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ClearCount Medical Solutions Closes $3.4M Series B Financing Round

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ClearCount Medical Solutions, a provider of patient safety solutions for the operating room, closed its $3.4m Series B financing round.
The round was led by Draper Triangle Ventures, Midwestern-based Network Partner of Draper Fisher Jurvetson (DFJ).
The proceeds will bu used to drive sales and product development of its Radio Frequency Identification (RDIF)-based solutions designed to prevent retained surgical sponges.
Pittsburgh-based ClearCount has developed the only FDA-cleared sponge counting and detection solution.
Commenting on the round, David Palmer, CEO of ClearCount Medical Solutions said: “Thanks to the continued support of our investors, the company is positioned to drive sales growth of our existing products while continuing to bring new and innovative products to the market.
“We will continue to build and expand on our RFID platform in the Operating Room”.
FinSMEs

19/10/2009

TGC Industries Acquires Eagle Canada

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Nasdaq-listed GC Industries, Inc. announced that it has acquired Eagle Canada, Inc., a provider of seismic data and surveying services to the Canadian energy industry.
TGC Industries purchased all of the outstanding stock of Calgary, Alberta, Canada-based Eagle Canada for a total purchase price of $10.3 million, which was paid from existing cash.
The transaction was closed on October 16, 2009.
Eagle Canada, a wholly-owned subsidiary of Eagle Geophysical, Inc. and Eagle Geophysical Onshore, Inc., provides seismic acquisition services to the oil and gas industry throughout Canada. Their business model is centered around all aspects of land acquisition, with particular expertise in the acquisition of seismic data in technically complex and logistically difficult areas with 3-D heliportable capabilities.
Commeting on the deal, Wayne Whitener, TGC Industries’ President and Chief Executive Officer, said: “This acquisition is an excellent fit for TGC. It strengthens our strategic position within the seismic industry, giving us diversification and a new geographic region in which to operate.
“In addition, it provides us with operational exposure to new industries since the company has extensive experience in 3-C data acquisition in the Canadian oil sands and their seismic acquisition services are also used by the potash mining industry in Canada”.
TGC Industries, which is based in Plano, Texas, with branch offices in Houston and Oklahoma City, is one of the leading providers of seismic data acquisition services throughout the continental United States.
FinSMEs
19/10/2009

Monte dei Paschi di Siena Bank, 2Bn to Italian SMEs

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Monte dei Paschi di Siena Bank and Confesercenti, an Italian industrial confederation representing over 270,000 companies in the sectors of services, tourism, commerce and manufacturing, signed a framework agreement to develop a shared initiative to support Italian Small and Medium Enterprises (SMEs).
The agreement, which aims to consolidate the partnership signed between the two institutions in 2005, makes available €2bn to improve the access to finance for SMEs and boost the economic sectors in which they work.
In addition, Monte dei Paschi di Siena Bank and Confesercenti will implement, through an integrated initiative, a series of actions aimed to:
– develop and promote cash and payment instruments;
– promote the use of public guarantees and the role of guarantee institutions;
– develop an active policy for SMEs with particular emphasis to micro enterprises and women entrepreneurship, according to the principles expressed in the European Union’s “Small Business Act”.
In the current economic phase, in which it is essential for companies to build an active relationship with banks, the action targets to better define a SME-tailored credit offering. In this sense, the agreement will directly involve both the network of over 3,000 branches of Monte dei Paschi di Siena Bank and the offices of Confesercenti spread all over the country.
FinSMEs
19/10/2009

Goldman Sachs Launches 10,000 Small Businesses Initiative

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Toys“R”Us, Inc. has replaced its European Revolving Credit Facility, which was scheduled to expire in July 2010, with a new International Asset Backed Loan Facility that will continue until October 15, 2012.
The new facility will provide £112m of borrowing capacity to the company’s U.K., European and Australian operations for general corporate purposes and the issuance of letters of credit.
Toys“R”Us (UK), LTD., Toys“R”Us Europe, LLC., and Toys“R”Us (Australia) PTY LTD., are wholly-owned subsidiaries of Toys“R”Us, Inc., which operates the Toys“R”Us and Babies“R”Us stores in the United Kingdom, Europe and Australia.
The borrowing rates in the new facility vary with usage and are approximately LIBOR plus 4.0%. Deutsche Bank and Banc of America Securities LLC were joint lead arrangers and joint bookrunning managers for the transaction. Other major lending institutions participating in the agreement were Citibank and Goldman Sachs.
As stated by Clay Creasey, Chief Financial Officer, Toys“R”Us., this borrowing facility will provide the company with additional liquidity to fund its international seasonal working capital needs.
“This is our third major refinancing this year, and it is yet another vote of confidence from our bank group. These funds, combined with the existing strong liquidity position of the parent company, will help ensure the continued growth of our international operations”.
FinSMEs
19/10/2009

Blog Search Engine Technorati Raised Additional $2M

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San Francisco-based Technorati, the famous blog search engine, raised additional $2m in venture capital funding.

According to reports, existing investors Draper Fisher Jurvetson, Mobius Venture Capital participated in the round along with other undisclosed investors.

Before this extension, the company had already raised $30m. 

FinSMEs

18/10/2009

USA, Milliken Acquires Rebus

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Milliken & Company the acquisition of the assets of Rebus, Inc., a chemical company located in Aston, PA.
The transaction occurred through one of Milliken’s wholly-owned subsidiaries.
Rebus produces pigment and additive dispersions for the thermoset plastics and high-performance industrial coatings markets.

As stated by Joe Salley, president and CEO of Milliken, with this move the company will increase its footprint in the area of innovative technologies and products.
“Rebus is an excellent fit for Milliken given our existing expertise in colorants and their application in a variety of plastic materials”, he said.
“We have been working hard on this acquisition for quite some time and are pleased to bring this exciting news to our Milliken associates and customers. Like most companies, we have had to make some tough decisions during the recession. This is great news for both companies,” Salley added.
Rebus’ founder Jim Steever will continue with the new organization in a business development role.
Milliken will continue the operation in the 40,000 square foot existing facility in Aston.
FinSMEs
18/10/2009

TA Associates Completes $60M Minority Investment in TEOCO

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TA Associates, a private equity firm, completed a $60m minority investment in TEOCO Corporation.
Hythem T. El-Nazer, a Senior Vice President at TA Associates will join TEOCO’s Board of Directors.
Founded in 1994, TEOCO (The Employee Owned Company) is a software and services company that provides cost, routing and revenue management solutions for communications service providers worldwide.
TEOCO is headquartered in Fairfax, Virginia, with offices in the United States, the United Kingdom and India serving more than 50 leading North American and international wireless, wireline, wholesale and cable service providers. 
FinSMEs
18/10/2009

Italy, Sace to Boost its Presence in Asia Pacific

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Celebrating its three-year long presence in Hong Kong, SACE, Italy’s provider of credit insurance, investment protection and contractual guarantees to cover political and commercial risk, has reaffirmed its strategic support to South and Eastern Asia.
During the luncheon “Driving your ambitions in Asia Pacific” hosted in Hong Kong, SACE highlighted the role that an export credit agency can play, especially post the recent financial turmoil, to an audience of entrepreneurs, financial operators and institutions .
Speaking about Asian markets’ opportunities, Mr. Raoul Ascari, Chief Operating Officer of SACE, said: “Asia is a key growth area, as well as our expectation that the recovery process will generate new opportunities for Asian and Italian companies in the months to come”.
na, India, , Hong Kong.
According to last figures, with an exposure of €1.4bn in the area, SACE has maintained its ongoing commitment to fostering business opportunities between Asia and Italy. Last year, Italian exports to Asia accounted for €22.3bn, consisting mainly of engineering, machinery, electronics, chemicals, leather products and metal goods, while Asian exports to Italy totalled €40bn.
India is currently SACE’s largest market in Asia (61.2% of the company’s exposure in the area), followed by South Korea (8.6%), Vietnam (8.2%) and China (6.7%).
Commenting on Asia’s growth potential, Ms. Michal Ron, SACE’s Head of International Relations and Network, said: “The presence of a large number of emerging economies and economic giants, notwithstanding the difficult conditions prevailing in the global economy, will lead to new areas of collaboration and increased demand for credit support requirements. Our attention will be focused on China, India, Indonesia and Vietnam as these markets represent appealing destinations for investment”.
FinSMEs
18/10/2009

Augmenix Closes $6.1M Series B Financing Round

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Augmenix, a Waltham, Mass.-based company focused on the development and commercialization of implantable biomaterial based solutions for improved radiotherapy safety and/or efficacy, has closed a $6.1m Series B financing round.
The round was led by Ascension Health Ventures (AHV) with participation from existing investors Versant Ventures, Pinnacle Ventures, Catalyst Health Ventures and several private investors.
The proceeds will be used to conduct the clinical and commercial development of its first product SpaceOAR System – an injectable tissue spacer that will decrease rectal morbidity or enable improved efficacy in prostate radiotherapy – in Europe and the United States, as well as to develop other products in the Augmenix pipeline.
FinSMEs
16/10/2009

Flexion Therapeutics Raises $33M in Series A Financing

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Flexion Therapeutics, a Woburn, Mass.-based company that advances drug candidates through clinically meaningful proof of concept and beyond, completed a $33m Series A financing round led by Versant Ventures with participation from founding investors 5AM Ventures and Sofinnova Partners.
Established in 2007, the company provides a new vehicle to define the potential of drug candidates, advance candidates of demonstrated potential through commercialization, and optimize portfolio value.
The funds will be used to advance a number of promising drug candidates through clinically meaningful proof of concept and beyond.

FinSMEs
16/10/2009

Sometrics Closes Series B Financing Led by Steamboat Ventures

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Sometrics closed a Series B round of financing led by Steamboat Ventures with participation from original investors Mail Room Fund and Greycroft Partners.
Beau Laskey, a managing director at Steamboat Ventures, has joined Sometrics’ Board of Directors.
The new funds will enable the Los Angeles-based company to grow its market presence through strategic hires and by boosting its investment in marketing.
Sometrics provides an innovative technology enabling publishers, developers and advertisers to more effectively analyze user data and better target their audience, and consumers to manage their virtual currency across a number of gaming platforms.
FinSMEs
16/09/2009

Endocyte Closes $26M Equity Financing

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Endocyte Inc., a cancer drug discovery and development company, completed a $26m extension of its Series C financing round.
This round included existing institutional investors Sanderling Ventures, Burrill & Co., American Bailey Ventures, Blue Chip Venture Co., and Triathlon Medical Ventures and new investor Clarian Health Ventures.
Based on the applications of Endocyte’s advanced proprietary Drug Guidance System (DGS), the West Lafayette, Ind.-based company is working to develop new drugs and diagnostic agents to treat many types of cancer and other serious diseases.
Commenting on the round, Mike Sherman, chief financial officer of Endocyte said: “Our investors recognize the important clinical and preclinical progress we have made, as well as the significant potential of these technologies.
“The next major milestone will be the completion of the PRECEDENT study, a randomized Phase II study in ovarian cancer. Data from this study will be available as early as mid-2010”.
FinSMEs
16/10/2009

London-based Fizzback Secures £1.6M in Second Funding Round

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London-based Fizzback, a provider of Customer Engagement Platform, has completed a £1.6m second funding round led by Nauta Capital
 
Advent Venture Partners, which participated in this funding, had led the previous £2.5m round in October 2006.
The funds will allow Fizzback to further expand into Continental Europe and the US.
Commenting on the financing, Rob Keve, Fizzback’s founder and CEO, said: “Nauta Capital brings a powerful combination of sector expertise and industry contacts, alongside their funding, which is already providing access to new market opportunities. Advent Ventures’ follow-on investment, builds on our already close partnership, and is a testament to their belief in our ability to continue to build a highly successful business”.
FinSMEs
16/10/2009

Germany, Next Generation of VoIP Technology Click-2-Call Receives VC Funding

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C2Call GmbH, the developer of a browser-based VoIP for the computing cloud, has received a venture financing from High-Tech Gründerfonds and angel investors Michael Brehm and Tapesh Sinha.
The proceeds will fund the internationalization and marketing of www.friendcaller.com, the Java browser-based VoIP suite and the popular FriendCaller iPhone apps.
According to Martin Feuerhahn, Founder and CEO of C2Call, “The High-Tech Gründerfonds not only provided investment, but opened its impressive network of portfolio companies to us and helped us to prepare our corporate structure and legal framework for the next growth phase”.
The company was founded in April 2008 by Martin Feuerhahn and Michael Knecht. It is headquartered in Werl, Germany with an office in Taiwan. 
FinSMEs
16/10/2009

Germany, MyBrands Completes First Financing Round

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Start up MyBrands GmbH, the operator of the online designer outlet mybrands.de, completed its first financing round led by Grey Corporate Investments AG, IBB Beteiligungsgesellschaft and two business angels.
The funds will be used to expand myBrands domestically and internationally.
The designer outlet mybrands.de offers its customers the possibility to buy fashion brands up to 70% cheaper. Funded early in 2009, Berlin-based MyBrands has developed quickly into a fast growing company and now employs more than 20 employees.
FinSMEs
16/10/2009
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