Wednesday, May 27, 2009Metabasis Therapeutics Lops 85 Percent , Looks For BuyerSan Diego-based Metabasis Therapeutics, which is developing treatments for metabolic diseases, said Wednesday that it will cut approximately 85 percent, or 45 of its employees. According to the firm, the move was necessary because of "difficulty in raising sufficient capital" from financing or other sources. The firm said the move would help it preserve cash and reduce ongoing operating expense. The firm said that its seven remaining employees would look to implement "strategic alternatives." In (More info...)
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eDivvy Looks To Make Group Gifts EasierNew, Los Angeles-based startup eDivvy.com is looking to make the task of buying gifts as a group easier--handling everything from collecting money from people looking to buy a gift together, to buying and shipping that gift. The idea, says President Eden Jarrin -- former founder of BeJane.com -- is to take the offline activity of collecting money and buying a gift from someone, and automating that process through an easy, online site. The angel funded firm is currently offering gifts from such r (More info...)
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E-Band Gains Series C FundingSan Diego-based E-Band Communications, a developer of millimeter-wave wireless transmission systems, said Wednesday that the firm has raised a Series C financing round. Amount of the funding was not disclosed by the firm. According to E-Band, the round was led by Hercules Technology Growth Capital, and also included Avalon Ventures. E-Band said the funding will go towards accelerating its business operations expansion.
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Intercasting Acquired By Good TechnologySan Diego-based Interacasting Corporation, a provider of mobile social networking software, has been acquired by Good Technology, the firms said this morning. Financial terms of the acquisition were not disclosed. According to Redwood City-based Good Technology, the acquisition will further expand its device portfolio and enhance the capabilities of its solutions. Intercasting was backed by Venrock, Avalon, and Masthead; its flagship software is ANTHEM, which connected mobile users to social net (More info...)
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Power-One Shuts FacilityCamarillo-based Power-One, a manufacturer of power supplies and related components, announced today that it plans to close a facility in the Dominican Republic, by the end of the first quarter of 2010. The firm said the decision is a part of a move to "realign" its global manufacturing and sourcing. The closure means the loss of 900 jobs in the Dominican Republic, where the firm manufactured AC-DC and DC-DC power products. The firm said it will have closure costs of $13 to $15M through Q2 of 201 (More info...)
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CrownPeak Opens Office In NYCLos Angeles-based software-as-a-service firm CrownPeak reports today that it has opend up an office in Manhattan. The developers of content management software said that the office will focus on East Coast creative and interactive agency partners. CrownPeak's software is used to maintain and create web sites. The firm said the new office will be managed by Scott Samios, who joins the firm from Offermatica.
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Interview with Peter Lee, Baroda VenturesA few months ago, Peter Lee--a venture local capitalist who has served at firms such as Prism Ventures and Clearstone Ventures Partners--joined a relatively unknown venture firm here in Southern California, Baroda Ventures (www.barodaventures.com). We caught up with Peter earlier this week to get the background on Baroda, and to talk a little about the firm's investment goals.
We're familiar with Baroda, but for our readers who haven't heard of Baroda Ventures, talk about the story behind the (More info...)
posted on Wednesday, May 27, 2009(Full story)