelerate our growth and become the global leader is SaaS ERP software for manufacturers.”
For the first nine months of 2009, Plex Systems’ recurring revenue grew 34 percent over the same period last year, while total revenue grew 14 percent over the comparable period in 2008. Plex Systems credits this growth of revenue and market share to its expansion into new industries such food and beverage processing, aerospace and defense manufacturing, and medical device manufacturing, as well as growing its well established position within the automotive manufacturing space.
About Plex Systems, Inc.
Plex Systems, Inc. is the developer of Plex Online, a software as a service (SaaS) solution for the manufacturing enterprise and the only solution to achieve the prestigious Champion ranking in Aberdeen Group’s 2009 “ERP in Manufacturing” AXIS report. Plex Online offers industry-leading features for virtually every department within a manufacturer, including Manufacturing Operations Management (MOM) and Quality Management Systems (QMS) for the shop floor, Customer Relationship Management (CRM) for sales and marketing, Supply Chain Management (SCM) for procurement, and Enterprise Resource Planning (ERP) for finance and management. Plex Online’s fully-integrated model delivers a “shop floor to top floor” view of a manufacturer’s operations, enabling management to run their business at maximum efficiency. Founded in 1995, Plex Systems is headquartered in Auburn Hills, Michigan, with customers around the globe. More information is online at www.plex.com.
Huzzah! PC users can finally include their computers within the each of Amazon’s syncing capabilities with the Kindle for PC app. The just released beta finally gives PC users a viable ebook reading option on a program that doesn’t look like it was designed for Windows 95. Although the majority of users will probably be those that already own a Kindle and just want to turn a few pages while at work, still relying on a Kindle for most of the reading. The app is pretty darn powerful in of itself, but there are some notable drawbacks and limitations.
The Kindle for PC app has full access to the Kindle Book store, but it’s through the computers Internet browsers and not a touchscreen-friendly app. Ebooks look great in the app but only Kindle ebooks; you can’t import anything including PDFs or any other ebook. The app itself looks great but isn’t especially meant for a a touchscreen.
Amazon is onto something here but it’s a good thing this app is still in a beta. If Amazon could make the app a little more touchscreen friendly with larger buttons and a dedicated book store, it very well could be a must-have app on all the touchscreen MID and UMPCs. The stradegy would be solid, get those proven gadget fans hooked with a free app and then possible sell them a Kindle. If they don’t buy a Kindle, at least they are still dropping $10 for each book. That’s money.
The beta is free so why not jump over to Amazon and download it yourself. Mac users will need to sit quietly in the corner until Amazon outs an OS X edition.
John LaMattina, former president of Pfizer’s global R&D efforts, has joined PureTech Ventures as a senior partner. PureTech also announced the promotions of Eric Elenko and Steve Muniz to partner.
PRESS RELEASE
PureTech Ventures today announced that John LaMattina, Ph.D., former President, Pfizer Global Research & Development and Executive Vice President, Pfizer, Inc., has joined the firm as a Senior Partner. PureTech also announced the expansion of the firm’s operational leadership team with the promotions of Dr. Eric Elenko and Mr. Steve Muniz to Partner.
“John’s breadth of expertise across all aspects of drug discovery and development coupled with his extensive network and practical approach to translating innovative ideas will be a valuable resource for PureTech,” said Daphne Zohar, PureTech Founder and Managing Partner.
“The opportunity to work with world class scientists on cutting edge programs has always been my passion,” says Dr. LaMattina. “I look forward to having stimulating interactions in an entrepreneurial atmosphere with my colleagues at PureTech and to building programs that can truly impact the future of medicine.”
In addition to joining as a Senior Partner, Dr. LaMattina has been appointed to the PureTech Board of Directors. Dr. LaMattina joins other PureTech Senior Partners and Board members: Dr. Bennett Shapiro, (Chairman, former EVP Worldwide Basic and External Research, Merck); Dr. John Zabriskie (former CEO Pharmacia & Upjohn); Dr. Ronald Cape (Founder, Cetus); Dr. Frank Douglas (former Chief Scientific Officer, Aventis); Dr. Robert Langer (renowned MIT Professor); and Ms. Daphne Zohar (PureTech Founder and Managing Partner).
Dr. LaMattina is the former President, Pfizer Global Research and Development and Senior Vice President, Pfizer Inc. During his 30 year career at Pfizer Inc., Dr. LaMattina held positions of increasing responsibility for Pfizer Central Research, including Vice President of US Discovery Operations in 1993, Senior Vice President of Worldwide Discovery Operations in 1998 and Senior Vice President of Worldwide Development in 1999. During Dr. LaMattina’s leadership tenure Pfizer discovered and/or developed a number of important new medicines including Tarceva, Chantix, Zoloft (PTSD), Selzentry and Lyrica along with a number of other medicines currently in late stage development for cancer, rheumatoid arthritis and pain. He is the author of numerous scientific publications and U.S. patents. In addition, Dr. LaMattina is the author of “Drug Truths: Dispelling the Myths About Pharma R&D”.
Dr. LaMattina received the 1998 Boston College Alumni Award of Excellence in Science and the 2004 American Diabetes Association Award for Leadership and Commitment in the Fight Against Diabetes. He was awarded an Honorary Doctor of Science degree from the University of New Hampshire in 2007. During this same year he was the recipient of the Just One Break, Inc. Lifetime Achievement Award and the Legal Momentum Equal Opportunity Award. He will also be the recipient of the American Chemical Society’s Earle B. Barnes Award for Leadership in Chemical Research Management in 2010. Dr. LaMattina serves on the Board of Directors of Human Genome Sciences and Neurogen and serves as Chairman of the Strategic Advisory Committee for Bilcare. He also is a member of the Board of Trustees of Boston College. Dr. LaMattina received a B.S. in Chemistry from Boston College in 1971, and received a Ph.D. in Organic Chemistry from the University of New Hampshire in 1975. He then moved on to Princeton University as a National Institutes of Health Postdoctoral Fellow in the laboratory of Professor E. C. Taylor.
PureTech also announced the promotions of Dr. Eric Elenko and Mr. Steve Muniz to Partner. Dr. Elenko and Mr. Muniz will be joining Mr. David Steinberg as Partners on PureTech’s operational leadership team.
Since joining PureTech in 2005 Dr. Elenko has been instrumental in the development of PureTech’s portfolio companies and initiatives, including the founding of Solace Pharmaceuticals, Inc., Gelesis, Inc., Karuna Inc., and Tal Medical. Through his role at PureTech, he has also been a valued mentor to entrepreneurs, serving as one of the founding mentors for the Kauffman Foundation’s Entrepreneur Fellows Program. Prior to joining PureTech, Dr. Elenko was a consultant with McKinsey & Company where he advised senior executives of both Fortune 500 and specialty pharmaceutical companies on a range of issues such as product licensing, mergers and acquisitions, R&D strategy, and marketing. Dr. Elenko received his BA in Biology from Swarthmore College and his PhD in Biomedical Sciences from University of California, San Diego.
Since joining PureTech in 2007, Mr. Muniz has been responsible for all operational and legal aspects of the firm. Prior to joining PureTech, he was a Partner in the Corporate Department of Edwards, Angell, Palmer & Dodge LLP, where he practiced law for 10 years. Mr. Muniz’s practice at EAPD focused on the representation of life science venture funds as well as their portfolio companies in general corporate matters and in investment and liquidity transactions. Mr. Muniz has a BA in Economics and Accounting from The College of the Holy Cross and a JD from New England School of Law where he graduated summa cum laude.
About PureTech Ventures
PureTech Ventures (www.puretechventures.com) is a Boston-based venture firm specializing in creating innovative companies that will impact human health and wellbeing. PureTech leverages the knowledge, experience and networks of its Senior Partners and team of entrepreneurs to translate breakthrough research from top tier academic institutions into products that address critical unmet medical needs.
AppNexus Inc., a New York-based maker of a virtualized cloud computing platform for online advertising applications, has raised $5 million in third-round funding. Kodiak Venture Partners led the round, and was joined by fellow return backers Venrock and First Round Capital. Previous investor was not listed.
PRESS RELEASE
AppNexus, provider of the most advanced platform for buying real-time online advertising, today announced it secured a $5-million round led by existing investor Kodiak Venture Partners with participation from other current investors Venrock and First Round Capital. The funding will be used to enable AppNexus to capitalize on momentum for its real-time advertising and cloud hosting platform.
Led by an accomplished management team from Yahoo/Right Media and Google/DoubleClick, AppNexus provides buyers of online ads with a proprietary gateway to leading ad exchanges and ad inventory aggregators, which collectively represent the largest audiences on the internet.
“Display advertising is undergoing a period of profound transformation. Ad inventory aggregators are opening up and embracing the auction-based model, creating a host of new challenges and opportunities for buyers,” said Brian O’Kelley, CEO of AppNexus. “AppNexus has developed the premier technology platform to support this next generation of display advertising, and this round will enable us to continue expanding the business and adding top industry talent.”
“AppNexus is uniquely positioned to capitalize on the rapid growth in the real-time bidding marketplace,” said Chip Meakem, Managing Director at Kodiak Venture Partners and AppNexus board member. “This extra capital allows AppNexus to further leverage its market leadership position. Plus, we wanted to own more of the company.”
About AppNexus
AppNexus is the most advanced platform for buying real-time online advertising. AppNexus’s clients include the largest ad networks and online advertisers. AppNexus offers a proprietary gateway to premier ad exchanges and ad inventory aggregators, and cloud computing capabilities for unrivaled scalability. AppNexus is based in New York City. The company is backed by investors including Venrock, Kodiak Venture Partners, and First Round Capital. More information can be obtained by visiting AppNexus online at www.appnexus.com.
About Kodiak Venture Partners
Kodiak Venture Partners is an early stage venture capital firm that partners with world class teams to build market-leading companies. Founded in 1999, Kodiak manages three main funds totaling $681M and targets companies in Boston, New York and Eastern Canada. For more information, please visit www.kodiakvp.com
Tyden Group Holdings Corp., a portfolio company of Crimson Investment, has acquired E.J. Brooks Co., a Livingston, N.J.-based provider of security seals and metering related products. No financial terms were disclosed.
PRESS RELEASE
Tyden Group Holdings Corporation, a portfolio company of Crimson Investment, announced on Wednesday, November 4th, the acquisition of E.J. Brooks Company, a leading provider of security seals and metering related products.
Ian Morton, a Crimson Partner, commented, “We are very excited about combining two such well established names in the security seals industry. The union between Tyden and E.J. Brooks should enable us to provide our global customers with enhanced service and reach, offer expanded opportunities for our employees, and capitalize on our innovative product portfolio.”
Putting these two organizations together immediately provides our customers with a broader product portfolio and access to a global sales and service network. This strong platform augmented with expanded new product development and manufacturing operations in Asia, Europe and North America should create new market opportunities and drive significant growth for the business, “said Gary Edwards, CEO of Tyden Group Holdings.
As a result of the acquisition, the company will be reorganized into the following three business units.
– Tyden Brooks Security Products Group – The two global security seal
companies, formerly TydenBrammall and E.J. Brooks, will be combined to
form the Tyden Brooks Security Products Group. The headquarters for this
group will be located in Livingston, New Jersey.
– Tyden Brooks Utility Products Group – The UPG division, a premier
supplier of metering-related products such as meter adapters, test
switches, meter sockets and seals sold to utilities, will continue to
operate as a standalone business with its headquarters in Farmington
Hills, Michigan.
– Telesis Technologies – The Telesis division that provides laser and
mechanical direct part marketing systems for product identification and
traceability applications will continue to operate as a standalone
business with its headquarters in Circleville, Ohio.
About Tyden Group Holding Corp.: Tyden Group companies have become leaders in their industries by serving customers around the world with innovative and customized security solutions and product identification technology. Through its two divisions, TydenBrammall (www.tydenbrammall.com) and Telesis Technologies (www.telesis.com) the Company provides products that ensure greater security for the transportation of goods and increased efficiency throughout the global supply chain.
About E.J. Brooks Company: E.J. Brooks’ (www.ejbrooks.com) innovative products have been used by a diverse number of industries to safeguard their revenue and assets. Brooks provides security seals and locking devices and metering related products to the transportation, retail, money handling, chemical, pharmaceutical, healthcare and utility industries.
About Crimson Investments: Established in 1993, Crimson is an international private equity firm focused on investments in manufacturing and services companies.
DW Healthcare Partners has sold Global Physics Solutions Inc., a Cypress, Texas-based provider of provider of medical physics services to hospitals and radiation therapy centers, to Landauer Inc. (NYSE: LDR). The deal was valued at $22 million in cash.
PRESS RELEASE
Landauer, Inc. (NYSE: LDR), a recognized leader in personal and environmental radiation monitoring services, today announced the completion of two acquisitions in accordance with its long-term strategic priorities.
“We are pleased to announce the acquisitions of Global Physics Solutions, Inc. (GPS) and Gammadata Mattenknik AB (GDM),” said Bill Saxelby, President and CEO of Landauer. “These acquisitions position Landauer to execute on our long-term strategic priorities to drive competitive growth and pursue strategic expansion. These high quality companies complement Landauer’s competencies and the financial characteristics of our core business while providing entrance into new market segments.”
Global Physics Solutions, Inc. (GPS)
The acquisition of Global Physics Solutions, Inc. (GPS), completed on November 9, 2009, for $22 million in cash, initiates Landauer’s strategic expansion through the extension of services to ensure the safe utilization of radiation in the healthcare setting.
Based in Texas with operations throughout the Midwest, GPS is the leading nationwide provider of Medical Physics Services to hospitals and radiation therapy centers. Medical Physics Services is estimated to be a $1 billion domestic market that includes clinical physics support, equipment commissioning, accreditation support, imaging equipment testing and educational services. Medical physicists provide clinical and operational support in the safe application of radiation for diagnosis and treatment of patients.
Saxelby explained, “As we look to expand the scope of our core occupational health monitoring business, the Medical Physics Services sector is attractive to us because it is a service model that complements our core business focus of radiation safety and exhibits attractive growth characteristics. Global Physics Solutions is healthcare focused with the same customers as Landauer, has regulatory support, and has a recurring revenue model with high return characteristics. This large and expanding market opportunity provides us with a substantial growth platform and the current market is highly fragmented with no one company controlling more than two percent of the market.”
“The GPS leadership team is excited to join Landauer,” noted Len Wright, President and CEO of GPS. “Landauer’s leadership in radiation safety, combined with our leadership in medical physics will provide a compelling service offering to our shared customers.”
Saxelby added, “We chose GPS not only because they are the largest company in the market, but they are also recognized as thought leaders in the industry and have been able to attract expert medical physicists and a blue chip customer base. This move expands our leadership in the radiation science and services arena and helps us better address the desire of the medical community to understand the impact of increased utilization of radiation in medical procedures on patient safety.”
Landauer acquired GPS from DW Healthcare Partners, a leading private equity firm focused exclusively on the healthcare industry. Robert W. Baird & Co acted as financial advisors to Landauer on this transaction.
Gammadata Matteknik AB (GDM)
The acquisition of Gammadata Matteknik AB (GDM) completed on November 2, 2009, for $6.7 million in cash, aligns with the company’s competitive growth objective through expansion of the company’s international platform with the leading European provider of radon measurement services. Radon is a naturally occurring radioactive gas that can lead to the increased risk of lung cancer. The World Health Organization recently recommended that countries lower radon levels to control the presence of radon in homes and commercial settings.
GDM has operations outside of Stockholm Sweden and provides measurement services primarily in the Scandinavian region and throughout Europe. This transaction will leverage the Company’s recent acquisition of the Studsvik dosimetry service in Sweden, now called Landauer Persondosimetri AB.
“The stability of our core businesses and strong cash flow we generate is enabling us to execute on our three strategic growth priorities as planned,” explained Jonathon Singer, Chief Financial Office of Landauer, Inc. “We remain committed to approaching any strategic expansion opportunities in a thoughtful and measured manner, and are confident that we will be able to build upon our success in the coming years.”
Conference Call Details
Landauer has scheduled a conference call and webcast to discuss the acquisitions on Tuesday, November 10, 2009 at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time). To participate, callers should dial 877-941-9205 (within the United States and Canada) or 480-629-9835 (international calls), and reference the conference ID #4181265, about 10 minutes before the presentation. To listen to a webcast on the Internet, please go to the Company’s website at http://www.landauerinc.com at least 15 minutes early to register, download and install any necessary audio software. Investors may access a replay of the call by dialing 800-406-7325 (within the United States and Canada) or 303-590-3030 (international calls) passcode #4181265, which will be available until December 8, 2009. The replay of the call will remain available on Landauer’s website for 90 days.
About Landauer
Landauer is the world’s leading provider of technical and analytical services to determine occupational and environmental radiation exposure. For more than 50 years, the Company has provided complete radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries in which radiation poses a potential threat to employees. Landauer’s services include the manufacture of various types of radiation detection monitors, the distribution and collection of the monitors to and from clients, and the analysis and reporting of exposure findings. The Company provides its services to approximately 1.6 million people in the United States, Japan, France, the United Kingdom, Brazil, Canada, China, Australia, Mexico and other countries.
About DW Healthcare Partners
DW Healthcare Partners (”DWHP”) is a private equity firm providing growth capital for medical device and healthcare service companies. The firm manages over $250 million in committed capital and invests in profitable companies with proven management teams. DWHP provides the capital, strategic guidance, and acquisition expertise to help mid- to late-stage healthcare companies realize their potential for growth. DW Healthcare Partners is led by seasoned healthcare executives with more than 100 years of combined industry experience. For more information, please visit www.dwhp.com.
Tennenbaum Capital Partners has secured over $330 million in capital commitments for its first fund focused on debtor-in-possession (DIP) financing.
PRESS RELEASE
Tennenbaum Capital Partners, LLC (”TCP”), a leading private investment firm with extensive experience in distressed investing, today announced the second closing of Tennenbaum DIP Opportunity Fund, LLC (the “Fund”), an over $330 million fund focused on debtor-in-possession (”DIP”) financing.
“With the closing of this Fund, the first of our funds to exclusively focus on DIP financing, TCP will be able to assist companies severely affected by this downturn,” said Howard Levkowitz, Managing Partner of TCP. “TCP will partner with management teams and other parties to provide loans to enable debtors sufficient time to reorganize properly.” The Fund will lead, structure, agent and participate in DIPs and DIP refinancings, using TCP’s unique experience with distressed investing to guide debtors through their restructurings.
Debtor-in-possession financing, or DIP financing, is a special form of financing provided to assist companies under Chapter 11 bankruptcy protection. DIP financing is generally senior to other debt, equity, and any other securities issued by a company. DIP loans are generally put into place at the beginning of bankruptcy cases to provide immediate cash as well as ongoing working capital to allow a company to reorganize. DIP financing assists companies by restoring vendor and customer confidence in the company’s ability to maintain its liquidity.
The Fund targets DIP loans of a minimum $10 million. TCP has extensive experience working with companies in energy and power, manufacturing, media and business services, retail and consumer services, real estate, technology, telecom, and transportation, but will consider loans in all industries.
“This new DIP fund, comprised primarily of large institutional investors, puts us among the handful of firms that are willing and able to provide DIP financing,” said David Hollander, a Partner with TCP. “In the recent past, companies who otherwise would have been able to reorganize in Chapter 11 have instead had to restructure before they have time to reorganize properly or liquidate due to a lack of available financing. DIP Financing is an unprecedented market opportunity.”
“TCP has deep experience not only in DIP financing, but also other forms of distressed investing, and over the years has shown the flexibility to invest up and down the capital structure. This Fund builds on TCP’s history of providing financing in complicated situations or when financing is in short supply to help distressed companies emerge from difficult circumstances and achieve future success,” Mr. Hollander continued.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners(TM) is a Santa Monica, California-based private investment firm. The firm’s investment strategy is grounded in a long-term, value approach, and it assists — both financially and operationally — transitional middle market companies in such industries as technology, healthcare, energy, aerospace, business services, retail and general manufacturing. TCP’s core strengths include in-depth knowledge of equity and debt financing vehicles in the public and private markets, as well as a thorough understanding of special situations. These situations may include legal, operational or financial challenges; turnarounds, restructurings and bankruptcies; corporate divestitures and buyouts; and complex ownership changes. For more, see www.tennenbaumcapital.com.
As Social Customers Become More Empowered, Organizations Must Have A Listening Strategy
As we approach 2010 planning companies need a strategy around listening. Sadly, most companies, and their agency partners don’t know why to listen or how. As a result, they must identify which stage of listening they are at, and then set a goal on which stage they see to aspire in 2010. I originally published this matrix for client workshops and a keynote presentation on developing listening and advocacy programs, and I’m going to continue to share more and blow-out each of my slides.
Web Strategy Matrix: The Eight Stages Of Listening
Stage
Description
Resources Needed
Impacts
1) No objective at all
Organization has a listening program but has no goals, nor uses the information for anything resourceful
Simple alerting tools, like Google Alerts and feedreaders will suffice.
At the basic level, simple self-awareness. Yet without any action from the data, this is useless.
2) Tracking of brand mentions
Like traditional “clip reports” of media relations, companies now track mentions in the social space. Despite tracking there is no guidance on what to do next.
Listening platform with report capability based on brand or product keywords. Radian 6, Visible Technologies, Techrigy/Alterian, Buzzmetrics and Cymfony, Dow Jones are providers.
Improved self-awareness to track volume of information, yet unable to track depth, and tonality of conversations. As a result, not a full understanding of opportunities.
3) Identifying market risks and opportunities
This proactive process involves seeking out discussions online that may result in identifying flare-ups, or possible prospect opportunities.
In addition to a listening platform staff must actively seek out discussions and signal to internal teams. Alerting tools, and listening platforms are required.
Organization can reduce risk of flare ups before they become mainstream, identify prospects and poach unhappy competitors customers.
4) Improving campaign efficiency
Rather than just measure a marketing effort after it’s occurred, using tools to gauge during in-flight behavior yields real-time marketing efficiency.
Dedicated resource to manage reactions, activity, and sentiment to a marketing effort, and the resources to make course corrections nearly real-time. Traditional web analytics tools like Omniture, Webtrends and Google Analytics are common.
Campaigns can be more effective, as hot spots are bolstered, and dead spots are diminished.
5) Measuring customer satisfaction
In addition to customer satisfaction scores,organizations can measure real-time sentiment as customers interact. Sysomos and Backtype have focus areas into this space.
Customer experience professionals will have to extend their scope to the social web, using a listening platform and sentiment analysis. Insight platforms like Communispace and Passenger offer online focus groups solutions.
Brands can now measure impacts of real time satisfaction or frustration during the actual phases of customer interaction. Then identify areas of improvement during customer lifecycle
6) Responding to customer inquiry
This proactive response finds customers where they are (fish where fish are) in order to answer questions. Example: Comcastcares account on Twitter asks customers if they need help –then may respond.
An active customer advocacy team that’s empowered, training, and ready to make real-time responses nearly around the clock.
Customers will fill a greater sense of satisfaction, yet this teaches customers to ‘yell in public’ to get a response.
7) Better understand customers
Evolving the classic market research function, brands can improve their customer profiles and personas by adding social information to them.
Social CRM systems are quickly emerging that tie together a customer record and their online behavior, locations, and preferences. Salesforce, SAP, both have partnerships with Twitter to synch data
The opportunity to not only serve customers in their natural mediums, but to offer them a richer experience regardless of their customer touchpoints.
8. Being proactive and anticipating customers
Minority Report: This most sophisticated form actually anticipates what customers will say or do before they’ve done it. By looking at previous patterns of historical data, companies can put in place the right resources to guide prospects and customers.
An advanced customer database, with a predictive application put in place, as well as a proactive team to reach out to customers before an incident has happened. Haven’t seen any such application yet.
Identifying prospects and engaging them before competitors can yield a larger marketing funnel, or reducing customer frustration as problems are fixed before they happen.
Exercise: Self-Assess Culture, Roles, Process, Data, and Tools
Use this matrix to initiate a discussion within your company on which stage you’re at, then put a plan in place to grow to the next level. Do note, depending on size and complexity of the organization, different groups may be in more than one phase. First, identify the characteristics your company currently has, then define which phase you’re in:
Does the organization have the right culture setup that’s ready to listen?
Is the organization prepared to react to customer opinions? how about in real time?
Are the processes in place to triage information to the right teams? How about during a real-time crises on a Saturday morning?
Are the right roles in place to listen? Are proactive marketing and support teams trained, empowered, and ready to respond?
Is there a single repository of customer information or is it currently fragmented around the enterprise
Lastly, what technology platforms are in place to facilitate this strategy? ? Hint: choose this last –not first.
For Dialog: Which Stage Are Companies At?
Curious to hear your professional opinions, what stage do most companies think they’re at? In reality, what stage are they truly acting at?
Translations
Please translate into other languages, I’ll be happy to link back to you
Chef Solutions Holdings LLC (a.k.a. Orval Kent), a Wheeling, Ill.-based manufacturer of fresh prepared foods for retailers and food service accounts, has raised $24 million from Mistral Equity Partners.
PRESS RELEASE
Mistral Equity Partners, a private equity firm focused on the consumer and media sectors, announced today that it has invested $24 million in Chef Solutions Holdings, LLC and its affiliates, which, through its operating subsidiary Orval Kent Food Company, Inc. (“Orval Kent” or the “Company”), is the second largest manufacturer in North America of fresh prepared foods for retailers and food service accounts.
“As consumers continue to live more time-pressured lifestyles and demand increased convenience without giving up quality and taste, traditional grocery, mass and club retailers are focusing on meeting these demands through expanded product offerings in the fresh prepared food area,” commented Robert Fioretti, Managing Director of Mistral Equity Partners. “This provides an exceptional opportunity for Orval Kent, which, as one of the only companies in this sector with national scale, is well positioned to benefit from this growing trend. In addition, this transaction shows our continued focus on investing in consumer businesses with strong management teams that capitalize on demographic or psychographic trends.”
Steve Silk, CEO of Orval Kent said, “I am excited about our partnership with Mistral. Having known the principals for 15 years, I know that their knowledge of the market, growth-orientation and marketing acumen will enable us to become America’s largest and most trusted fresh foods provider. Their talents, combined with those of Questor and our management team, sets us up for market-leading performance.”
Orval Kent’s parent company is currently majority owned by private equity funds managed by Questor Management Company, LLC, an investment firm headquartered in Birmingham, Michigan. The proceeds of Mistral’s investment, which will be in the form of Subordinated Debt and Preferred Equity, will be used to pay down debt, fund various cost savings initiatives and provide funds for growth.
“We are delighted that Mistral has made this investment in Orval Kent. Not only are they investing significant capital at a time when the company is experiencing meaningful top line growth, they are bringing to the company and its Board deep food industry experience,” noted Robert Denious, Managing Director of Questor Management Company.
About Mistral Equity Partners
Mistral Equity Partners is a private equity firm comprised of highly experienced investment professionals and seasoned industry executives. The firm specializes in the consumer, retail, and consumer focused media sectors, and is especially attracted to businesses that are supported by strong demographic trends and fundamental changes in consumer preferences. Mistral’s principals have a long history of working together and identifying successful investment opportunities with these characteristics.
About Orval Kent Food Company, Inc.
Orval Kent has over 50 years of expertise and knowledge within the fresh prepared foods industry with strong national brand recognition. Providing a complete line of quality prepared products, from side dishes to deli salads to fresh-cut fruit to hot meal additions, Orval Kent provides industry expertise and business solutions to all major food channels and customers.
The company operates 5 manufacturing facilities in North America and has approximately 2,000 employees. Orval Kent Foods is a division of Chef Solutions, Wheeling, IL, whose parent, Chef Solutions Holdings, LLC, is majority-owned by Questor Partners Funds. Further information can be found at www.orvalkent.com.
SDI Health, a Plymouth Meeting, Penn.-based provider of healthcare analytics, has raised an undisclosed amount of equity funding from Tailwind Capital. SDI had previously raised funding from LLR Partners.
PRESS RELEASE
Tailwind Capital, a private equity firm focused on growing companies in the healthcare, business services, and media/communications sectors of the middle market, announced today that it has completed an investment in SDI Health (“SDI”). SDI is a leading healthcare analytics provider based in Plymouth Meeting, PA. Tailwind joins founder Andrew Kress and Philadelphia-based LLR Partners as investors in the Company.
“We look forward to working with Tailwind and LLR to build the foremost healthcare information and services company,” said Andrew Kress, CEO of SDI. “Tailwind’s expertise and experience in working with growth businesses in the healthcare and business services industries will be invaluable as we continue to broaden our industry coverage and expand the breadth and depth of data and services we provide our clients.”
SDI is the leader in healthcare data integration, custom analytics, and reporting of patient-level data including de-identified, longitudinal patient-level information. The Company provides a wide range of near real-time healthcare informatics and market research to its clients, which include all of the top 50 pharmaceutical/biopharmaceutical manufacturers, medical and surgical device manufacturers, retailers and manufacturers of consumer packaged goods, the federal government, financial institutions, media groups, and other top healthcare companies.
“SDI is well-positioned to benefit from the changes in healthcare over the next decade, building on its strong market position collecting, analyzing and evaluating complex data on behalf of pharmaceutical, healthcare, and government clients. We are pleased to have the opportunity to provide capital for future growth and expansion by investing with SDI and its founders,” said Douglas Karp, Managing Partner of Tailwind Capital and Howard Ross, Partner of LLR Partners.
About SDI
Since 1982, SDI has been delivering innovative healthcare data products and analytic services to the pharmaceutical, biotech, healthcare, medical device, financial services, and consumer packaged goods industries. SDI is the leading provider of de-identified patient-level data analytics and offers a broad array of solutions and insights across the continuum of care. These include custom and syndicated patient-level data studies; localized disease and treatment surveillance and projection; market research audits; healthcare profiles; comprehensive managed care offerings; clinical trial optimization; direct-to-patient pharmacy programs; marketing effectiveness; sales targeting and compensation products; data integration, warehousing, and mining; list services; and direct marketing services. Its current roster includes the top 50 pharmaceutical/biotech companies. www.sdihealth.com
About Tailwind Capital
Tailwind Capital is a leading private equity firm investing in growth-oriented middle market companies in the healthcare, business services, and media/communications sectors. Tailwind partners with management teams to build businesses through organic growth, strategic acquisition, and operational improvement. The firm currently has over $1 billion under management. Representative Tailwind investments include VersaPharm (generic pharmaceuticals), Aircast (orthopedic devices), Freedom Innovations (prosthetic devices), TowerCo (wireless infrastructure), Archway (marketing logistics), and Trover Solutions (insurance services). www.tailwind.com
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, PA, provides capital to middle market growth companies with proven business models in a broad range of industries including healthcare, financial, and business services, information technology, and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or control positions, and leading transactions ranging from expansion and growth capital to shareholder recapitalizations and buyouts. www.llrpartners.com
ElectraTherm Inc., a Carson City, Nev.-based developer of waste-heat recovery technology, has raised $5.4 million in new funding from undisclosed investors. It has now raised around $10 million in total funding.
PRESS RELEASE
ElectraTherm, Inc. (www.electratherm.com) today announced the successful completion of additional funding totaling $5.4 million. The company has now raised nearly $10 million since its inception in 2005.
ElectraTherm’s enhanced waste-heat recovery technology dramatically improves energy efficiency alongside such applications as generator sets, biomass, geothermal and solar thermal. Over the last few months, the Company successfully completed its first field test at Southern Methodist University, shipped several units for installation by year-end, and is expanding its capacity for additional production.
“We have received an incredible response to our technology worldwide – in the form of dealers, investors and customers,” said Steve Olson, President of ElectraTherm. “Deployed on a large scale, the ElectraTherm Green Machine has the capacity to make a significant contribution to reducing CO2 emissions and increasing energy security. On top of that, increasing efficiency is simply good business.”
“Electratherm provides clean, inexpensive electricity to any producer of waste heat, which is both abundant and cheap. In fact, it’s free fuel,” said Charles Finnie, ElectraTherm investor and Managing Partner of Greener Capital Partners, a venture capital firm based in San Francisco. “The payback on Electratherm’s Green Machine is extraordinary – often less than two years. I am excited to be involved with this remarkable company and its impressive management team.”
The ElectraTherm Green Machine takes heat or pressure, and turns it into usable power. ElectraTherm’s Twin Screw Expander technology represents an important innovation in responsible energy usage, enabling industrial customers around the world to generate more electricity without consuming additional fuel or creating more emissions – the very definition of energy efficiency.
“ElectraTherm’s technology is unique, and customers worldwide are quickly discovering how easily they can hook a 5 foot by 5 foot Green Machine onto their waste heat source to produce clean electricity,” said John Davison, ElectraTherm board member. “This is a first-to-market, proven product that can increase energy efficiency immediately in industries such as geothermal, biomass, and oil and gas.”
For more information about the ElectraTherm Green Machine, visit http://www.electratherm.com/products.html.
About ElectraTherm, LLC
ElectraTherm, Inc. delivers renewable energy solutions for a sustainable future, now. The company’s proven, patented Twin Screw Expander enables its line of energy generators to make electricity from waste and geothermal heat or pressure instead of fossil fuel. ElectraTherm’s fuel-free, emission-free and low-cost technology offers the industry’s shortest payback period on investment. For more information on ElectraTherm and its cleantech, green power products, please visit www.electratherm.com.
Fixing Call of Duty Modern Warfare 2 Errors, Freeze problems, Crashes and Install problems
One last note before proceeding to the list of Call of Duty Modern Warfare 2. If you encounter errors or issues with Call of Duty Modern Warfare 2 that are not included in the list below, issues which the solutions listed does not resolve, Tell us about it by Posting it in the comment box at the bottom of this page (No registration required). Include details about the Call of Duty Modern Warfare 2 error and the specifications of the system you are running Call of Duty Modern Warfare 2 on. It doesn’t have to be a fullblown dxdiag log, just the Video Card, Processor and amout of RAM and of course the Operating System (and service pack versions) you are playing Call of Duty Modern Warfare 2 on. check the comments at the bottom of this post.
List of Known CoD MW2 errors and solutions/workarounds
Problem #1 : Call of Duty Modern warfare 2 “Steam – Error This game is currently unavailable.
Please try again at another time.” and ‘Steam Error – 55′
Solution : Restart Steam. If that doesnt fix it restart your computer
credits:
Problem #2 : Call of Duty Modern Warfare 2 Crashing to desktop at startup/launch
Solution :
credits: BurtonJ
Problem #3 : Call of Duty 4 Modern Warfare 2 Crashing / Freezing ingame
Solution #1 : just disable Steam community in-game.
credits: icc
Solution #2 : just go in Steam\SteamApps\common\call of duty modern warfare 2\Redist\DirectX and run DXSETUP.
credits: Fulger
Solution #3 :
credits: BurtonJ
Problem #4 : Modern Warfare 2 sound skipping/stuttering in cutscenes/intro/ingame
Solution : Turndown direct sound acceleration
Problem #5 : Call of Duty Modern Warfare 2 IW4SP.EXE error / “No IW4SP.EXE error”
Solution : In the game list in steam, right click on the Call of Duty Modern Warfare 2 then click “Verify Game Cache”
credits: Phatfish
Problem #6 :Modern Warfare 2 Text and Texture problems / distorted
Solution :
If you are having problem with blury text (you can’t read anything) do this!!
credits: M3do
Problem #7 : Modern Warfare 2 Install error “Failed to run install script” (common on Modern Warfare 2 error on Windows 7)
Solution :Start -> my computer -> right click dvd drive -> explore -> right click on setup.exe -> run as administrator
credits: Vinny
Solution
credits: szpar
Problem #8 : How to Backup saved games and profiles for Modern Warfare 2 (Call of Duty)
Solution :
credits: Thormod
Problem #9 : Modern Warfare disk 2 cannot be read
Note : Many review companies have been stating that the second disc (which apparently contained bonus content) will not run in most drives.
credits: Sir
Problem #10 :How to enable console for Modern Warfare 2
Note : Modern Warfare 2 does not have a console terminal… sucks
Problem #11 : Modern Warfare 2 error Create2DTexture(3_cursor3, 64, 64, 0, 861165636) failed:
8876086c = Invalid call
Solution : In the steam game menu, Right-click the game, go to properties, click the “Local Files” tab, and verify.
credits: Freyar
Problem #12 : Modern Warfare 2 error “code_post_gfx_mp.ff failed to load:
Solution : Reinstall the game, or verify the game cache in stead (check solution to problem #11)
credits: Freyar
Problem #13 : Call of Duty Modern Warfare 2 locks up and need to reboot to recover
Solution : i reinstalled punkbuster and i have not had any problems
credits: SouthSide
Problem #14 : MW2 error “Could not find zone ‘localized_common_mp.ff’ error”
Solution : Right click on the game in Steam > Properties > Local Files > Verify Local Cache
credits: Adrian
Problem #15 : Modern Warfare 2 Zone bug. (or if you can’t tell it’s the error sound and black screen).
Solution : You can first try verifying game files under the game properties from My Games tab in steam. This found a bad file and “replaced” it without really replacing it.
Go to Steam/steamapps/common/modern warfare/zone/ and delete the .ff causing the problem. Then reverify. This will really download a new version and decrypt it. Everything should run fine.
credits: Craig
Problem #16 : Modern Warfare 2 DirectX audio problem on Windows 7 Pro (64 bit) Error says “C:\Windows\system32\XAudio2_1.dll is either not designed to run on Windows or it contains an error. etc…” that comes up on install (fatal) AND at program launch (not fatal).
Solution :
credits: Kyle’s mom
Problem #17 : Modern Warfare 2 error message “ran out of memory”
Solution : changing the “Texture Quality” to “Automatic”.
credits: zaninif
Problem #18 : Post Your error at the comment box below if you are experiencing errors that are not listed here
Solution : Help out and post solutions to Modern Warfare 2 errors at the comment box below if you know one
credits: YOU!
Important!:If you are experiencing errors with Call of Duty 4 Modern Warfare 2 that are not listed above or is not solved by the specified fixes,Tell us about it by posting in the comment box below (include system specs, OS, and description of the error you encounter in Call of Duty 4 Modern Warfare 2), NO REGISTRATION REQUIRED TO POST/ASK QUESTIONS/POST SOLUTIONS
Following KDDI’s announcement three weeks ago, Japan’s biggest cell phone carrier NTT Docomo today unveiled [JP] its winter-line up of cell phones (SoftBank, the No.3, did the same). And here are all the new models announced by Docomo for the Japanese market today.
There have been many debates over whether or not it’s appropriate to blog or Twitter from the courtroom — in fact, just last week I attended a short conference at the US courthouse in San Francisco about how the court system is dealing with such things. While you might understand why it’s barred for jury members or participants in the trial to use such things, it does seem a bit excessive for a judge to bar reporters from Twittering as well, but that’s exactly what’s happened. The judge ruled that it was a form of a “broadcast,” which is prohibited (why broadcasts are prohibited is a separate topic for a separate day, though it doesn’t really make any sense).
Motorola Canada have today announced the launch of their first Android powered handset, the Motorola Milestone.
The Motorola Milestone (aka the Motorola DROID), will be available from early 2010 exclusively to TELUS customers.
TELUS’ new 3G+ network gives Canadians access to a world-class selection of mobile devices such as the Motorola Milestone,” said David Neale, senior vice-president of Product and Services at TELUS. “It is TELUS commitment to offer Canadians the most comprehensive and advanced smartphone line-up available so that we can meet their needs to stay connected, informed and entertained wherever they go. That’s why the Motorola Milestone will fit perfectly in our TELUS smartphone selection.
Powered by Android 2.0, the Motorola Milestone features a 3.7-inch touch-sensitive display (854 x 480 pixel resolution), a 5.0 megapixel camera with auto focus and video recording capabilities, GPS navigation, media player with support for AMR-NB/WB, MP3, PCM / WAV, AAC, AAC +, eAAC +, WMA audio files and MPEG-4, H.263, H.264, WMV video files, and a microSD / microSDHC memory card slot.
The smartphone also includes a USB 2.0 port, 3.5mm audio jack, Bluetooth 2.0 + EDR, Wi-Fi connectivity, and 512MB of ROM and 256MB of RAM.
The Motorola Milestone joins a growing collection of Canadian Android handsets. Last week Rogers Wireless announced the launch of the LG Eve priced at $49.99 as part of a 3-year voice and data contract.
Currently there is no pricing information available for the TELUS Motorola Milestone.
BioVex Inc., a Woburn, Mass.-based drug company whose lead candidate is designed to help treat advanced melanoma, has raised $30 million in new Series F funding. This brings the round total to $70 million, including a $40 million first close back in March. Morningside Venture, Ventech and MVM Life Science Partners co-led the new tranche, and were joined by fellow new backers Sectoral Asset Management and Ysios Capital Partners. Forbion Capital Partners had led the initial tranche, alongside Credit Agricole Private Equity, Harris & Harris Group, Innoven Partners, New Science Ventures, Triathlon Medical Venture Partners and Scottish Equity Partners. BioVex has now raised around $180 million.
PRESS RELEASE
BioVex Inc, a company developing new generation biologics for the treatment and prevention of cancer and infectious disease, announced today that it has concluded a $70 million private financing, raising $30 million in addition to the $40 million announced in March. The proceeds of the financing will primarily be used to complete the ongoing Phase III pivotal study of OncoVEX (GM-CSF) for the treatment of recurrent and metastatic melanoma and to fund pre-commercialization activities.
The second close placement was co-led by Morningside Venture, Ventech and MVM Life Science Partners who were joined by other new investors including Sectoral Asset Management and Ysios Capital Partners. Reenie McCarthy for Morningside, Mounia Chaoui of Ventech and Steve Reeders of MVM Life Science Partners will join the BioVex board of directors.
“Securing this financing is a significant milestone that puts BioVex in a strong financial position to complete its first pivotal study with OncoVEX in metastatic melanoma, with a view to submitting a Biologics License Application filing in mid 2011,” said Philip Astley-Sparke, President and CEO of BioVex. “We believe this over-subscribed funding round is the largest for a private clinical stage biotech company this year and is a validation of our clinical and regulatory achievements. We have generated encouraging data in four tumor types and beyond melanoma have agreed to an additional Phase III pivotal protocol with the FDA under the Special Protocol Assessment procedure in head and neck cancer.
“Pending the successful conclusion of its first pivotal study, OncoVEX is positioned to become the first cancer destroying virus to reach the market in the United States,” said Steve Reeders of MVM Life Science Partners. “Given the strength of the Phase II data in melanoma, we are optimistic that OncoVEX will meet its primary endpoint in the current Phase III study and that its potential will be realized in melanoma and subsequently many other hard to treat solid tumors.”
“We were impressed by the number of durable complete remissions following OncoVEX therapy in both metastatic melanoma and head and neck cancer,” said Reenie McCarthy of Morningside. “OncoVEX is an extremely promising treatment for many hard to treat solid tumor types and we look forward to working with management to fully realize the potential of this first-in-class biologic.”
About BioVex
BioVex is a privately held biotechnology company based in Woburn, MA where it also has an operational launch grade manufacturing facility. The Company is developing a new class of potent biologics for the treatment of cancer and prevention of infectious disease.
The Company’s lead cancer treatment, OncoVEX(GM-CSF), is a first-in-class oncolytic, or cancer destroying virus, that works by replicating and spreading within solid tumors (leaving healthy cells unaffected), thereby causing cancer cell death and stimulating the immune system to destroy un-injected metastatic deposits. Both modes of action have been clearly validated in the clinic, where multiple patients with metastatic disease progressing at enrollment have been declared disease free. BioVex believes OncoVEX(GM-CSF) has the potential to become a leading standard of care in the treatment of many solid tumors based on the strength of clinical data so far generated coupled with the relatively benign side effect profile noted to date. Previous clinical trials have enrolled patients with breast cancer, melanoma, head and neck cancer and pancreatic cancer, with indications of clinical activity being observed in each. The Company recently commenced a Phase III study in metastatic melanoma following the achievement of an unprecedented proportion of durable complete remissions in a Phase II study using OncoVEX (GM-CSF) as a stand alone therapy. An overview of the Phase II melanoma results is available on the BioVex website. In September 2009 the Company received approval under the SPA procedure in relation to a second Phase III study in head and neck cancer.
The Company’s second program is a vaccine for genital herpes, ImmunoVEX (HSV2), which provides complete protection in animal models of the disease. The vaccine has been authorized to commence clinical testing in the United Kingdom.
Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside was one of the earliest institutional investors in China’s internet industry and in recent years has been an active investor in China’s emerging biotechnology sector. More information is available at www.morningside.com.
About MVM Life Science Partners
MVM Life Science Partners LLP manages three venture funds totaling more than $500 million and invests in companies that discover, develop and commercialize innovations in biotechnology, pharmaceuticals and medical devices for the life science and healthcare markets. MVM has offices in London and Boston, making investments predominantly in Europe and the US, and has a growing team with wide-ranging experience across the life science and private equity markets. More information is available at www.mvmlifescience.com.
About Sectoral Asset Management
Sectoral Asset Management is an SEC-registered investment advisor based in Montreal whose focus is managing global equity portfolios by industry. Sectoral has one of the world’s longest track records in managing biotech equities and is a sub-advisor of numerous healthcare and biotech funds offered by partners in Europe, USA, Canada, Japan, Taiwan and Korea. Sectoral has also launched an alternative investment fund that offers an attractive exposure to the growing healthcare/biotech sector through both long and short positions. The firm’s assets are US$4.0 billion as of September 30, 2009. More information is available at www.sectoral.com
About Ventech
Ventech is a venture capital firm with more than Euro 360 million ($540 million) under management. Created 10 years ago Ventech invests in innovative companies in both the Information Technology and Life Science sectors. Originally based in Paris, Ventech is now also present in China. In the Life Science sector, the objective is to invest primarily in Europe and the US with a specific focus towards drug discovery, diagnostics and medical device technologies. More information is available at www.ventechvc.com.
About Ysios
Ysios Capital Partners is a new Spanish venture capital firm that launched its first fund of $100 million in 2008 and invests in innovative life science companies. Ysios has offices in Barcelona and San Sebastian (Spain), making investments globally with a special focus on the Spanish market. Ysios has a team of nine professionals with diverse backgrounds in life sciences and healthcare, venture capital, managing start-ups, and corporate finance. With this investment, Ysios has three portfolio companies: Cellerix (Cell therapy-Madrid), EndoSense (Medical devices–Geneva) and BioVex (Oncology–Boston). More information is available at www.ysioscapital.com.
