IRVINE, CA — Micro Therapeutics Inc. (Nasdaq: MTIX) announced
today that it has received a $56 million financing commitment from Micro Investment LLC,
a limited liability company managed by Warburg, Pincus Equity Partners, L.P. This
financing will support Micro Therapeutics’ (MTI) ongoing clinical, marketing and new
product development programs, principally for the company’s innovative Onyx(TM) Liquid
Embolic System. Under the terms of the agreement, the financing will consist of a two-stage private
placement of common stock. The first stage, expected to be funded by the end of this week,
involves the private placement of nearly 2.0 million shares of common stock at a price of
$3.75 per share, resulting in the receipt of proceeds by MTI of nearly $7.5 million before
transaction expenses. The second stage of the investment will comprise the placement of
approximately 8.1 million shares of common stock at a price of $6.00 per share, giving MTI
proceeds of approximately $48.5 million before transaction expenses. MTI has
agreements with other parties, which allow those parties to participate in private equity
financings. If those parties elect to fully participate in this financing, an aggregate of
approximately 10 million shares will be issued to the investor and the other parties in the
second stage at a price of approximately $5.92 per share, giving MTI proceeds in the
second stage of approximately $59 million. Under Nasdaq Stock Market rules, stockholder
approval will be required for the closing of the second stage of the investment since it
would result in ownership by the investor of more than 50 percent of MTI’s outstanding
STAMFORD, CT — vSimplify Inc., a Stamford, CT-based Internet company providing hosted Corporate Intranets, online benefits enrollment and voluntary benefits for small and midsize
companies, has received $2.75 million in funding from a group of investors including Skandia Innovation U.S., Inc., a new venture development company of Sweden’s Skandia
Insurance Company, Ltd., Connecticut Innovations, Inc., the State of Connecticut’s leading investor in high technology investments, and Lexam Capital, a New York-based
venture capital firm.
vSimplify’s web platform provides an extensive range of employee self-service and benefits administration services including online benefits enrollment, hosted intranet, email
and worksite marketing. The funds will be used to further enhance the platform and drive customer acquisition activities.
SAN FRANCISCO — Partech International, a leading venture capital firm with offices in San Francisco and
Paris, announced that Kevin Carrington has joined the firm as portfolio manager for the $130 million AXA U.S. Growth Fund. Prior to joining Partech International, Carrington was a vice president at Pequot Capital Management, where he focused on enterprise software and technology services. Before
Pequot, Carrington was vice president at Franklin-Templeton Group, where he was responsible for more than $1 billion in invested funds. Carrington’s bottoms-up research
approach includes fundamentals-based equity analysis, detailed financial modeling, company visits and management interviews.
LONDON & DALLAS — Hicks, Muse, Tate & Furst and Apax Partners today announced the acquisition of Yell from British
Telecommunications PLC for a total consideration of 2.14 billion Pounds Sterling. Yell includes the UK Yellow Pages, the leading UK classified advertising directory business,
and the USA based Yellow Book, a sector-leading yellow pages publisher in the United States.
Equity is being provided by Apax Partners’ funds (Apax Europe IV, Apax Europe V and Apax Excelsior VI) and Hicks, Muse, Tate & Furst’s funds (HMTF Europe Fund and
HMTF Equity Fund V). The transaction is being financed with 1.45 billion Pounds Sterling of debt, which is being underwritten by Merrill Lynch and CIBC. Merrill Lynch also
acted as financial advisor to Hicks, Muse, Tate & Furst and Apax Partners, who are equal partners in the transaction.
ANDOVER, MA — TeleHubLink Corp. (OTC BB: THLC, THLCW), a pioneering company in wireless
encryption and broadband secure communications, announced today that the company signed a formal offer term sheet for $10 million to a private investment firm in exchange for
SAN DIEGO & CAMBRIDGE, UK —
SEQUENOM Inc. (Nasdaq: SQNM) and Gemini Genomics PLC (Nasdaq: GMNI) announced today that they have agreed to merge
their businesses in a stock-for-stock exchange. The merger will significantly
expand SEQUENOM’s ability to perform disease gene association and genetic
marker validation studies. SEQUENOM believes this will provide a pipeline of
validated genes for downstream development of diagnostic and therapeutic
VANCOUVER — Ventures West Management Inc. today announced that it
has committed $ 20 million to early-stage technology companies in Canada in the first
quarter of 2001. Commitments to new investee companies include $ 4.5 million to Plazmic
Inc. and $ 2 million to Inphogene Biocommunications Inc. In addition, Ventures West has
committed $ 13 million to the continuing support of previously funded companies.
As part of its ongoing commitment to grow world-class technology companies in Canada,
Ventures West focuses its investment strategy in four sectors – information technology,
telecommunications, biotechnology and energy technology.
NEW YORK — W. P. Carey & Co. LLC (NYSE: WPC), a
leading real estate investment banking firm and lessor of net leased corporate
properties, announced today that it has acquired a key manufacturing facility
from Nexpak Corp. (“Nexpak”), one of the world’s largest media packaging
companies, for approximately $13.6 million. The facility, located in Duluth,
Georgia, serves as one of Nexpak’s primary manufacturing and distribution
centers and will be leased to Nexpak for an initial period of 20 years under a
PARIS, FRANCE — Neurotech SA, a specialist in the discovery, development and commercialization of
cell-based therapies in the eye and the central nervous system (CNS), announces today
that it has raised Euro 35 million in a pre-IPO funding round. The additional funds will allow
Neurotech to progress several key projects towards clinical trials.
Joint lead investors in this round of funding were Apax Partners and Merlin Biosciences.
Other new investors are Westdeutsche Landesbank Girozentrale, ABN Amro, Rothschild,
and AGF Innovation. Existing investors (3i Plc, GIMV, Atlas Ventures, CDC Innovation,
Sofinnova, Sudinnova, Banque de Vizille, Banexi, Private Equity Holdings and IMH) also
BOSTON — Adams, Harkness & Hill, the Boston-based investment bank specializing in emerging
growth companies, announced today that Jonathan P. Gertler, M.D. has been named vice
president of its healthcare investment banking division.
Dr. Gertler will focus specifically on the medical device/medical technology industries,
working closely with the firm’s research teams to expand Adams, Harkness & Hill’s
investment banking activities in these sectors. Dr. Gertler, 45, comes to Adams, Harkness & Hill after spending 14 years as a practicing
surgeon and in clinical and basic research, and with three years of experience in venture
capital investing within the medical device and technology arenas.
During his academic surgical career, Dr. Gertler was Director of the Surgical Intensive
Care Unit at Yale New Haven Hospital, and subsequently was Chief of Vascular Surgery at
SUNY-HSCB in New York. For the last nine years, Dr. Gertler has been a vascular surgeon
at the Massachusetts General Hospital in Boston and Associate Professor of Surgery at