Thursday, May 14, 2009Metabasis Therapeutics Running Short On Runway, Looks For CapitalSan Diego-based Metabasis Therapeutics, which develops biopharmaceuticals for treating metabolic diseases, said today as part of its quarterly results that it is hoping to raise capital in Q2 to fund the firm's operations. The firm--which said it lost $8.2M in the first quarter--said it now has $11.8M in cash and cash equivalents on hand, enough to fund its operations into July. The firm has been attempting to stem its burn rate, having cut approximately 60 percent of its workforce since Novembe (More info...)
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Terralliance Technologies Gains New FundingNewport Beach-based Terralliance Technologies, which uses aircraft remote sensing for national resources mapping, said Thursday afternoon that it has gained new funding for the firm. The company did not disclose financial terms, or investors in this funding round, but said it is backed by Kleiner Perkins Caufield & Byers, Goldman Sachs and Passport Capital, LLC. The firm said its technology can be applied to oil and gas exploration, as well as finding gold and other minerals. Terralliance also s (More info...)
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Lunch.com Launches Reviews SiteEl Segundo-based Lunch.com launched a new online community into beta Thursday, saying that it will connect people based on their tastes and opinions on any topic. The new startup--the brainchild of former VirtualTourist.com founder J.R. Johnson--said it will focus on helping members create reviews on "almost any imaginable topic." Johnson sold VirtualTourist.com and Onetime.com to Expedia's TripAdvisor in July of last year. The firm said it is self funded by Johnson plus board member Kenneth Sor (More info...)
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Hydra Hires CIOLos Angeles-based cost-per-action advertising network Hydra is staffing up, saying Thursday that it has named Mitchell Dimler as its Chief Information Officer. The ad network said that Dimler has served at companies such as DirecTV, Transamerica, and Mail.com Media Corporation. Hydra said that Dimler will lead the firm's technology strategy and development.
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Tanner EDA Names PresidentMonrovia, California-based Tanner EDA, a developer of analog and mixed signal design tools, announced this week that it has named Greg Lebsack as President of the firm. Greg joins the company from ASP Global Services, where he was CEO. John Tanner, the firm's founder, will continue as CEO. Lebsack has also served at Sprint, and is on the board of the Technology Council of Southern California.
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Slacker Raises $9.6MSan Diego-based online music provider Slacker has raised $9.6M in a funding round, based on a regulatory filing from the company. Slacker said in the filing that it raised just over $9.6M of a $10.2M round. Details on the funding have not been released. According to the filing, Mark Leschly of Rho Ventures joins the firm's board, which also includes representatives from Centennial Ventures, Sevin Rosen Funds, and Mission Ventures, all prior investors in the firm.
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Altair Therapeutics Names New CEOSan Diego-based Altair Therapeutics, which is developing treatments for respiratory diseases, said Thursday that it has named Joel Martin, Ph.D., as its President and CEO. Marin was most recently a venture capitalists at Forward Ventures--one of the principal backers of Altair--where he was in charge of investments in Cellective Therapeutics, Hypnion, Predeix Pharmaceuticals, Novostent, and others. Martin also served at Isis Pharmaceuticals, Argonaut Technologies, and Quantum Dot Corp. Altair sa (More info...)
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Anaphore Takes $13MLa Jolla-based Anaphore, a developer of protein therapeutics, announced today that it has raised an additional $13M in the firm's Series A preferred stock financing. According to the firm, the new funding brings the total round size to $38M. New investors SR One, Merck Serono Ventures, Aravis SA joined in the close. Other investors in the round included 5AM Ventures, Versant Ventures, and Apposite Capital. Anaphore said it would use the funding to extend "operating runway" and to accelerate deve (More info...)
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BakBone Buys Email Software Firm ColdSparkSan Diego-based BakBone Software has acquired email infrastructure provider ColdSpark, in a deal worth approximately $15.9M, the firm said Thursday. BakBone said it will pay $8.125M in cash plus 18,169,780 of the firm's common stock over the next three years for ColdSpark. ColdSpark develops email transport software for the enterprise, and is based in Broomfield, Colorado. BakBone said it was advised by Craig-Hallum Capital Group LLC and Morrison & Foerster LLP in the deal.
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OptionEase Raises $2.5MSan Juan Capistrano-based OptionEase, a developer of software-as-a-service for managing stock options accounting, disclosed late Wednesday that the firm has raised $2.5M in a Series A funding round. The round came from GADS Option Fund as well as other, unnamed existing investors. According to OptionEase, it will use the funding to accelerate growth and launch new technology initiatives. OptionEase develops software which is used to maintain audit and SEC compliance around stock options and rela (More info...)
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LeisureLink Signs Florida Lodging OperatorPasadena-based LeisureLInk, which operates an online platform for vacation rental and specialty lodging providers, said Wednesday that it has signed on a Florida luxury resort, Silver Lake Resort. Financial impact of the win was not disclosed. According to LeisureLink, the resort has implemented its booking engine on its web site. LeisureLink provides online travel booking software used by vacation rental and specialty lodging operators, and is venture backed by Mission Ventures and Clearstone V (More info...)
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BakBone Names New DirectorSan Diego-based BakBone Software, a developer of data backup software, disclosed Wednesday that the firm has named Richard N. Frasch to the firm's board of directors. According to the company, Frasch was appointed to the board by holders of its Series A preferred shares. Frasch was most recently at GlobiTech Holding Company, and also was at KLM Capital Group, among other experience.
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