Blog

President Barack Obama declared a state of emergency as the number of swine flu cases soars and vaccine production doesn’t keep up with demand. 

The Los Angeles Times: “President Obama on Saturday declared the swine flu outbreak a national emergency, a procedural step designed to allow healthcare providers to speed treatment and slow the spread of the disease. The action gives Secretary of Health and Human Services Kathleen Sebelius temporary authority to grant waivers that would expedite steps such as setting up off-site emergency rooms to treat potential flu victims apart from other patients. Administration officials said the move was not made as a result of any particular development, but as a preemptive measure to ensure that the tools for a quick response were in place.”

“According to the Centers for Disease Control and Prevention, 46 states have reported widespread incidence of the swine flu, also known as H1N1. Since the outbreak of the pandemic in April, there have been more than 20,000 hospitalizations from laboratory-confirmed infections and more than 1,000 deaths” (Hook, 10/25).

ABC News: “Some hospitals have opened drive-thrus and drive-up tent clinics to screen and treat swine flu patients. The idea is to keep infectious people out of regular emergency rooms and away from other sick patients. Hospitals could modify patient rules — for example, requiring them to give less information during a hectic time — to quicken access to treatment, with government approval, under the declaration. It also addresses a financial question for hospitals — reimbursement for treating people at sites not typically approved” (Elliott, 10/25).

The New York Times, on credibility issues: “Earlier this month, the government was forced to announce that only about 28 million doses would be available by the end of this month, about 30 percent below the 40 million it had previously predicted. … [S]ince the outbreak of the H1N1 swine flu occurred in April, federal projections have been consistently and wildly overoptimistic and have had to be ratcheted down several times. As recently as late July, the government was predicting having 160 million doses by this month.”

“The reasons for the receding estimates start with the fact that the H1N1 virus, known as swine flu, is not growing as fast as expected in the eggs used to produce vaccine. Moreover, some manufacturers did not even know how little they were producing until a vaccine potency test became available around August, federal officials say. Some companies hit bottlenecks in putting the vaccine into vials and syringes” (Pollack and McNeil Jr., 10/25).

NPR: “Compared with seasonal flu, young people and children continue to be disproportionately affected by the virus. In the first 11 days of October, one in five kids had influenza-like illness — fever, cough, fatigue, aches and pains. Since April, there have been 95 confirmed pediatric 2009 H1N1 deaths, and nearly half of them have occurred during September and October, according to the CDC. … Across the country, dueling concerns persist: Some people worry that they won’t have access to the vaccine, while others question the vaccine’s safety” (Silberner and Masterson, 10/23).

Thank the cell phone gods. Verizon finally announced that the heavily leaked and previewed BlackBerry Storm2 will be available on October 28th for $179 after a $100 mail-in rebate. Let’s move on.

“The rest of the world has embraced e-mail, online forms and iPhone apps, but health care still communicates in the centuries-old technology of paper,” McClatchy/Tribune News reports. Now, technology companies are recognizing a business opportunity in that shortcoming. Moving to electronic medical records can be expensive – Kaiser Permanente spent $4 billion switching from paper to digital – meaning money in the bank for well-poised vendors. Some companies are also exploring innovations beyond traditional electronic records systems, such as Epic or Google’s effort to provide consumers with personal, online records (Chan, 10/26).

Yet, some critics say health information technology is not a “cure-all,” the Washington Post/Columbus Dispatch reports. A $19.5 billion, stimulus-funded program is helping doctors and hospitals adopt new technologies. “Obama has said the changes will save billions in health-care costs and will minimize medication errors… (but) researchers at the University of Minnesota found in March that electronic records prevented only two infections a year. A 2005 report in the journal Pediatrics found that deaths at the children’s hospital at the University of Pittsburgh Medical Center more than doubled in the five months after a computerized order-entry system went online. The center said the study had not found that technology caused the rise in mortality and maintained that medication errors were down 60 percent since computers were introduced in 2002” (Mostrous, 10/25).

Lovers of all things BlackBerry might want to stop on by their local Verizon dealer this Wednesday as that’s the day “a powerful new Storm rolls onto Verizon Wireless’ network” (sorry, we couldn’t resist.) Going for $179.99 on a 2-year contract after a $100 MIR — no word yet on full retail — the Storm2 is everything that Storm 9530 users could hope for in that it is reliable, dependable and has Wi-Fi. We’ve got a production unit from Verizon that we’re currently testing and will publish a review of it shortly, but for now the best we can give you is a press release couple enormous press shots after the jump.

BASKING RIDGE, NJ, and WATERLOO, ONTARIO — Verizon Wireless and Research In Motion (RIM) (NASDAQ: RIMM; TSX: RIM) today announced that the BlackBerry® Storm2™ smartphone will be available in Verizon Wireless Communications stores, online at www.verizonwireless.com, and through business sales channels beginning Oct. 28. The BlackBerry Storm2 with BlackBerry® OS 5.0 evolves the BlackBerry® touchscreen platform with hundreds of hardware and software enhancements – including new SurePress™ “clickable” display technology and built-in Wi-Fi® – delivering the exceptional multimedia experience and communications capabilities customers have come to expect from their BlackBerry smartphones.

Key Features:

• Smooth design and premium finish with sloped edges, chrome accents, glass lens and stainless steel backplate
• Large (3.25”), dazzling high-resolution 480 x 360 display at 184 ppi
• Capacitive touchscreen with integrated functions (Send, End, Menu, Escape) and new SurePress technology that makes clicking the display practically effortless
• 3G and global connectivity support for making phone calls in more than 220 countries and accessing data in more than 185 countries (with more than 80 destinations in 3G)
• Network Connectivity: EV-DO Revision A; UMTS/HSPA (2100 MHz); and quad-band EDGE/GPRS/GSM networks
• Supports Wi-Fi (802.11 b/g)
• 256 MB of Flash memory
• 2 GB of onboard media storage and a microSD™/SDHD memory card slot with a 16 GB card included

Software Updates on BlackBerry Storm2:

• Features BlackBerry OS 5.0, which includes typing accuracy and selection improvements, as well as usability and visual enhancements such as inertial scrolling, spin boxes that make it easier to set dates and times, gradient shading on buttons, and more use of animation
• BlackBerry® Browser is improved with faster JavaScript and CSS processing as well as support for Gears and BlackBerry Widgets
• Customers running BlackBerry® Enterprise Server 5.0 will gain the ability to set follow-up flags, manage e-mail folders, access remote files (Windows Shares), forward appointments, view calendar attachments, and more

Additional Features and Specifications:

• 3.2 megapixel camera with autofocus, Image Stabilization (IS), flash and video recording capabilities
• Premium and easy-to-access phone features, background noise suppression technology, loud distortion-free speakerphone and face detection (proximity sensor) that prevents accidental clicks and blanks the screen while the customer is on the phone
• Media player for videos, pictures and music, plus support for BlackBerry Desktop Manager for both PCs and Macs, and BlackBerry® Media Sync, for easily syncing Windows Media® Player music with the smartphone*
• 3.5 mm stereo headset jack and dedicated volume controls
• Bluetooth® (v2.1) capable with support for Secure Simple Pairing, hands-free headsets, stereo headsets, car kits and other Bluetooth peripherals
• Built-in GPS for maps and other location-based applications, as well as photo geotagging; and Verizon Wireless’ VZ NavigatorSM service is pre-loaded
• V CAST Music with Rhapsody
• Access to BlackBerry App World™, featuring a broad and growing catalog of third-party mobile applications developed specifically for BlackBerry smartphones, with categories including games, entertainment, IM and social networking, news, weather, productivity and more
• Support for Verizon Wireless’ Mobile Broadband Connect tethering service
• Removable, rechargeable 1400 mAhr battery that provides up to 5.5 hours of talk time or up to 11.2 days of standby time

Pricing and Availability:

• The BlackBerry Storm2 smartphone is available beginning Oct. 28 for $179.99 after a $100 mail-in rebate with a new two-year customer agreement on a voice plan with an Email and Web feature or an Email and Web for BlackBerry plan. Customers will receive the mail-in rebate in the form of a debit card; upon receipt, customers may use the card as cash anywhere debit cards are accepted. Data plans for the BlackBerry Storm2 smartphone begin at $29.99 when added to any Nationwide voice plan.
• New Operating System for Existing BlackBerry Storm Customers
• Existing BlackBerry Storm customers will be able to update their handsets to the new BlackBerry OS 5.0 software via Web software load (www.blackberry.com/update), BlackBerry Desktop Manager, or from Verizon Wireless’ download site (www.verizonwireless.com/storm). The software is available today.
• For additional information on Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to www.verizonwireless.com. Business customers can contact their Business Sales Representatives at 1-800-VZW-4BIZ.

* Certain music files may not be supported, including files that contain digital rights management technologies.

Read

Adobe and Salesforce.com have partnered to launch the Adobe Flash Builder for force.com, which Adobe says increases developer productivity for creating rich Internet applications in the cloud. The product can be used to enhance existing Salesforce CRM implementations and custom-built Force.com apps, or build new apps altogether.

"Flash Builder for Force.com is a jointly developed IDE that provides a single, powerful tool for building cloud-based RIAs, which can easily be deployed to end users through the browser using the Adobe Flash Player or directly to the desktop via Adobe AIR," explains Michelle Perkins on the Adobe Flash Platform blog. "This tight integration enables client-side data management and synchronization between cloud and client, simplifying the development of applications that seamlessly run online or offline across operating systems and devices, while taking full advantage of the proven scalability, security and reliability of the Force.com platform."

You can get an idea of what the product is about in the following introduction video.

Features include:

– Professional Eclipse-based IDE, unifying Adobe Flash Builder and the Force.com IDE into a common, highly productive environment for building a variety of Force.com applications.

– Code-editor, design-view, browser and cross platform compatibility.

– User interface capabilities with more than 100 easily customized, reusable components, including access to motion graphics, drag and drop capabilities and more.

– Data visualizations including built-in interactive charting and animation components capable of processing large data sets.

– Pre-built integration with Adobe LiveCycle Data Services for client-side data management and synchronization services, automatically synchronizing data between the Force.com database and an Adobe AIR secure local data store on the client, allowing developers to build apps that seamlessly span connected and disconnected environments.

Final delivery for the product is expected to go down in the first half of next year. A developer preview version is currently available at the Salesforce developer site.

Related Articles:

> Google Improves Flash Indexing Capabilities

> Windows Mobile 6.5 Launching In October

> Salesforce Launches Mobile App Update for iPhone 3.0 OS

> Salesforce Gives Force.com Users Free Sites

> Salesforce Introduces Free Mobile Service

The Koike Laboratory from the University of Electro Communications in Tokyo was responsible for one of the most spectacular booths at the Digital Contents Expo that ended in Tokyo yesterday. They developed an “augmented tabletop video game with pinching gesture recognition”. The device is basically a touch screen running an action game.

The game has been around for a while now, but the latest version I saw at the event was just awesome.

Just have a look at the video I took at the expo yesterday.

Jonathan Bloom has joined Ropes & Gray LLP as a London-based partner in the law firm’s debt financing practice. He previously was a partner in the high yield practice of White & Case.

PRESS RELEASE

Ropes & Gray LLP today announced that Jonathan Bloom has joined the firm as a partner in its Debt Financing practice group.  Bloom is the first addition to Ropes & Gray’s London-based team as the firm builds critical mass in its private equity and debt capability there.  The team is headed by leading finance lawyers Maurice Allen and Michael Goetz, who will spearhead the opening of the firm’s London office in January 2010.  Senior U.S. partners David Chapin and Newcomb Stillwell will be working closely with their new colleagues to launch and grow the London office, demonstrating Ropes & Gray’s commitment to establishing a world-class service center in this important market.

Commenting on the announcement, Maurice Allen said, “We are thrilled that Jonathan is joining our team.  He brings with him extensive experience in the U.S. securities laws and in structuring and negotiating cross-border Rule 144A and Regulation S high-yield debt offerings and restructurings.  He will help to serve our clients in both the U.K. and Europe, and establish our presence as a private equity leader in the marketplace.”

Bloom joins Ropes & Gray from White & Case where he was a partner in the High Yield practice.

“My focus on representing private equity houses, hedge funds and investments banks in a variety of financing transactions has led me to seek a platform that will provide my clients with the breadth and depth of resources they require,” said Bloom.  “With the combination of Ropes & Gray’s preeminent private equity and funds capabilities and the expertise Maurice and Mike have in the London finance market, I’m excited about our ability to deliver for our clients.”

The opening of Ropes & Gray’s London office marks the firm’s fourth move into key geographic markets in the past two years, following openings in Tokyo, Hong Kong and Chicago.  Ropes & Gray’s worldwide footprint allows it  to serve clients from bases in major world PE centers and to provide global execution of transactions
#####

Ropes & Gray is a full-service, global law firm that works with clients across a wide variety of industries to successfully address their greatest legal challenges and achieve their business goals. With more than 1,000 professionals located in leading centers of finance, technology and government, we bring an unparalleled passion for excellence, new ideas and a true team spirit to every project.

ShareThis

Builders FirstSource Inc. (Nasdaq: BLDR), a residential construction company, has agreed to a recapitalization that would include a $205 million common stock rights offering and debt exchange. The offering would be backstopped by existing shareholders JLL Partners and Warburg Pincus, which hold a combined 49.9% stake.

PRESS RELEASE

Builders FirstSource, Inc. (Nasdaq:BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today announced a $205 million common stock rights offering and debt exchange for its outstanding Second Priority Senior Secured Floating Rate Notes due 2012 (the “2012 notes”).

The Company expects to raise up to $205 million of new equity capital by way of a rights offering to its stockholders to purchase common stock at a subscription price of $3.50 per share. The Company intends to use $75 million of the proceeds of the rights offering for general corporate purposes and to use any incremental proceeds to repurchase a portion of its 2012 notes. Holders of the 2012 notes will exchange, at par, their 2012 notes for cash, new notes with an interest rate of LIBOR (subject to a 3.0% floor) plus 1000 basis points that will mature in 2016, or a combination of cash and new notes, subject to proration. To the extent that the gross proceeds of the rights offering are less than $205 million, holders of the 2012 notes will convert a portion of the 2012 notes into common stock at an exchange price equal to the subscription price of the rights offering, as described below.

The transaction will benefit the Company by:
 * providing the Company with significant incremental liquidity to fund
   operations;
 * deleveraging the Company’s balance sheet; and
 * extending the maturity of the Company’s remaining indebtedness under
   the 2012 notes.

The Company had formed a Special Committee to review a proposal submitted by its two largest stockholders, JLL Partners Fund V, L.P. (”JLL”) and Warburg Pincus Private Equity IX, L.P. (”Warburg Pincus”). Robert Griffin, Chairman of the Special Committee, said, in approving the transaction, “We worked hard with our advisors to provide constructive responses to the transaction proposed by JLL and Warburg Pincus, and we are pleased to have agreed upon a structure that allows current stockholders to maintain their ownership while also allowing the Company to improve its liquidity and right size its balance sheet.”

Floyd Sherman, the Company’s Chief Executive Officer, said, “We appreciate the support of JLL and Warburg Pincus, our largest stockholders, their continued willingness to invest in the future of the Company and their demonstrated faith in our management team. I believe that this transaction is a message to the entire building community that Builders FirstSource has the capacity to withstand the current downturn and is prepared for the anticipated recovery.”

Mr. Sherman concluded, “We are optimistic that this transaction will be viewed favorably by our customers, suppliers and employees. We expect the Company to emerge from this downturn in the building market as a stronger and better capitalized competitor.”

The Rights Offering

Under the terms of the rights offering, the Company will distribute, at no charge to the holders of its common stock, transferable rights to purchase up to an aggregate of 58,571,428 million new shares of common stock at a subscription price of $3.50 per share. The number of transferable rights to be distributed per share of common stock will be announced when the Company’s Board of Directors sets a record date for the rights offering and will be set forth in a registration statement to be filed with the Securities and Exchange Commission (”SEC”) and a prospectus distributed to stockholders of record as of the record date. Each whole right will entitle a holder to purchase one share of common stock at the subscription price. Holders of rights (other than JLL Partners Fund V, L.P. and Warburg Pincus Private Equity IX, L.P.) who fully exercise their rights will be entitled to subscribe for and purchase, subject to certain limitations and subject to allotment, additional shares that remain unsubscribed as a result of any unexercised rights (up to the number of shares for which a holder may subscribe under its basic subscription privilege).

JLL and Warburg Pincus, who collectively beneficially own approximately 50% of the Company’s common stock, have each agreed to backstop the rights offering for no fee under the terms of an Investment Agreement between the Company, JLL, and Warburg Pincus, by purchasing from the Company, at the subscription price, unsubscribed shares of common stock such that gross proceeds of the rights offering will be $75 million. In addition, to the extent gross proceeds of the rights offering are less than $205 million, each of JLL and Warburg Pincus has agreed to exchange up to $48.909 million aggregate principal amount of the 2012 notes indirectly held by it for shares of our common stock at an exchange price equal to the rights offering subscription price, subject to proration from the participation of other holders of 2012 notes who exchange their 2012 notes for shares of our common stock not subscribed for through the exercise of rights in the rights offering.

The first $75 million of gross proceeds from the rights offering will be used for general corporate purposes and to pay the expenses associated with the transaction, and, to the extent gross proceeds of the rights offering exceed $75 million, those proceeds will be used to repurchase a portion of the outstanding 2012 notes exchanged in the debt exchange.

The Debt Exchange

Under the terms of the debt exchange, the Company will exchange up to $145 million of newly issued Second Priority Senior Secured Floating Rate Notes due 2016 (the “2016 notes”) and up to $130 million in cash from the proceeds of the rights offering in exchange for its outstanding 2012 notes.

To the extent the Company receives less than $205 million of gross proceeds from the rights offering, JLL and Warburg will exchange their 2012 notes, and other participants in the debt exchange will exchange all or a portion of their 2012 notes, for shares of common stock at an exchange price equal to the subscription price, rather than for the 2016 notes or cash, subject to proration. To the extent the gross proceeds from the rights offering plus the aggregate principal amount of any 2012 notes exchanged for common stock do not equal $205 million, participants in the debt exchange will receive, in exchange for a portion of their 2012 notes, shares of common stock at an exchange price equal to the subscription price.

In addition, holders who exchange their 2012 notes in the debt exchange will consent to amend the indenture under which the 2012 notes were issued to eliminate certain restrictive covenants and release the liens on the collateral securing the 2012 notes. Holders of approximately 66 2/3% of the aggregate principal amount of the 2012 notes, excluding JLL and Warburg Pincus, must consent to such amendments to the indenture governing the 2012 notes in order for the amendments to become effective.

The Company has entered into support agreements with the holders of 82.8% of the aggregate principal amount of the 2012 notes under which such noteholders have agreed to exchange their 2012 notes in the debt exchange and consent to the amendments to the indenture governing the 2012 notes.

An agreement in principle was reached to settle the consolidated class and derivative action lawsuit that was filed in connection with the proposed transaction.

Consummation of the rights offering and debt exchange is subject to stockholder approval of the issuance of the shares to be issued in the rights offering, the backstop commitment, and the debt exchange; the exchange of at least 95% of the aggregate principal amount of 2012 notes in the debt exchange; court approval of the agreement to settle lawsuits relating to the transaction; and other customary closing conditions.

About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier and manufacturer of structural and related building products for residential new construction. The company operates in 9 states, principally in the southern and eastern United States, and has 55 distribution centers and 51 manufacturing facilities, many of which are located on the same premises as our distribution facilities. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the Company’s web site at www.bldr.com.

ShareThis

A few months back, someone sent over some details about a legal battle involving Peter Boesen, who is both a convicted felon in jail and a patent hoarder who licensed his patents to a “patent troll” firm to assert against tons of tech companies, and Niro Scavone, the law firm representing the patent company (and the law firm famous for, among other things, having been the inspiration for the term “patent troll”). There wasn’t much to write about directly, but it looks like Joe Mullin has been keeping on top of things (as always) and has found that via this lawsuit Boesen has exposed some of the underlying details of how much money patent trolls get:

Most intriguing is the sum paid by Apple to settle an SPT suit brought over the iPhone in the Eastern District of Texas in 2008: $865,000. Without any motions being filed after the intial complaint or any substantive discovery, a bit more than 30 percent of that amount, $271,817, went to Niro Scavone, which also billed $46,568 in expenses. Nearly $40,000 went to someone identified as “Ward”–most likely Johnny Ward Jr., who served as local counsel to SPT in the case. Of what was left, almost $109,000 went to SP Technologies, then owned by investor Courtney Sherrer, and $311,400 went to Boesen.

Also noteworthy: a full 10 percent of Apple’s payout, $86,500, is marked as going to “LG”–an apparent reference to LG Electronics, which, according to the Boesen receipt, paid $834,964.01 to settle a separate SPT suit in 2006. Why would LG be getting a cut of the settlement in a suit to which it was not a party? And was Apple aware that a piece of that settlement might wind up with one of its competitors? Representatives from Apple and LG did not immediately respond to requests for comment.

There’s a lot more in Mullin’s post. Not sure how much is worth commenting on, but given that such patent holders and patent hoarding companies tend to be incredibly secretive about all of this stuff, it’s still an interesting peek behind the curtain.

Oh yeah, as for Mullin’s question about LG receiving 10% of the payout from Apple, that might not be all that surprising really. Last year, we covered how it was becoming increasingly common for patent hoarders to play this neat trick where they sue a bunch of companies and promise the ones who settle quickly a cut of what they can get from the others. This sets up a little an interesting game theory situation, whereby companies have extra incentive to settle quickly, which makes the patent holder very happy, and which they use to tout how “legitimate” their patents must be (yeah, right). It sounds like, perhaps, that’s what happened here. Since LG settled earlier, perhaps part of the settlement was the right to 10% of a cut against others.

Permalink | Comments | Email This Story

Krokus Private Equity has acquired a 44% stake in Polmed, a Polish operator of outpatient clinics. No financial terms were disclosed. www.polmed.pl

ShareThis

MidOcean Partners has acquired The Allant Group, a New York-based provider of marketing optimization solutions for the Fortune 100. The deal is being done in partnership with Allant management.

PRESS RELEASE
MidOcean Partners (“MidOcean”), a leading private equity firm with offices in New York and London, in combination with Allant management, announced today that it has acquired The Allant Group, a leading provider of marketing optimization solutions that combines database management, analytics and predictive intelligence to maximize targeted marketing solutions for its growing list of Fortune 100 clients.

“We have been following the developing trends in the marketing services space for several years and became increasingly impressed with Allant, its market leadership position, and its prospects for continued growth,” said Frank Schiff, Managing Director of MidOcean. “Discussions between our firms began more than three years ago, and we believe that Allant has all the right ingredients to become the top provider in the marketplace.”

Frank Sowinski, a former President of Dun & Bradstreet and member of the MidOcean team who will serve as Allant’s Vice Chairman added, “Allant’s emphasis on analytic-driven multi-channel marketing solutions, integrated inbound and outbound marketing technologies, performance measurement and advanced advertising solutions are extremely well aligned with the demands of large scale marketing organizations.”

The company is rated among the top marketing service providers by Forrester Research, whose latest Vendor Summary on Allant stated, “In the two years since we last evaluated database marketing service providers, The Allant Group has honed its delivery of analytically and strategically led database engagements. Allant targets enterprise opportunities in select industries, and its integrated service and high customer satisfaction translate into notable market momentum. Clients describe its service delivery as very open, flexible, and responsive, and the company is a strategic partner for senior-level marketers within its client base.”1

Terry McCarthy, President & CEO of Allant commented, “We are excited to have MidOcean join the Allant team as an active partner in driving our vision, growth strategy and delivery of best practices. Our collective goal is to deliver measureable value for clients through a balance of innovation and discipline. We are actively investing in our multi-channel delivery infrastructure, talent base, account management practice and performance measurement capabilities to drive our clients’ results and further expand Allant’s business.”

In the past year Allant has significantly expanded its solution footprint for Fortune 100 clients whose needs span analytic, consulting and technology driven solutions. In addition to its direct mail, Web, email and call center expertise, Allant has established itself as a leading provider in advanced TV advertising. The company has a prestigious base of clients in the cable, financial services, insurance, retail, telecom and teleservices industries.

About Allant
Allant is a leading Marketing Service Provider of integrated online and offline multi-channel database marketing solutions driven by best in class analytic, technology and marketing strategy capabilities. Founded in 1984, Allant has built core competencies in data management, database services, analytics and strategy which are delivered by highly skilled professionals. For more information on Allant and its products, services and solutions, call 800.367.7311 or visit Allant online at www.allantgroup.com.

ShareThis

Becton, Dickinson and Co. (NYSE: BDX) has agreed to acquire HandyLab Inc., an Ann Arbor, Mich.-based maker of molecular diagnostic assays and automation platforms. No financial terms were disclosed. HandyLab had raised nearly $44 million in VC funding, from firms like EDF Ventures, Ardesta, Arboretum Ventures, Pfizer Strategic Investments, Wolverine Venture Fund, Dow Ventures and Lurie Investments.

PRESS RELEASE
BD (Becton, Dickinson and Company) (NYSE: BDX) announced today that it signed a definitive agreement to acquire HandyLab, Inc., an Ann Arbor, Michigan-based company that develops and manufactures molecular diagnostic assays and automation platforms. The acquisition is subject to regulatory approvals and is expected to close during the first quarter of fiscal year 2010. The financial terms of the agreement were not disclosed.

Consistent with BD’s stated acquisition strategy, and building upon a previously announced development and distribution agreement between BD and HandyLab earlier in 2009, the acquisition would further extend BD’s commitment to the novel HandyLab instrumentation technology to support BD’s molecular diagnostics strategy.

“HandyLab has developed and commercialized a flexible automated platform for performing molecular diagnostics which is an ideal complement to our molecular diagnostics offerings,” said Vincent A. Forlenza, BD President. “We believe this new platform enables both our healthcare-associated infections offering and future expansion into other molecular opportunities.”

BD plans to place its BD GeneOhm™ molecular assays for Methicillin-resistant Staphylococcus aureus (MRSA), Clostridium difficile and Vancomycin-resistant Enterococcus (VRE) onto the HandyLab platform and market them as the new BD MAX™ system. The flexibility of this novel platform will allow further expansion of the BD molecular diagnostic menu. BD senior management will address this announcement during the Company’s fiscal fourth quarter earnings call on November 4, 2009, which will be broadcast live on BD’s website, www.bd.com/investors, at 10:00 a.m. (ET).

BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people’s health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD’s capabilities are instrumental in combating many of the world’s most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com

ShareThis

Coolibar Inc., a Minneapolis-based maker of sun protection products for the consumer market, has raised $2.3 million in Series E funding, according to a regulatory filing. Aethlon Capital placed the round, which could be expanded by another $500,000. The company previously raised just over $3 million, from firms like LFE Capital, Aavin Equity Advisors and Rain Source Capital.  www.coolibar.com

ShareThis

NewWorld Capital Group has launched as a private equity firm focused on mid-market companies and related infrastructure projects in the clean energy and environmental services space. It will focus on opportunities in the U.S., but also will invest selectively in Europe.

Founding partners include: Bradley Abelow (former chief of staff to NJ Governor Jon Corzine, former NJ treasurer and ex-Goldman pro), Bill Hallisey (managing director with GSC Group), Ali Iz (venture partner with CMEA Capital) and Everett Smith (managing director with New Energy Capital). The firm’s chairman is Carter Bales, former managing partner of The Wicks Group of Companies.

PRESS RELEASE

A group of founding investors today announced the formation of NewWorld Capital Group, a private equity firm that will invest in middle-market companies and related infrastructure projects in the clean energy, energy efficiency, environmental services, waste management, water, and sustainable/biodegradable materials fields, principally in the United States and selectively in Europe. The new Firm will provide expansion capital to proven companies and clean infrastructure projects in collaboration with top-quality management teams.
 
“We will apply the most rigorous tests,” said Carter Bales, who chairs the new Firm. “No unproven technologies, no venture investments, no business plans built on a future carbon price.”
 
The Firm’s founders are seasoned professionals with many years of investment experience in companies and infrastructure projects in the environmental sector. They bring related skills in business operations and project management, project finance and development, and regulatory issues.
 
NewWorld Capital will work in close cooperation with Ambienta Sgr, a leading European environmental assets private equity firm. The two Firms intend to collaborate in sourcing and evaluating investment opportunities in each other’s market.
 
Everett Smith, a founding partner, explained “The environmental sector is rife with opportunities for the informed investor. It is large, growing rapidly and reflects less competitive intensity than most investment sectors. Our Firm will provide expansion capital to companies and related infrastructure projects in the middle market — what is conventionally known as the “Commercialization Gap” – the period before companies and projects can command large
amounts of institutional capital.”
 
Founding partner Ali Iz added, “Unlike many other industries, businesses and projects in the environmental sector need significant amounts of capital to support their growth. NewWorld will bring a seasoned team to the task of finding the most solid and rewarding investments.”
 
Bradley Abelow, another founding partner, noted, “The transition to a cleaner and less carbonintensive economy will continue to gather momentum whether or not Congress acts this fall. The public demands it, businesses need regulatory certainty, and political leaders are beginning to realize the change has to come. More than 30 states already have Renewable Portfolio Standards mandating clean energy. Opportunities are now available for smart investors to earn super-normal returns while producing attractive benefits for society in the form of energy cost savings and a less polluted world.”
 
The Firm’s founding partners include Carter Bales, Bradley Abelow, Bill Hallisey, Ali Iz and Everett Smith.

ShareThis

Facebook appears to have won at least part of yet another legal fight.  Yesterday, United States District Judge Jeremy Fogel dismissed a complaint that Power.com brought against the social networking company in early July.

Facebook actually sued Power.com way back in January, alleging that Power.com had collected data about its users, and, in the course of doing so, violated the CAN-SPAM act and a couple of other regulations.  Facebook raised the issues of copyright and trademark infringement, too.

Power.com filed a counterclaim in response.  Unfortunately for Power.com, Judge Fogel felt its complaints were a little vague and unsupported by any obvious evidence.  He wrote, "[T]he Court need not accept as true allegations that are conclusory, unwarranted deductions of fact, or unreasonable inferences."  Hence the dismissal.

Power.com_Dismissal

The catch is that Power.com has 30 days to amend its claim and try again, so Facebook isn’t completely in the clear just yet.

Also, while dismissing Power.com’s complaint, Judge Fogel gave little indication of how Facebook’s original suit against Power.com is going (not that he should have), so Mark Zuckerberg and his lawyers can’t declare a compete victory over the other company at this point.

Related Articles:

> Facebook Gets Double Dose of Legal Issues

> Facebook Dealing With a Click Fraud and Data Access Lawsuit

> Facebook Caught In Another Patent Infringement Suit

International Development Secretary Douglas Alexander answered questions on the threats of climate change to poor countries and what the UK wants from this month’s EU Council and the Copenhagen conference.

• Find out more on DFID’s climate change webpages or on the Act on Copenhagen website.

Read the transcript:

Moderator says: Thanks for all your questions so far. Douglas Alexander is still a few minutes away, but we will be getting started shortly.

Nick Hoskinson: Alexander. Do you really think you can get Global agreement on this important issue? Because I reckon you have a VERY uphill struggle.

Douglas replies: Hi, it’s Douglas here.  You are right that Copenhagen isn’t a done deal and it remains in the balance.  But we are determined to try and get the right deal. The US, China and India are now engaged and all seem to want to get a Copenhagen deal.  Timing is tight and the deadline is helping to concentrate minds.

Jason Jones: How big a setback would it be for Copenhagen were Europe not to be able to agree a common negotiating position this week at the European Council?

Douglas replies: Climate change is a defining political test for our generation.  We have a moral responsibility to the developing world to work out a fair deal on climate change.  I remain of the view that EU leadership on climate finance this week can be essential to unlocking the negotiations.

Nadav Atik: Ed Miliband, Gordon Brown and yourself are making good promises ahead of Copenhagen in regards to reducing CO2 emmissions; but to what extent are other government departments (eg those involved with business and industry, transport, food, defence, trade, housing and finance)on board with these targets?

Douglas replies: Just last Thursday I was at a meeting here in Whitehall to discuss what more we can do to secure a deal in Copenhagen.  That meeting wasn’t just with Ed, but with other Ministers from across Government.  We simply wouldn’t have been in a position for the Prime Minister to make his speech on climate financing back in June unless there was broad support right across Government to get a successful conclusion to the Copenhagen talks.

Rowena Quantrill: given the devasating affect that climate chane is already having on the lives of peole in developing countries, what will it take to get the government to take real action such as increasing green taxes and persuading voters that they may have to make lifestyle changes such as flying less and eating less meat?

Douglas replies: It’s important if we are to build the public support and momentum to tackle climate change that politicians are clear with the public about the choices that are required.  If, for example, as a society we are going to fly more in the future then we’ll have to engage less in other activities that generate carbon.  Of course, technology has a role to play, but so do the choices made by individuals, companies and governments.  I also think it’s significant that campaigners like Al Gore make the case for action in terms of opportunity rather than simply austerity.  As my colleague Ed was told recently at a public meeting “if Martin Luther King had stood on the mall and said “I have a nightmare” instead of “I have a dream” the civil rights movement might not have been quite as effective.”

Dina: What is the future plan for climate change and how can the general public have their say on their future?

Douglas replies: The public can have their say in a lot of different ways.  Encouraging retailers to source sustainable products, following the kind of advice contained in the Act on CO2 campaign, and campaigning on these issues.  On Friday evening I took part in a public meeting in my constituency that Oxfam had organised ahead of Copenhagen to discuss the need for a fair, effective and ambitious deal.  My hope is that in communities across the country we’ll see more of that engagement, not less, in the weeks and months ahead.

Joanne O’Reilly: What will be your priority in Copenhagen?

Douglas replies: As the British Government we want a deal that is fair, effective and ambitious.  As Development Secretary my focus is making sure that the voices of developing countries are heard in these negotiations, because many developing countries are already being hit first and hit hardest by dangerous climate change.

Jiesheng: Why are we so concerned with climate change’s linkage with povery? A main facto for poverty is the biased trade barriers of the EU and other Western nations as well as the neo-liberal ideas in aid packages, DFID’s included.

Douglas replies: Jiesheng, of course getting a fairer set of global trade rules is vital to tackling extreme poverty around the world.  But climate change is literally a game-changer in the battle against poverty.  Many of us came together in 2005 to campaign to make poverty history – unless we now address climate change it will make poverty the future for millions of our fellow citizens.

Eion Begley: John Prescott has said “Unless Copenhagen recognises that the agreement must be about social justice, it will fail.” Do you think that the US can be persuaded on this?

Douglas replies: I welcome the fact that there has been a real change in the approach of the American Administration to climate change with the election of Barack Obama.  Of course all countries need to make compromises to reach agreement in Copenhagen, but my sense from talking to Ed regularly over recent weeks is that there is a real willingness on the part of the Americans to work to try to secure the global deal.  I think for that deal to be acceptable to many developing countries it will need to recognise the particular responsibilities of developed countries as well as the particular vulnearbilities of many developing countries.

Joe: What will the modalities for Climate Change Adaptation finance so that it can be both additional to ODA but also complimentary to it?

Douglas replies: Additional funding is going to be key to both getting a deal and making it work.  Some ODA will meet both poverty reduction and climate change objectives, but developing countries want to know that we are also sticking to our commitments on poverty reduction.  We are working with our EU colleagues this week and in the run-up to Copenhagen to secure this extra funding to help developing countries tackle climate change.  NGOs, campaigners and civil society all have a responsibility in the weeks ahead to work on these issues both because it’s the right thing to do, and it may hold the key to a deal.

Richard Hincks: Some commentators have said that the best result from Copenhagen is that actually it would be to delay the meeting for 1 year. This would give more time for discussions about the best way forward and in the end, get a better deal in the future or get a (possibly) mediocre deal in December. Do you agree?

Douglas replies: The truth is I don’t think it’s credible to talk about a plan B given our focus is rightfully on trying to secure agreement in December.  I struggle to see why if the world fails to come together towards the end of this year it’s any more likely to happen in a year’s time.  That’s why not just political leaders, but civil society have such a key role to play in the run-up to Copenhagen.  We should be working for, planning for, campaigning for success rather than anticipating failure.

Essayas: How politically and materially (emissions) important will the voices of African countries be in Copenhagen? How is Britain partnering with Africa on climate change?

Douglas replies: We’re supporting the ability of African governments to be represented in Copenhagen and participate fully in the talks, and we’re also supporting civil society within Africa to raise awareness and campaign on these issues.  African leaders like Paul Kagame and Prime Minister Meles are already making their voices heard on these issues.

James Knight: Have you signed up to the tck tck tck campaign?

Douglas replies: Yes, and I recently spoke at a meeting organised by the tck tck tck campaign alongside Mary Robinson, the former President of Ireland and climate advocates from the developing world.

Daniel Vockins: Great news that you’ve signed up to 10:10. What will your department be doing to reach 10%?

Douglas replies: The 10:10 campaign can be a powerful symbol of the commitment of individuals and institutions to tackling climate change.  I’ve signed up the Department for International Development and we have already put in place systems to monitor the carbon emissions from our buildings here in the UK and offset our air travel.  The White Paper I announced in July commits us to making all of DFID’s operational activities both in the UK and overseas carbon neutral by 2012.

While these campaigns and actions are important, so too are actions by governments internationally, which is why a global deal in Copenhagen is so important.  I’m going to have to sign off now.  Thanks for all your questions, sorry I couldn’t get to them all. I commit to keep working on these issues between now and Copenhagen.

Southern Cross Group and Evercore Mexico Capital Partners have agreed to acquire Mexican homebuilder Servicios Corporativos Javer, for an undisclosed amount. The deal is expected to close next month, pending regulatory approvals.

PRESS RELEASE
Southern Cross Group, Evercore Mexico Capital Partners (jointly the “Funds”) and Servicios Corporativos Javer, S.A.P.I de C.V. (”Javer” or the “Company”) announced today that they have signed an agreement by means of which the Funds acquire a controlling interest in the Company.

This transaction allows Javer, leader in the Mexican homebuilding sector, to incorporate strategic partners with proven financial and operating experience throughout the region. Javer, which plans to build more than 17,500 homes in 2009 and has land reserves in excess of 100,000 units, is one of the fastest growing developers of homes in the low, middle and residential segments in Mexico.

“The operating experience, strategic thinking and regional view of our new shareholders will contribute towards further consolidating Javer’s growth as we work towards becoming one of the country’s leading homebuilders and consider accessing the public equity markets,” stated Salomon Marcuschamer, founder of Javer.

This transaction does not involve any changes in the Company’s management, operating team or strategy. Roberto Russildi and Eugenio Garza, CEO and CFO respectively, will continue heading the Company’s operations as they, and the rest of the senior management team, have agreed to sign long-term employment contracts with incentives tied to the performance of the Company.

Salomon Marcuschamer, who will serve as Javer’s Honorary Chairman, will remain actively involved in the management of the Company particularly with respect to land acquisition and development. The Board of Directors will also include Ricardo Rodriguez, Cesar Perez Barnes and Sebastian Villa from Southern Cross Group, Pedro Aspe and Alfredo Castellanos from Evercore, Fernando Alvarez Neila, Joe Ackerman and independent board members to be appointed shortly after the closing. Ricardo Rodriguez will act as Chairman of the Board.

The new partners have a long-standing track record of achieving extraordinary investment returns by focusing on improving the operations of their portfolio companies while operating within very conservative leverage structures. The Funds do not intend to implement any fundamental changes in Javer’s overall business or financial strategy, especially with respect to leverage and dividend policies as the intention is to re-invest free cash flow to maximize growth. The transaction does not involve any modification of the cash balance or financial position at Javer.

Cesar Perez Barnes, Managing Director of Southern Cross, stated, “The incorporation of an investor group with long-standing, proven experience in the region will contribute significantly to consolidate the institutionalization of management and corporate governance procedures. We believe our capabilities perfectly complement Javer’s vision and that, together, we will continue maximizing the Company’s value within a general context of growth in the Mexican homebuilding sector.”

Homebuilding in Mexico is approximately a US$ 20 billion industry with annual demand for homes in excess of 800,000 units with over 720,000 mortgages granted each year(1).

“Our investment in Javer relies on solid fundamentals, in one of the most relevant sectors of the country’s economic activity. The market knowledge and business expertise of Javer’s executive management have allowed it to become a leader in the sector and is a testament of the company’s competitive position,” declared Pedro Aspe, Co-Chairman of Evercore.

Roberto Russildi, Javer’s CEO commented on the transaction, “At Javer we are honored by the fact that such well recognized investment firms chose to join us in what we foresee to be an unparalleled market opportunity. It is a true vote of confidence to what the company and our team have achieved to date. Their participation, together with that of Mr. Marcuschamer, provides a tremendous sponsorship umbrella that will guide us as we execute our business strategy which includes titling in excess of 45,000 homes over the next couple of years.”

The closing of this transaction, which is expected in November of this year, will require approval from Mexican regulatory authorities.

(1) Industry figures according to Infonavit and Softec; does not include the Vacational segment.

Southern Cross Group, a leading private equity fund in Latin America founded in 1998, has offices in Argentina, Brazil, Chile, Mexico and the United States. Its companies are worth more than $1.5 billion dollars and participate in various economic sectors such as retail, pharmaceutical, personal care products and household production, oil and gas exploration, hospitality, food distribution, generation thermal power, natural gas distribution and water services. Of its more than 20 transactions, the best known in the Mexican market include the acquisition of MMCinemas, the sale of Telex-Chile to Telmex, the sale of Construmega to Cemex and development of MorePharma. For additional information please visit: www.southerncrossgroup.com

Mexico Evercore Capital Partners is the private equity division of Protego and manages more than $125 million dollars. Its first investment was More Pharma; the investment in Javer will represent the second joint venture in Mexico Evercore Capital Partners with Southern Cross Group. Protego, founded in 1996 by Pedro Aspe, is a leader in investment banking advice. In 2006 it merged with Evercore, a leading US investment banking and investment management firm. Evercore has a presence in New York, Los Angeles, San Francisco, Boston, DC, Houston, London, Mexico City, Monterrey, Japan, Brazil, France and China. Other private equity investments in which Protego has participated are Volaris, Ike Assistance and Lipu.

Javer, based in Monterrey, Nuevo Leon, was founded in 1973 by Salomon Marcuschamer. It is one of the largest developers of low-income homes in Mexico. The company has a 19% market share in loans granted by Infonavit in the State of Nuevo Leon. It plans to build over 17,500 houses in 2009 and has land reserves in excess of 100,000 units. The company provides strong social support to the communities in which it participates through the installation of schools, medical centers, and sports complexes.

Disclaimer:

This press may include forward-looking statements. These forward-looking statements include, without limitation, those regarding Javer’s future financial position and results of operations, the Company’s strategy, plans, objectives, goals and targets, future developments in the markets in which Javer participates or are seeking to participate or anticipated regulatory changes in the markets in which Javer operates or intends to operate.

Javer cautions potential investors that forward looking statements are not guarantees of future performance and are based on numerous assumptions and that Javer’s actual results of operations, including the Company’s financial condition and liquidity and the development of the Mexican mortgage finance industry, may differ materially from the forward-looking statements contained in this press release. In addition, even if Javer’s results of operations are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

Important factors that could cause these differences include, but are not limited to: risks related to Javer’s competitive position; risks related to Javer’s business and Company’s strategy, Javer’s expectations about growth in demand for its products and services and to the Company’s business operations, financial condition and results of operations; access to funding sources, and the cost of the funding; changes in regulatory, administrative, political, fiscal or economic conditions, including fluctuations in interest rates and growth or diminution of the Mexican real estate and/or home mortgage market; increases in customer default rates; risks associated with market demand for and liquidity of the notes; foreign currency exchange fluctuations relative to the U.S. Dollar against the Mexican Peso; and risks related to Mexico’s social, political or economic environment.

ShareThis

PacketMotion Inc., a San Jose, Calif.-based provider of user activity management solutions for IT audit and compliance efficiency, has raised $5 million in Series C funding. Reservoir Venture Partners led the round, and was joined by return backers Intel Capital, Onset Ventures and Mohr Davidow Ventures. The company has now raised $39.5 million in total VC funding since 2004.

PRESS RELEASE

PacketMotion, pioneers of User Activity Management, today announced the closing of a $5 million Series C Round of funding. Reservoir Venture Partners led the financing, with additional contributions from all of PacketMotion’s existing investors including Intel Capital, Mohr Davidow Ventures and Onset Ventures.

PacketMotion will use the funds to expand its sales force and bolster marketing in response to strong demand for its PacketSentry Manager and Probe that help mid- to large-sized enterprises meet compliance/audit requirements and mitigate insider security threats.

“We’re backing PacketMotion because no other compliance or security product offers the same ability to look at data at the application level while operating at the network level,” said Matthew Carbonara, general partner, Reservoir Venture Partners. “Further, PacketMotion’s one-of-a-kind solution actually delivers on what others have claimed in the past–it provides deep analysis and enforcement of all transactions based on user activity, versus IP address. The market opportunity is huge, and we want to help PacketMotion capitalize on it.”

PacketMotion’s solution avoids the use of agent software or in-line appliances, both of which typically impact application availability and performance. IT and security teams are able to integrate the PacketMotion solution in less than one day, immediately lowering the costs associated with complying with regulations such as PCI DSS, SOX and HIPAA.

“Since we launched PacketSentry in early 2008, our solution has been resonating with customers who need to do more with less,” said Paul Smith, CEO, PacketMotion. “This should be our last financing round as we move towards expected profitability in 2010.”

About PacketMotion

PacketMotion, Inc. has pioneered the development of User Activity Management (UAM) to drive IT audit and compliance efficiency. Recognized by Gartner as a “Cool Vendor in Identity and Access Management, 2009”, PacketMotion’s unique approach to automating compliance and security avoids the use of agent software or in-line appliances, both of which can affect application availability or performance. IT and security teams are able to integrate the solution in less than a day, immediately lowering costs associated with complying with regulations such as PCI DSS, SOX and HIPAA. The solution also is simultaneously used to manage risks from insider fraud and protect sensitive data. For more information, visit www.packetmotion.com.

About Reservoir Venture Partners

Reservoir Venture Partners is a venture capital firm specializing in investments in seed and early stage companies. The firm typically invests in information technology, biosciences and advanced materials manufacturing devices and measurement. Within information technology, it focuses on business solutions, systems software, security communications technology, and hardware and software wireless solutions. The firm typically invests in companies with market size of $500 million. Reservoir Venture Partners was founded in 2001 and is headquartered in Columbus, Ohio. For more information, visit www.reservoirvp.com.

ShareThis

Corn amylase improves efficiency and environmental footprint of corn to ethanol
25.oct.09
Crop Biotech Update

Corn Amylase (CA), an enzyme essential to convert available starch to fermentable sugars in the production of biofuels, can improve the efficiency, cost, and environmental footprint of biofuels. It will reduce the demand for natural resources, the consumption of fossil fuels, the emission of greenhouse gases, reduce utility costs at the plant and improve the energy balance (compared to ethanol produced from conventional corn). In Corn Amylase: Improving the Efficiency and Environmental Footprint of Corn to Ethanol through Plant Biotechnologypublished in the e-journal AgbioForum, John Urbanchuk and colleagues from LECG, LLC and Michigan State University review the potential economic and environmental benefits of CA on the production of ethanol from corn and sorghum.
Results were confirmed in a trial of a new variety of corn developed by Syngenta that expresses alpha-amylase directly in the seed endosperm. The authors noted that “This technology represents a novel approach to improving ethanol production in a way that can be integrated smoothly into the existing infrastructure.”

For the full article visit http://www.agbioforum.org/v12n2/v12n2a01-stone.htm

See earlier Pundit Post
New Breakthrough Biotechnology Adds Value to Corn Growers Output & Reduces Costs of Ethanol Biofuel.