GoFish Corporation Secures $22.5 Million Financing

SAN FRANCISCO GoFish Corporation (OTCBB:GOFH – News)(www.gofishcorp.com), a leading digital media company, today announced that it has secured $22.5 million in a private placement financing led by Panorama Capital, Rustic Canyon Partners and Rembrandt Venture Partners.

The company will use the proceeds to retire its debt, further accelerate the growth of its immersive media solutions and continue expansion of its sales and marketing team.

With audience share growth that has outpaced its peers by 300%, GoFish now reaches a monthly average of 69 million unique visitors globally and 25 million domestically. The third quarter of 2008 marked the second consecutive quarter of approximately 100% revenue growth over the prior quarter.

GoFish has rapidly become a trusted partner and a must buy for brand advertisers based on its uniquely immersive media environments. The GoFish audience spends an average of 68 minutes within high attention experiences such as gaming, entertainment and virtual worlds.

Michael Jung of Panorama, Mark Menell of Rustic Canyon and Richard Ling of Rembrandt join the GoFish Board of Directors.

We’re thrilled to have the backing of such well respected partners, said Tabreez Verjee, President of GoFish. This has been a year of significant growth and achievement. Our new capital reinforces our solid position in the marketplace and provides for continued growth of capacity, products and revenue. We have built considerable momentum and increased share thus far with a small team and we believe were poised to continue our growth in 2009.

We have an exciting new model for brand marketers, an exceptionally talented team and a fantastic marketplace opportunity, said Matt Freeman, CEO of GoFish. We are well positioned to challenge the incumbents of traditional media and the portals with more imaginative, immersive and highly accountable campaigns.

Michael Jung, Partner at Panorama Capital said, “GoFish has taken a unique approach to serving the needs of major brand advertisers struggling to capture attention of desirable audiences in an increasingly fragmented media landscape. They have demonstrated consistent execution and exceptional results over the past year.

Richard Ling, Partner at Rembrandt Venture Partners said, GoFish represents an exceptional opportunity in the online advertising space, particularly at this time. Advertisers across the board will be uncompromisingly looking for efficiency and quality in the properties in which they will be willing to spend their limited resources. The team at GoFish represents a unique blend of talent and relationships that has built the type of solution we believe advertisers want to see.

In a very short period of time, GoFish has established itself as a leading online partner for brand advertisers seeking to reach one of the most sought after audiences, said Mark Menell, Partner at Rustic Canyon Partners. The company has a proven business model with some of the most experienced thought leaders in the digital media ecosystem at the helm.

Under the terms of the financing, the investors have committed to invest $22.5 million with an option to invest an additional $2.5 million over the next few weeks. The investors will purchase newly created Series A Preferred Stock convertible at a per common share equivalent price of $0.20 per share. The investors also will receive warrants to purchase common stock at $0.20 per share. GoFish will use a portion of the proceeds to repay all of its outstanding debt and to cancel outstanding warrants. In connection with the repayment of the companys debt, holders of 36% of the companys outstanding convertible debt have elected to convert their debt into Series A Preferred Stock. The holders of the companys subordinated debt converted all of their debt into Series A Preferred Stock and exchanged their common stock warrants into common stock at a ratio of one share of common stock for every 10 warrant shares. Holders of an additional 11% of the companys convertible senior debt have the option to convert their debt into Series A Preferred Stock in the next few days. Assuming the investment of $22.5 million and conversion of 36% of the companys outstanding convertible debt (and excluding any conversion by holders of the additional 11% of the companys convertible debt into Series A Preferred Stock), the company will issue Series A Preferred Stock convertible into approximately 152 million shares of common stock, approximately 3.6 million shares of common stock and issue warrants to purchase approximately 61 million shares of common stock. More details of the financing will be reported when the company files its Current Report on Form 8-K with the U.S. Securities and Exchange Commission.

About Panorama Capital

Panorama Capital is a venture capital firm based in California’s Silicon Valley that invests in passionate entrepreneurs who are building leading companies in technology and life sciences. Founded in late 2005 as the successor to the venture capital program of JPMorgan Partners, the Panorama team takes a hands-on, highly collaborative approach to investing, bringing to each portfolio company the extensive experience of a seasoned group of investors who collectively possess more than 140 years of broad experience as investors, executives, entrepreneurs, engineers and physicians. Panorama has been a successful investor in the digital media sector with portfolio companies like Federated Media. For more information about Panorama Capital, visit www.panoramacapital.com.

About Rustic Canyon Partners

Rustic Canyon Partners is an early stage venture capital firm that invests in exceptional entrepreneurs building transformational companies. The investment team works collaboratively, drawing on a diverse set of experiences as successful entrepreneurs, managers, and strategic and financial advisors. With over $900 million in funds under management, Rustic Canyon is one of the largest firms based in Southern California, with strong presence in Silicon Valley and Seattle. Key investment themes include Internet/media convergence, clean technology, technology-enabled services, information services, and wireless and wireline broadband.

About Rembrandt Venture Partners

Rembrandt Venture Partners (RVP) was established in 2004 to provide private equity capital to early stage technology companies. Rembrandt invests in a variety of sectors including Internet infrastructure, application software delivered as a service, communications, next generation wireless sectors and new media convergence. Vision: As many venture funds have dramatically increased in size, and angel investment activity has declined over the past few years a void has developed in the market. Rembrandt believes there is a substantial opportunity for a fund focused on early company building.

About GoFish Corporation

GoFish Corporation (www.gofishcorp.com) (OTCBB:GOFH), headquartered in San Francisco and New York with sales offices in Los Angeles and Chicago, is a leading entertainment and media company focused on brand immersion experiences that reach consumers in a deeply engaged state of mind. GoFish specializes in aggregating and distributing premium content on a large network of quality sites for which GoFish is the exclusive brand advertising monetization partner. The GoFish Network of sites reaches over 25 million unduplicated online users domestically and 69 million worldwide.* It ranks as the third largest online U.S. youth opportunity and a top five mom opportunity for blue-chip advertisers.

*Source: Comscore Media Metrix Media Trend (with duplication), October 2008.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward
-looking statements in this press release include statements relating to GoFishs expected growth in future periods and other statements identified by words, such as projects, believes, anticipates, plans, expects, will, and would, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of GoFish to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. Actual events may differ materially from those mentioned in these forward-looking statements because of a number of risks and uncertainties. Discussion of factors affecting GoFishs business and prospects is contained in GoFishs periodic filings with the Securities and Exchange Commission. GoFish undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the GoFishs filings with the Securities and Exchange Commission. These filings are available on a website maintained by the Securities and Exchange Commission at www.sec.gov.

TEL Venture Capital, Inc. Invests Additional Capital into Unidym, Plans Collaboration in LCD and Solar Industries

PASADENA, Calif. Unidym, a majority owned subsidiary of Arrowhead Research Corporation (NASDAQ: ARWR – News), announced today that TEL Venture Capital, Inc., the U.S. investment arm of Tokyo Electron, has invested additional capital into the company. Concurrent with the investment, Unidym and Tokyo Electron intend to enter into a program to develop equipment for use in the production and integration of Unidyms films. The two companies also agreed to share information to advance Unidym’s progress in printed electronics, a disruptive approach to electronics manufacturing that leverages inexpensive wet coating processes rather than the more expensive processes currently employed in the electronics industry.

Unidym is a leader in carbon nanotube-based transparent, conductive films (TCFs) for the electronics industry. TCFs are a critical component in devices such as touch panels, displays, and thin-film solar cells. For example, both touch panels and LCDs typically employ two TCF layers per device. Unidym’s TCFs offer substantial advantages over the incumbent technology, indium-based metal oxides, including: improved durability, lower processing costs, and lower overall cost structure. For the LCD and solar industries, Unidym plans to sell a TCF ink that customers will deposit in their manufacturing lines. TEL and Unidym intend to work together to modify TEL’s existing equipment to support Unidym’s inks.

“Tokyo Electron’s follow on investment validates our product offering in the display industry,” said Art Swift, President and CEO of Unidym. “TEL is one of the world’s leading suppliers of LCD manufacturing equipment and an ideal partner to provide complete equipment solutions to our LCD display customers.”

About Unidym, Inc.

Unidym is a leader in the manufacture and application of carbon nanotubes (CNTs), a novel material with extraordinary electrical, thermal, and mechanical properties. Unidym provides bulk materials, CNT-enabled products, and intellectual property to a wide range of customers and business partners. As a result of its recent merger with CNI, Unidym possesses a foundational patent portfolio that covers nearly every aspect of CNT manufacturing and processing as well as multiple product applications.

Unidym is focused on the electronics industry where its initial products include transparent electrodes for touch screens, flat panel displays, solar cells, and solid state lighting; electrodes for fuel cells; and thin film transistors for printable electronics. Unidym is also pursuing a cross-industry partnership strategy to capture value from the wide ranging uses of CNTs. Unidyms licensing program, technical expertise and manufacturing facilities can enable partners to rapidly develop CNT solutions for their specific applications.

About TEL

TEL, established in 1963, is a leading supplier of innovative semiconductor and FPD production equipment worldwide. In Japan, TEL also distributes computer network related products and electronic components of global leading suppliers. To support this diverse product base, TEL is strategically located around the world. TEL is a publicly held company listed on the Tokyo Stock Exchange. www.tel.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Arrowhead Research Corporations Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statements on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Sambazon Announces Private Equity Funding from Verlinvest

New Investment Will Support Future Growth as Sambazon Expands Distribution Across the U.S.A

SAN CLEMENTE, Calif., Dec. 3 Sambazon (www.sambazon.com), the pioneer and global market leader in acai food and beverages, announced today the initial closing of its largest round of funding to date from lead investor, Verlinvest.

Verlinvest, a Belgian based private equity group, pledges to support the Company’s exponential growth within the organic food and beverage categories. Sambazon will use the investment to expand distribution and marketing efforts for its premium acai product lines.

“We are very excited about this new partnership. Verlinvest’s knowledge and relationships in the beverage industry are unparalleled and will add tremendous value to growing our distribution,” said Ryan Black, CEO, Sambazon. “Verlinvest’s international experience in building iconic brands also makes them the ideal strategic partner as we execute our growth plan.”

Since its founding in 2000, Sambazon has continued to raise the industry standard with quality organic acai products. They created the first vertically integrated supply chain for the acai berry and are internationally recognized as a “green” business leader. Guided by the Triple Bottom Line principles, which incorporate environmental, social and economic success, Sambazon pioneered a sustainable business model in the Amazon Rainforest and created worldwide awareness of acai. Today, Sambazon products are found in over ten thousand supermarkets, health food stores and juice bars.

“Sambazon is the hottest up and coming brand in the beverage space, with dynamic products and a supply chain to reach significant scale,” says Frederic de Mevius, Verlinvest’s Managing Director. “They have outperformed competitors in the beverage, frozen and supplement categories and as consumers continue to look for organic, functional and nutrition rich food and beverages, Sambazon’s future is prospected to be very bright.”

Partnership Capital Growth, a San Francisco based investment bank, is advising the transaction exclusively. Verlinvest is the lead investor with participation by Bradmer Foods and RSF Social Finance.

About Sambazon

Sambazon is the global leader in acai – a deliciously nutritious purple berry from the Amazon Rainforest. Sambazon’s product portfolio of Organic acai beverages, frozen products and supplements are available at thousands of retailers including Whole Foods Market, Jamba Juice, Kroger and Publix. In 2006, Condoleezza Rice named Sambazon winner of the “ACE Award for Corporate Excellence” for helping to create worldwide awareness and demand for the acai fruit while supporting local indigenous communities in Brazil through a unique market driven conservation business model. www.sambazon.com

About Verlinvest S.A.

Verlinvest is a Belgian private equity firm specializing in diversifying family holdings through equity and debt instruments. The firm typically invests in entrepreneurs, family businesses, multinationals in the branded consumer goods and services industry with a focus on alcoholic (spirits), healthy non-alcoholic beverages, fashion, cosmetics and well being services. www.verlinvest.be

About Partnership Capital Growth Advisors

PCGA is a FINRA/SIPC-licensed broker dealer providing full-service financing and capital structure advisory services to middle market companies, focusing exclusively on consumer products and services for healthy, active and sustainable living. www.pcg-advisors.com

Analytix On Demand Closes Mezzanine Funding Round

IRVINE, Calif. Analytix On Demand (http://www.analytixondemand.com), enterprise-class business intelligence at a fraction of the cost, today announced that it has closed a mezzanine round of funding from an affiliate of Irvine, Calif.-based Private Equity Management Group (http://www.pemgroup.com). The amount of funding was not disclosed.

Analytix on Demand connects the dots across an entire organization to give companies the central truth about business performance. Its service offers fast and affordable business intelligence, helping companies of any size from SMBs to the enterprise see whats really going on throughout an organization and how each business area affects everything else. This insight helps clients act with confidence, save time, reduce costs and boost profits.

Analytix On Demand is liberating companies from the big business intelligence projects that take months to implement and cost thousands, said Jason Wang, Director at PEMGROUP. Instead, Analytix On Demand gives companies a way to get answers to business questions in mere weeks, all for an affordable price. Its something all companies want the ability to solve business problems and make informed decisions. The founders have been doing this for Fortune 500 companies for more than a decade, and were thrilled to partner with them as they make their enterprise-class solutions available to companies of any size.

Most companies have several reporting systems, like Excel, Oracle and others. But theres usually someone there whos drowning in data and spending too much time trying to make sense of it all, said Vik Torpunuri, Analytix On Demand Founder and CEO. We connect the dots, analyzing data from every area of the business and gathering it from any source. We turn that data into insight, making it give you the answers you need.

Most companies have multiple sources of data, and its either too complex or too expensive to find a solution that can make them all work together to arrive at the central truth about business performance. Analytix On Demand has built a sophisticated and affordable solution that solves that problem. The solution gathers data from any source, in any form. It has pre-built connectors and processes for several popular applications, including Salesforce, QuickBooks, Microsoft Excel, Oracle E-Business Suite, SAP and many others making data integration quick and easy. Analytix On Demand also can accept data from almost any other source, and can extract, transform and load it in record time.

Analytix On Demand delivers information to clients in a way that works for each company. It can report on the entire organization: physical retail outlets, call centers, websites, marketing activities, sales performance, logistics and anything else. Because Analytix On Demand is delivered as software-as-a-service (SaaS), theres no hardware or software to buy or install, and customer costs remain low and predictable.

Analytix On Demands solution will work for any type of company within any industry small- to mid-size businesses, or departments within large enterprises. Its service suite includes solutions designed expressly to meet the unique needs of the healthcare and retail organizations, and function-specific solutions for finance departments and call centers.

Torpunuri has more than 15 years of management consulting experience, delivering end-to-end business intelligence solutions for Fortune 100 companies in healthcare, life-sciences, entertainment, high-tech manufacturing, oil and gas supply chain and the public sector.

About Analytix On Demand

Business smarts, simplicity, speed at a fraction of the cost.

Analytix On Demand (www.analytixondemand.com) connects the dots across an entire organization to give companies the central truth about business performance. Its service offers fast and affordable business intelligence (SaaS), helping companies of any size from SMBs to enterprises see whats really going on throughout an organization and how each business area affects everything else. This insight helps clients act with confidence, save time, reduce costs and boost profits. Clients start seeing a return on investment in just 30 days or less. The companys service suite includes solutions designed expressly for healthcare and retail. Analytix On Demand is based in Irvine, Calif., and has offices in New York, Houston and San Jose.

Chromatin Raises $12.4 Million in Series C Financing

CHICAGO Chromatin, Inc., today announced that it has completed a Series C financing round of $12.4 million, led by Quantitative Financial Strategies, Inc. (Quant) (Greenwich, CT), and joined by the Malaysian Life Sciences Capital Fund (MLSCF) and Chromatins existing investors Burrill & Company, Venture Investors, Unilever Technology Ventures, Foragen Technology Ventures, and Illinois Ventures.

Chromatin has developed, protected and commercialized mini-chromosome technology an innovation that makes it possible to introduce multiple genes (gene stacks) simultaneously into any plant cell. With this financing round, Chromatin will leverage the success of its gene stacking capability to aggressively enter the bioenergy feedstock market, said Dr. Daphne Preuss, Chromatins CEO and co-founder.

Chromatin previously announced partnerships with leading agricultural companies to advance mini-chromosome applications in crops such as corn and soybeans. This investment will support the development of proprietary feedstocks that contain the gene stacks needed to improve yields and reduce the costs of producing fermentable sugars. The company plans to launch strategic partnerships with industry leaders to provide distribution channels for its bioenergy products.

Chromatins technologies and products will address needs in multiple global markets. I look forward to the Companys success, said Dr. Sanford Grossman of Quant, who has joined Chromatins Board of Directors.

We welcome Quant and MLSCF as investors in Chromatin, said John Hamer, Chairman of Chromatins Board of Directors, a Managing Director of Burrill and Company, and a Director of MLSCF. I am encouraged by Chromatins progress in developing its technology and in attracting significant interest from leading companies in the agriculture and bioenergy sectors.

Chromatin previously raised $12 million in equity financing. The companys core mini-chromosome technology allows rapid improvement of crops and feedstocks for agriculture and bioenergy markets, accelerating product pipelines, reducing production costs, and enabling novel plant-based products. For more information please visit: www.chromatininc.com.

Infinite Power Solutions Raises $13M in Series B Financing

Enables Volume Production Ramp of Thin-film Micro-energy Cells to Power Microelectronic Devices

LITTLETON, Colo., Dec. 3 Infinite Power Solutions, Inc. (IPS), a leader in the development and commercialization of solid-state, rechargeable thin-film batteries, today announced the completion of its Series B round of financing raising $13 million in new capital to fund the ramp to volume production of its new THINERGY(TM) micro-energy cell (MEC(TM)) product family. This recent financing augments the $35.7 million IPS raised in 2006 during its Series A round, which was used for the construction and build-out of the world’s first facility for volume manufacturing of solid-state, rechargeable thin-film batteries. Completed this year, this new facility will begin initial production shipments to customers this month.

Existing financial investors D. E. Shaw Ventures and Polaris Venture Partners led the Series B round, and were joined by the company’s other existing investors Core Capital Partners, Applied Ventures LLC (the venture capital arm of Applied Materials) and In-Q-Tel, along with a new, unnamed strategic investor. Based on the strength of its innovative technology and products, IPS has earned the distinction of being the recipient of the largest private equity investment for any new thin-film micro-battery technology over the past decade.

IPS’ THINERGY MECs represent a new class of electronic components that are ultra-thin and flexible — providing nearly lossless energy storage along with unrivaled rechargeability, cycle life and power performance. IPS’ MECs are ideal for harvesting and storing all forms of ambient energy such as solar, thermal, RF, magnetic and vibration energy — providing a safe, reusable and clean energy source that can deliver a lifetime of power to electronic devices and systems.

“It is a testament to our compelling value proposition that even in today’s very difficult financing environment, we were able to raise all the capital we require for the global launch and ramp to volume production of our THINERGY micro-energy cell product family,” commented Ray Johnson, IPS president and CEO. “The Series A funding two years ago allowed us to build out our production facility in Colorado, while this latest round allows us to expand our sales channels and increase our applications engineering resources to further support our customers and strategic partners. This will accelerate the widespread industry adoption of our technology and product solutions.”

“IPS delivers a new energy storage solution enabling devices to power themselves autonomously with energy harvested from the surrounding environment,” said Alexander Wong, a managing director of D. E. Shaw & Co., L.P., head of D. E. Shaw Ventures and an IPS director. “Because IPS’ products have a small and highly adaptable form factor, they provide a unique solution to powering devices ranging from wireless sensors to active RFIDs and real- time location systems.”

Bob Metcalfe, general partner at Polaris Venture Partners and IPS director, added, “IPS’ thin-film micro-batteries, or as we like to call them, micro-energy cells, offer important new capabilities to the 10 billion embedded controllers shipped every year. With our robust rechargeable MECs, microcontrollers can be equipped with energy harvesting and wireless networking to find wide application in environmental sensing and energy management.”

About Infinite Power Solutions, Inc.

Infinite Power Solutions, Inc. (IPS), a U.S. based clean-technology company, is the global leader in developing, marketing and manufacturing solid-state, rechargeable thin-film micro-energy storage devices for a variety of micro-electronic applications. Founded in 2001, IPS is privately held with corporate headquarters and manufacturing facilities in the western suburbs of Denver, CO. The company has completed the build-out of the world’s first volume manufacturing facility dedicated to the production of its revolutionary thin-film micro-energy cell (MEC(TM)) products (often referred to as thin-film batteries). IPS has recently commenced pre-production activities at this state-of-the-art facility to address growing demand among customers in the wireless sensor, active RFID, powered smart card, medical device, consumer electronics, automotive and civil/military/aerospace markets. Additional information about IPS is available at http://www.InfinitePowerSolutions.com.

About Applied Ventures

Applied Ventures, LLC, (http://www.appliedventures.com) a subsidiary of Applied Materials, Inc., invests in early stage technology companies with high growth potential that provide a window on technologies that advance or complement Applied Materials’ core expertise. Applied Ventures’ investments help develop technologies and markets that provide natural extensions of Applied Materials’ businesses and can stimulate the growth of applications for its products and services. Applied Materials, Inc. is the global leader in Nanomanufacturing Technology(TM) solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass. For more information, visit http://www.appliedmaterials.com.

About Core Capital

Core Capital is a venture capital firm headquartered in Washington, DC. The firm currently manages $350 million and provides capital to high-growth technology companies. Core Capital focuses on the kinds of disruptive, “core” technologies that enable or enhance data and communication, financing emerging opportunities in wireless, security, video, internet media, and software. To date, the firm has backed over 40 companies, with successful investments in a wide range of information technologies and business services. To learn more, please visit our website, http://www.core-capital.com.

About D. E. Shaw Ventures

D. E. Shaw Ventures is the venture capital unit of the D. E. Shaw group. The D. E. Shaw group is a global investment and technology development firm with more than 1,600 employees; approximately $36 billion in investment and committed capital as of October 1, 2008; and offices in North America, Europe, and Asia. Since its organization in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.

About In-Q-Tel

In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel’s mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community’s critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community. In-Q-Tel concentrates on five broad commercial technology areas, including application software and analytics; bio, nano, and chemical technologies; communications and infrastructure; digital identity and security; and embedded systems and power. To date, In-Q-Tel has engaged with more than 125 companies and delivered more than 140 technology solutions to the Intelligence Community. To learn more about In-Q-Tel, visit http://www.iqt.org

About Polaris Venture Partners

A national venture capital firm with over $3 bi
llion under management, Polaris invests in seed, early stage and growth equity businesses in the technology, life science, digital media, enertech and consumer products and services sectors.

University of Michigan's Pioneering Student-Led Venture Capital Fund Celebrates Ten Years of Investment and Innovation

First and Only of its Kind, the Wolverine Venture Fund Continues to Make Strategic Investments and Provide Students with a Unique Action-Based Learning Opportunity

ANN ARBOR, Mich., Dec. 2 Charting a course for many of today’s student-led venture capital funds, the Wolverine Venture Fund marks an important milestone – ten years of providing a unique learning experience for University of Michigan Ross School of Business students. Part of the University’s Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies / Center for Venture Capital & Private Equity Finance, the Wolverine Venture Fund was created in 1998. It was the country’s first student led venture fund and has served as a model for other university programs over the years. Since its inception, the Wolverine Venture Fund has invested in more than 18 companies in a wide range of innovative industries such as information technology, life sciences and alternative energy.

The Fund currently has active investments in 12 firms and boasts a rich portfolio of growing companies across emerging industries. Students undertake rigorous due diligence in support of the Fund’s investment decisions. Thirty-five students from the Zell Lurie Institute for Entrepreneurial Studies at the University of Michigan’s Ross School of Business manage the fund, which is supported by Tom Kinnear, the Fund’s Managing Director and a nine member advisory board of professional venture capitalists and entrepreneurs. The Fund typically provides $50,000-$200,000 in funding, in syndicate with angel investors and in partnership with other venture capital firms nationwide.

In conjunction with the Fund’s ten year milestone, the $3.5 million Wolverine Venture Fund has recently made multiple investments in large and growing sectors such as healthcare, high technology and clean technology. Since the beginning of the ’07-’08 academic year, the WVF invested in the following companies:

— Accord Biomaterials, Inc, a Michigan-based medical materials company for implants
— Direct Flow Medical, a California-based stentless aortic heart device maker
— Environmental Operating Solutions (EOS), a Massachusetts-based clean tech start up that creates agriculturally-derived products to remove the pollutant nitrogen from wastewater
— IntelePeer, a California-based VoIP managed service provider — Mobius Microsystems, a California and Michigan-based fabless semiconductor company
— Nanocerox, a Michigan-based nanostructured material developer — Quantum Learning Technologies, a Michigan-based online educational community
— Lycera, a Michigan-based company developing therapeutics for diseases of the immune system
— NanoBio, a Michigan-based company focused on developing and commercializing dermatological products.

“The Wolverine Venture Fund continues to be a signature program of the Zell Lurie Institute and has become an integral part of preparing our students with real-world experience to instill a sound business sense and a keen eye for analyzing opportunities and real risk,” said Kinnear. “The Fund fuels entrepreneurial enterprises across the nation, contributing to the world-class program that our students have come to expect.”

A History of Success

Over the course of the last ten years the Wolverine Venture Fund has seen significant wins among its portfolio. In addition to witnessing two of its startups launch products and turn a profit, a major highlight was the 2004 initial public offering of IntraLase Corp., developer of ultra-fast lasers used in LASIK vision correction surgery. This marked the first of Wolverine Venture Fund’s portfolio companies to go public.

“My participation in the Wolverine Venture Fund has been the highlight of my experience at the Ross School of Business,” said student Munish Gandhi, MBA 2007. “The WVF has helped me develop judgment by analyzing deals in a rigorous and structured manner and making decisions that result in real investments.”

The Wolverine Venture Fund takes the business development process to the next level by making early stage and follow-on investments in emerging companies nationwide. Created to provide MBA students with an enriched, action-based learning experience, the Wolverine Venture Fund has also proven to be an essential asset for startups in need of funding during critical times in the business development process. The fund has also been an important investment partner to larger, professional funds providing not only financial resources but a wide range of business skills through the funds student board.

About the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies / Center for Venture Capital & Private Equity Finance

The Institute and its Center for Venture Capital and Private Equity Finance bring together a potent mix of knowledge, experience and opportunities from the front lines of entrepreneurship and alternative investments. The student learning experience is further enhanced through internships, entrepreneurial clubs and organization and events that serve to provide viable networks and engage the business community. The School’s two student-led investment funds, with over $3M in management, immerse students in the business assessment and investment process. Members of the Advisory Board include Samuel Zell, Chairman of Equity Group Investments; Michael Hallman, former COO of Microsoft Corporation; and Eugene Applebaum, Founder of Arbor Drugs, Inc. For more information, visit the Institute at www.zli.bus.umich.edu.

Early-Stage Investing Starting To Hit Brakes

Venture capital is a critical part of the U.S. economy, but these are rough times.

Venture firms pumped $31 billion into young companies in 2007, up 15% from 2006. This year, that figure will decline.

Mark Heesen, president of the National Venture Capital Association, recently spoke with IBD about the state of the VC field.

IBD: What has been the impact of the economic crisis on the venture capital business?

Heesen: The thinking a while ago was that this wouldn’t impact venture capital because we’re long-term investors and don’t use leverage (debt financing), that it’s a Wall Street issue and not a technology issue.

(But) this economic downturn absolutely affects the venture capital industry in a number of ways. The exit markets are totally closed on the IPO side, and we’re now seeing the mergers and acquisitions markets also becoming squishy. The traditional buyers of VC-based firms, the big technology and pharmaceutical companies, continue to buy our companies as they need to. That’s how they do their R&D. But they’re being much more conservative. They’re not buying as many companies, and they’re wiser buyers. They know if the IPO market is closed, and there are fewer potential buyers out there, they can low-ball their offers.

IBD: How long will this last?

Heesen: This quarter and next you’ll continue to see acquisitions getting done, but not at healthy levels. VCs will have to continue funding those companies that they assumed would have been acquired or gone public by now. So we have to keep funding them and sitting on their boards of directors, and that means we have less time and money to be investing in newer companies. That means a slowdown in first-time financings and early-stage funding.

The flip side is, if you do not have a lot of companies needing to go public or getting acquired, this a very good time to be investing in smaller companies.

IBD: There is talk that some limited partners (the pension funds, insurance firms, university endowments and the like that invest in VC funds) are coming up short when VCs request the funds they have committed. Is that so?

Heesen: I hear a lot of that too, that the LPs are not making capital calls. But it’s just talk. I don’t know of a single LP who has not been able to make a capital call. The reality is that many VCs are not asking for those capital calls. There are severe penalties if an LP does not make a capital call. VC firms don’t have to live up to the letter of every contract, but if they wanted to there are very severe consequences to LPs not making a capital call. The limited partners are getting squeezed, and it’s not just because of the venture capital industry. We’re an extremely small part of their investment portfolio. They also invest in buyouts and hedge funds and real estate and the stock market, where half their portfolio value has been wiped away in the last few months.

IBD: Have VCs been able to raise new funds of late?

Heesen: There are VCs trying to raise funds right now. It is extremely difficult in this environment. Most limited partners feel this is not a good time to be investing in a new fund. Most VCs that were going to raise funds this quarter have put off those plans.The reality now is general partners are not asking for money and limited partners are not giving the money, because many don’t have it.

IBD: Which sectors are getting hit the hardest? Which are doing best?

Heesen: The folks that are getting hit first are consumer-driven technologies in information technology and communications. Biotechnology is a long-term investment, and there continues to be very strong interest in that area. People want to live longer and healthier lives. You can see investments in health care moving forward.

Cleantech transcends some of this economic downturn. It’s seen as a necessity to innovate and create companies in the cleantech space, even though it’s very expensive and a long-term thing. I see cleantech being a very popular market for investment. It’s fraught with uncertainty, but it’s a necessity for new energy policies that the Obama administration will be championing. It’s one of those few silver linings in this otherwise unhappy story.

IBD: Some say there is too much money and too many VC firms. Do you agree?

Heesen: I’ve been hearing that for all 18 years I’ve been with the NVCA. You have to remember who’s saying that. Sometimes it’s the VC firms saying that. They compete with each other, so they believe that the fewer competitors out there, the better.

We have already experienced a pretty significant decline in VC firms since the height of the bubble, and that has been healthy. But there is an absolute need for VC firms, especially outside Silicon Valley, in all 50 states. I don’t want to get to the point where there are just 20 VC firms, each raising $1 billion a year. It wouldn’t be good for the economy as a whole.

Source: Investor’s Business Daily

iPerceptions Announces Closing of $3.65 Million Private Placement Financing and the Nomination of 2 New Directors of the Corporation

NEW YORK. iPerceptions Inc., a leading provider of web-focused Voice of Customer analytics, has completed its private placement financing of convertible debentures valued at $3,650,000 from investors Mr. Skuli Mogensen, Telesystem Ltd. and 3 others. The convertible debentures are not guaranteed, bear an annual interest rate of 10% and mature on November 26, 2011. The capital and accrued interest shall be convertible into common shares of the Corporation, any time at the option of the holder at a price of $0.11 per common share of the Corporation if conversion occurs within two years following the issuance date and at price of $0.13 per common share during the third year following issuance date. The Corporation expects to use the net proceeds of the private placement to meet future working capital requirements and implement its commercialization plan.

Part of this private placement has been deposited in escrow with the Corporation’s legal counsel, to be released upon final approval of the TSX Venture Exchange.

The company will additionally use the investment to continue to expand into new global markets and reach new customers through focused sales and marketing initiatives for its enterprise offerings and new 4Q website survey solution.

Both Mr. Mogensen and Telesystem Ltd. bring a proven track record in identifying high-growth businesses. Skuli Mogensen was most recently founder and Chairman of Oz Communication, a mobile email and instant messaging provider that was acquired by Nokia in October 2008. Canadian-based Telesystem Ltd. is a private company that focuses on profit-oriented growth enterprises in the digital economy.

PlaySpan Announces $16.8 Million in Series B Funding

SANTA CLARA, Calif. PlaySpan, Inc. the leading provider of digital goods micro-transaction and payment solutions, announced $16.8M in Series B investment from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC and other undisclosed investors. This new capital brings the company’s total funding to $24M. The new funding will be used to expand into Europe and Asia and to grow PlaySpan’s global publisher and user-base.

“Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions. We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model,” said Karl Mehta, Founder & CEO of PlaySpan. “It is a testament to our market-leading position, demonstrated growth, and the long-term potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate.”

The pay-as-you-go model has gained rapid adoption and is poised for tremendous future growth because it gives consumers more control over their entertainment experience and offers publishers expanded revenue opportunities. PlaySpan offers publishers and developers a complete out-of-the-box platform for managing secure, efficient micro-transactions, virtual goods sales, global alternative payments and peer-to-peer trading. PlaySpan’s platform enables any developer to monetize any content at any price for any user in any country, said Mehta.

The PlaySpan micro-transactions monetization platform integrates alternative payment options through its subsidiary PayByCash (TM), which supports more than 70 payment solutions in 180-plus countries. PayByCash’s pre-paid ULTIMATE GAME CARD extends the payment solution offline as it is available in 20,000 retail locations in North America and worldwide, including 7-Eleven, Blockbuster, Rite Aid and Wal-Mart stores and supports more than 200 online games.

The PlaySpan and PayByCash platform supports more than 200 games in aggregate from publishers such as Aeria Games, Eve Online, Gala-Net, GamersFirst, Gravity, Ntreev, Outspark, Saga and YNK and yet-to-be-announced publishers reaching over 100 million online gamers worldwide.

About PLAYSPAN INC.

PlaySpan™ is the game industry’s first publisher-sponsored in-game commerce network. PlaySpan’s patent-pending in-game search, commerce and micropayment technologies enable game publishers and developers to generate new revenues, acquire new users and extend the loyalty of existing users. Leading game providers and virtual world publishers have selected PlaySpan as their official marketplace for virtual goods.

PlaySpan offers global payment solutions through its subsidiary PayByCash, which has served the games industry for 10 years, supporting over 70 payment methods in over 180 countries. PayByCash’s widely distributed ULTIMATE GAME CARD is the leading pre-paid card supported by over 200 online games and available in more than 20,000 retail locations across North America and soon worldwide.
 

IGNIA Completes Second Closing, Bringing Fund I to US$34 Million

GARZA GARCIA, Mexico. IGNIA Fund I, L.P., Latin America’s first social venture completing its second closing. Investors include the Multilateral Investment Fund (MIF) fund, announced today it has reached a total of US$34 million in equity commitments by of the Inter-American Development Bank (IDB), a US family foundation, and European and Latin American individuals. This round of US$13.6 million builds on IGNIA’s initial closing of $20.6 million announced in early June. IGNIA projects to achieve its target of $50 to $75 million in equity through subsequent closings into the early part of next year. Together with the $25 million in debt financing IGNIA closed on with the IDB, IGNIA will invest a combined total of $75 – $100 million in innovative businesses that serve the Base of the Pyramid (BoP) in Latin America.

“This US$13.6 million capital closing and the recently announced US$25 million debt financing have both been closed after the start of the financial crisis,” said Alvaro Rodriguez Arregui, IGNIA co-founder and Managing Partner. “We deeply appreciate the trust of our investors at this sensitive time, and it is a clear indication of how strong they deem the IGNIA business model, the team we have assembled and our theory of change.”

“By supporting IGNIA, MIF is not only supporting the creation of a new venture fund dedicated to the base of the pyramid segment, but is also helping create a new segment within the venture capital industry that will focus on fighting poverty, combining the lessons learned from microfinance with the financial tools of venture capital,” said MIF team leader Susana Garcia-Robles. “The demonstration effect of this fund could lead the way for many more similar initiatives in the region.”

MIF has a mandate for innovation and aims to accelerate development of the private sector in Latin America. Over the past twelve years, MIF has approved 56 seed and venture capital funds, representing over US$200 million in commitments in over a dozen countries. 

IGNIA has already begun execution by completing two pioneering investments, one in health care and the second in affordable housing. IGNIA made a $3 million commitment to Primedic, which delivers quality health care to the urban BoP, and $2 million investment in Jardines de Grijalva, an affordable housing development in Chiapas, Mexico (made through its real estate subsidiary).

IGNIA Fund I, L.P. is a social venture capital fund that invests in high growth businesses in Mexico and other regions of Latin America. By providing effective responses to the enormously underserved needs of the low income population, both as consumers as well as active participants in productive value chains, IGNIA empowers entrepreneurship and generates social impact while creating attractive financial returns for its investors. More information is available at: www.ignia.com.mx

Sezmi Secures $33 Million in New Financing

BELMONT, Calif. Sezmi Corporation, creator of the first complete personal TV system, today announced that it has secured $33 million of additional financing. This amount includes new investments from Advanced Equities, Inc. and others, and follow-on investments from previous investors: Morgenthaler Ventures, Omni Capital Group, TD Fund, and Legend Ventures.

“This round of funding enables us to put the final touches on product development and testing, and bring the Sezmi service to market,” said Buno Pati, co-founder and CEO of Sezmi. “We are pleased to welcome our new investors and would like to thank our previous investors for their ongoing support.” 

Keith Daubenspeck, chairman of Advanced Equities, added, “This infusion of $33 million of additional capital reflects the strength of Sezmi’s business plan and product offering despite the troubled economic climate. It is a rare accomplishment these days to attract this kind of attention and funding.”

Sezmi has redefined TV with the first personal television system in the market. It is a true alternative to the legacy TV experience with a line-up of content from traditional broadcast networks, cable and specialty networks, internet video, pay-per-view movies, and more. It not only enhances the on-demand experience, but it stands out from traditional television offerings with a highly personalized, intuitive user experience at an affordable cost.

“The demand from consumers for an affordable and personalized television experience continues to increase,” said Phil Wiser, Sezmi’s co-founder and president. “In fact, we hear from consumers every day that they are looking for an alternative to meet these needs and that they are eagerly awaiting Sezmi. It is very gratifying that our vision is validated not just by consumers, but also by the investment community.”

About Sezmi

Sezmi Corporation has developed the first complete personal TV offering by combining traditional TV content, movies and internet video in a single easy-to-use product. Designed from the ground up with next generation TV functionality, Sezmi puts consumers in total control with a personalized on-demand viewing experience. Sezmi is working with partners from broadcast, broadband, content and advertising industries to create a new TV choice for consumers. Sezmi is now in trials and will be commercially available to U.S. consumers through broadband providers and national retailers in 2009. For more information, visit www.sezmi.com

Awarepoint Corporation Closes $13.3 M Series D Financing Round

SAN DIEGO, Calif. Awarepoint Corporation, a principal provider of real-time location systems (RTLSs), announced it has raised $13.3 million in a Series D round of venture capital financing led by Cardinal Partners and joined by Venrock and existing investor Avalon Ventures. Funds will be used as expansion to take advantage of the rapid demand for RTLS in both domestic and international markets and to fuel Awarepoint’s momentous growth.

The Awarepoint Solution offers location, status and movement visibility of both equipment and people, allowing for real-time remote monitoring of critical resources. Awarepoint’s RTLS Active Radio Frequency Identification (RFID) platform includes a patented plug-in sensor mesh network, application software, firmware, connectivity bridges, and multipurpose resource tags. Awarepoint’s solutions collect raw sensor data and transform that data into high-value positioning, status and history information that is utilized to add actionable awareness to a variety of healthcare and business applications. Awarepoint is defining the emerging RTLS marketplace by successfully addressing the factors critical to success: enterprise-wide coverage, location accuracy, minimally invasive installs, interoperability and a low risk business model.

Venrock joins Cardinal Partners in this financing round. “Awarepoint addresses a difficult and expensive challenge that healthcare institutions face every day,” said Brian Ascher, general partner at Venrock. “We are excited about the company’s potential for growth and are looking forward to working alongside the team to help drive its success.”

While many companies are struggling today, Awarepoint’s hard dollar return on investment and hospital-friendly business model is actually fueling tremendous growth. Awarepoint is able to offer a hard dollar return on investment in areas hospitals struggle with daily — lost, stolen and misplaced equipment, excessive equipment rentals, and capital budget redundancies. Further, Awarepoint’s interoperability, enterprise-wide coverage, location accuracy and minimally invasive installs allow hospitals to be ready to support more complex RTLS opportunities, including workflow and business applications that involve patient and staff tracking, device association and more.

“For hospital administrators, there’s little worse than spending precious capital resources on equipment they may not even need. With actionable information regarding the location and status of the equipment they already own, hospitals are able to reallocate existing capital budget dollars, or simply reduce their capital equipment and rental expenses. Today’s challenging economic times make this more important than ever before,” said Jason Howe, CEO at Awarepoint.

“In view of the financial turmoil facing healthcare markets today, it is especially rewarding to be able to partner with tier one investors like Cardinal Partners and Venrock that truly understand the implications technology can have on the bottom line. These firms not only add significant expansion capital to Awarepoint, just as importantly, they add true strategic vision and alliances that will undoubtedly help us build an even stronger company. In addition, it’s very validating to have our existing investor, Avalon Ventures, participate fully in this round.”
 
About Awarepoint

Awarepoint’s Active RFID technologies and real-time location systems (RTLSs) include its real-time awareness platform, firmware, RFID tags, sensors, and bridges. Awarepoint’s technologies collect raw sensor data and transform that data into high-value positioning information that can be used to add location awareness to a variety of healthcare, manufacturing, security and other applications. Requiring no hard wiring, Awarepoint’s “plug and track” network is a fully managed service, including hardware, software, remote monitoring and maintenance. The company is headquartered in San Diego, California and serves hospitals across the United States through a national sales and operations workforce. Track us down at www.awarepoint.com

About Cardinal Partners

Since 1996, Cardinal Partners has been one of the leading venture capital partnerships focused exclusively on healthcare investing. Cardinal is committed to the belief that innovation and excellence in healthcare will simultaneously improve the lives of millions, while also rewarding investors with extraordinary returns. As veteran company-builders, Cardinal principals partner with entrepreneurs, scientists, clinicians, engineers and inventors in the challenging task of growing great companies from great ideas. Over the course of their careers, the Cardinal Partners team has invested in over one hundred growth companies. Since 1997 alone, companies funded by Cardinal have a cumulative market valuation exceeding $6 Billion. Cardinal’s investors include university endowments, foundations, pension funds, banks, and insurance companies. Cardinal currently manages funds totaling $330 Million. For more information, visit www.cardinalpartners.com

About Venrock

Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $2.2 billion in 417 companies resulting in 124 IPOs over the past 39 years, Venrock’s investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock’s website at www.venrock.com

Ambient Secures $8.0 Million in Permanent Funding

BOSTON. Ambient Corporation announced that it has raised an additional $8.0 million from Vicis Capital Master Fund (Vicis). This injection of capital follows Ambient’s strongest quarterly results to date and enables Ambient to fund present initiatives and future growth. Vicis’ investment into Ambient now totals $23.5 million.

Vicis will also be exercising all of the warrants previously issued to it between July 31, 2007 and April 23, 2008 through a combination of “cashless exercises” as well as “for cash exercises.” This exercise is anticipated to net Ambient approximately $242,142, in addition to the $8.0 million investment, and will result in Vicis holding, immediately following such exercise, approximately 65% of Ambient’s outstanding shares of Common Stock.

This cash infusion, combined with the revenue generated from the contract announced in April of this year, positions Ambient to expand its business plan for a growing market and affords it the necessary flexibility to increase product manufacturing for future deployments and opportunities. The present financing involves no increase of debt, allowing Ambient to use the investment to fund current and future business activities through 2009.

“We are at a defining moment, both as a company and as a nation,” stated John J. Joyce, President and CEO of Ambient. “The incoming administration in Washington has stated that the new clean energy economy is a top priority. Along with our partners and the continued support of Vicis, we are enabling energy efficiencies and technologies that will help the country drive towards energy independence by offering utilities communications solutions for the future by modernizing the distribution infrastructure. Ambient whole heartedly supports the emerging national awareness, as we believe the most effective energy solution available to combat future increase in energy demand is to more efficiently use the energy already generated.”

On November 14, 2008, Ambient reported for the nine-months ending September 30^th, year-to-date revenues of $4,450,099, an increase of 44% for the corresponding period in 2007.

Vicis Capital Master Fund

Vicis Capital Master Fund currently manages approximately $4 billion in assets across a range of strategies. Vicis Capital, LLC is the investment manager for Vicis Capital Master Fund.

Ambient Corporation

Ambient designs, develops and markets Ambient Smart Grid™ communications technologies and equipment. Utilizing proprietary, open standards-based technologies along with in-depth industry experience, Ambient provides utilities with solutions for creating smart grid communication platforms and technologies. Headquartered in Newton, MA, Ambient is a publicly traded company.

More information on Ambient is available at www.ambientcorp.com

Citi Adds $40 Billion of Capital Benefit Through Agreement with U.S. Treasury, Federal Reserve, and FDIC

NEW YORK. Citi today announced that it has reached an agreement with the U.S. Treasury, the Federal Reserve Board, and the Federal Deposit Insurance Corp. (FDIC) on a series of steps to strengthen Citi’s capital ratios, reduce risk, and increase liquidity, as described below:

CAPITAL

• The U.S. Treasury will invest $20 billion in Citi preferred stock under the Troubled Asset Relief Program (TARP).
• Citi will issue an incremental $7 billion in preferred stock to the U.S. Treasury and the FDIC as payment for a government guarantee on $306 billion of securities, loans, and commitments backed by residential and commercial real estate and other assets.
• As a result of the asset guarantee, the $306 billion portfolio will have a new risk weighting of 20%, thus freeing up an additional $16 billion of capital to the company.
• Citi will issue warrants to the U.S. Treasury and the FDIC for approximately 254 million shares of the company’s common stock at a strike price of $10.61.
• Citi also has agreed not to pay a quarterly common stock dividend exceeding $0.01 (one cent) per share for three years effective on the next quarterly common stock dividend payment.

The program significantly strengthens Citi’s key capital ratios by generating approximately $40 billion of capital benefits as follows:

• $20 billion from the TARP investment.
• $3.5 billion, the portion of the $7 billion of preferred stock fee recognized for capital purposes.
• $16 billion of capital benefits resulting from the asset guarantee.

Citi’s Tier 1 capital ratio for the third quarter ended September 30, 2008, on a pro forma basis, for the October TARP capital injection and the new capital generated by today’s announcement, subject to Federal Reserve Board approval, is expected to be approximately 14.8% and its TCE/RWMA ratio would be approximately 9.3%.

RISK REDUCTION

Under the guarantee, Citi will assume any losses on the portfolio up to $29 billion on a pre-tax basis, in addition to Citi’s existing reserves; the government entities will assume 90% of any losses above that level and Citi will assume the balance. Citi will retain these assets on its balance sheet and realize the associated cash flow.

LIQUIDITY

In addition to its extensive access to existing liquidity sources, Citi has been provided expanded access to both the Federal Reserve’s Primary Dealer Credit Facility and the discount window, resulting in strong additional liquidity resources should they be needed. Citi also has access to the yet-unused Federal Reserve’s Commercial Paper Funding Facility and intends to issue debt under the FDIC’s Temporary Liquidity Guarantee Program.

The agreement also provides that an executive compensation plan, including bonuses, that rewards long-term performance and profitability, with appropriate limitations, must be submitted to, and approved by, the U.S. government.

“This weekend, the U.S. government and Citi worked together in an unprecedented way to address market confidence and the recent decline in Citi’s stock price,” said Vikram S. Pandit, Chief Executive Officer. “We reached an agreement based on an innovative market solution to further strengthen our capital ratios, reduce risk, and increase liquidity. We appreciate the tremendous effort by the government to assure market stability.

“We are committed to streamlining our business and providing outstanding banking services to our clients around the world. We will continue to focus on opportunities and alternatives to further enhance the company’s overall position and value,” Mr. Pandit concluded.

The transaction has been unanimously approved by the Citi Board of Directors.

Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiiFinancial, Primerica, Smith Barney, Banamex, and Nikko.

Cmed Raises 5M Growth Capital for Timaeus Technology

HORSHAM, England. Cmed Group, an organization which combines clinical research services and leading edge technology for the capture and management of clinical data, has raised 5 million in growth capital from Scottish Equity Partners (SEP).

Cmed will invest the new funds in the global expansion of Timaeus, a single, purpose-designed intelligent data acquisition and management solution, which represents best-in-class technology.

Timaeus offers significant advantages over rival systems including rapid set-up and the ability to deal with complex clinical studies. It also operates over low bandwidth, enabling GSM and GPRS wireless communication with remote clinical trial sites, as well as web use. The system is already being used successfully by major pharmaceutical and biotechnology clients. Timaeus delivers improved efficiency, saving time and costs and            it is also highly flexible and scaleable, enabling it to be used in large global drug development studies.

Cmed was founded in 1999 by former senior pharmaceutical and clinical research executives led by Chief Executive Dr David Connelly. It has already established a strong track record in supplying a range of clinical research services tailored to the needs of individual international pharmaceutical and biotechnology clients.

The company, which has bases in the UK, United States and Romania, will use the new funds from SEP to expand its services and to capitalise on significant global growth potential for its highly innovative Timaeus system.

Cmed

Cmed is a CRO (Contract Research Organisation) based in Horsham, UK; New Jersey, USA; and Timisoara, Romania. Formed by pharmaceutical industry executives, Cmed uniquely combines full clinical research services with proprietary advanced clinical data capture and management technology, Timaeus. Timaeus is the world’s most sophisticated and complete electronic data capture and management system. It is the first such system enabling multiple types of data capture within a single trial (including paper, web eDC (electronic data capture) and an advanced wireless eDC appliance) with full data management capabilities. The eDC appliance can capture data directly from medical devices and e-source support etc. It can operate over a small bandwidth via mobile phones, making it suitable for collating data in remote locations in the developing world. Timaeus, which delivers significant efficiency and cost benefits is already in use by clinical research professionals in major pharmaceutical companies. 

Scottish Equity Partners (SEP)

SEP is a leading European investment firm with offices in Glasgow and London. It helps entrepreneurs to create and build world class companies. SEP has backed leading players in information technology, healthcare and energy-related technology. SEP has significant expertise in the healthcare and medical technology sector. Our investment team has a wide range of specialist skills, including commercial and research backgrounds in biotechnology, clinical trials and medical devices. Our successes range from novel medical devices and therapies, to innovative software and services to the healthcare industry. Our main areas of interest include medical devices, diagnostics, specialty pharmaceuticals, as well as platform and enabling technologies and new therapeutics. Recent additions to the portfolio include cardio-vascular medical device company Stentys, and heart attack diagnostic device pioneer Heartscape.

Core180 Gains $2.5 Million in Financing to Support Growth

FAIRFAX, Va. & HOBOKEN, N.J. Core180, the leading telecommunications network integrator, announced it has received $2.5 million line of credit from Silicon Valley Bank to be used to support Core180’s operational growth.

“Core180 has had a tremendous year, having grown by more than 400 percent,” said Core180 CEO David Baule. “We continue to grow successfully, despite the current economic climate, as our clients recognize the cost savings and ease-of-use afforded by our platform.”

Utilizing the Core180 platform, the company offers “purpose-built” network designs and deployments that can combine the services, carriers and buying strategies from best-in-class providers at the best possible rates. This enables users to leverage multiple carrier vendors and experience enhanced network visibility while reducing expense. The recent upgrade of the platform to 10 Gbps adds capacity that allows customers to receive both SONET and Ethernet solutions in the network core, as well as to the edge.

About Core180

Core180 utilizes its own proprietary platform to develop purpose-built networks for customers. These solutions allow users to better leverage their carrier vendors and enable choice and flexibility in the “last mile” access solutions. The company serves large enterprises, system integrators, government agencies as well as facility and non-facility based telecommunications carriers. Core180 is headquartered in Metro New York (Hoboken, N.J.) with operations in the Washington, D.C. region (Fairfax, Va.).

About Silicon Valley Bank

Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com

Nara Bancorp Completes $67 Million Capital Addition as Participant in U.S. Treasurys Capital Purchase Program

LOS ANGELES. Nara Bancorp, Inc. announced that it has completed its $67 million capital addition as a participant in the U.S. Department of Treasury’s Capital Purchase Program (CPP).

On November 21, 2008, Nara received an investment of $67 million from the U.S. Treasury in exchange for 67,000 shares of preferred stock and a warrant to purchase up to 1,042,531 shares of Nara’s common stock at an exercise price of $9.64.

The following table summarizes the effect that the CPP investment has on the Company’s capital ratios:

About Nara Bancorp, Inc.

Nara Bancorp, Inc. is the parent company of Nara Bank, which was founded in 1989. Nara Bank is a full-service community bank headquartered in Los Angeles, with 21 branches and 6 loan production offices in the United States. Nara Bank operates full-service branches in California, New York and New Jersey, with loan production offices in California, Nevada, Texas, Georgia, New Jersey, and Virginia. Nara Bank was founded specifically to serve the needs of Korean-Americans, one of the fastest-growing Asian ethnic communities over the past decade. Presently, Nara Bank serves a diverse group of customers mirroring its communities. Nara Bank specializes in core business banking products for small and medium-sized companies, with emphasis in commercial real estate and business lending, SBA lending and international trade financing. Nara Bank is a member of the FDIC and is an Equal Opportunity Lender.

For more information on Nara Bank, visit our website at www.narabank.com. Nara Bancorp, Inc. stock is listed on NASDAQ under the symbol “NARA.”

EnteroMedics Announces $20 Million Debt Financing

ST. PAUL, Minn. EnteroMedics Inc. the developer of medical devices using neuroblocking technology to treat obesity and other gastrointestinal disorders, announced that the Company has closed a new $20 million working capital loan, replacing its existing debt agreement. Silicon Valley Bank, Western Technology Investment and Horizon Technology Management LLC are providing the financing.

Proceeds from the loan will supplement the Company’s $28.6 million in cash, cash equivalents and short-term investments as of September 30, 2008, and will be used to repay the existing balance of the Company’s working capital loan, to fund clinical studies and for general corporate needs. The loan requires interest only payments until June 2009, followed by principal and interest payments amortized over the next 30 months. The loan agreement is part of EnteroMedics’ long-range capital plan, including additional cash financing in 2009, which allows the Company to reach its projected Food and Drug Administration approval date for use of the Maestro System™ in obesity, following positive data from the EMPOWER pivotal trial.

“This financing, which comes at a time of unprecedented market uncertainty, is a meaningful vote of confidence in the Company and its technology from three highly regarded venture lending companies,” said President and CEO Mark B. Knudson, Ph.D. “These steps to add capital allow us to fund operations well into 2010, a period of significant consequence which includes pivotal data from the EMPOWER study in obesity as well as additional data in diabetes and hypertension, and reduce our dependence on the volatile capital markets over the next 12 to 18 months.”

About EnteroMedics Inc.

EnteroMedics is a development stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity and other gastrointestinal disorders. EnteroMedics’ proprietary neuroblocking technology, VBLOC™ vagal blocking therapy, is designed to intermittently block the vagus nerves using high-frequency, low-energy, electrical impulses. EnteroMedics has met its enrollment goal under an FDA-approved Investigational Device Exemption (IDE) for the EMPOWER Study using the Maestro™ System, its initial product for the treatment of obesity. EnteroMedics is currently recruiting patients outside of the United States for a feasibility study examining VBLOC Therapy’s effects on blood glucose levels in diabetic patients.

Goodmail Systems Secures $20 Million in Funding Round Led by Bessemer Venture Partners

MOUNTAIN VIEW, Calif. Goodmail Systems, the creator of CertifiedEmail™, the industry’s standard class of trusted email, announced that it has raised $20 million in a financing round led by Bessemer Venture Partners. DCM, Emergence Capital Partners and Softbank Capital also participated in the round. The funding comes on the heels of a major milestone for the CertifiedEmail standard, which in September exceeded 3 billion messages per month, a 30-fold increase compared to one year ago.

Goodmail CertifiedEmail™ provides a safe and reliable means for consumers to easily identify authentic messages from legitimate commercial and non-profit senders with whom they have a pre-existing relationship. Available only to senders with the best email practices and consumer reputation, CertifiedEmail messages are delivered directly to the inbox past content and volume filters with all links and images rendered by default, and displayed with a blue ribbon envelope in the email interface. The new funding will enable Goodmail to enhance CertifiedEmail so that non-spam messages with multimedia and active content can also be delivered and opened with complete security.

“Inboxes today are so riddled with phish, spoofs, spam and viruses, that before Goodmail, you needed rubber gloves to open your email,” said David Cowan of Bessemer Venture Partners. “At nearly a billion weekly transactions, we didn’t have to be geniuses to figure out that CertifiedEmail—secured by sender audit procedures and public key cryptography—is emerging as the industry standard for restoring trust to email.”

Bessemer’s security investments include Altiga (Cisco), Counterpane (British Telecom), Cyota (RSA), Intego, Lifelock, ON (Symantec), Perimeter, Postini (Google), Qualys, SiteAdvisor (McAfee), Tumbleweed, Worldtalk and VeriSign, which Cowan co-founded.

About Goodmail Systems

Goodmail Systems is the creator of CertifiedEmail™, email consumers expect from companies they trust. CertifiedEmail provides a safe and reliable means for consumers to easily identify authentic email messages from legitimate commercial and nonprofit email senders. Each CertifiedEmail is sent with a cryptographically secure token that assures authenticity and is marked in the inbox with a unique blue ribbon envelope icon, enabling consumers to visually distinguish email messages which are real and sent from email senders with whom they have a pre-existing relationship. Available to email senders meeting strict standards for best practices and low complaint rates, it is the only class of email available that assures delivery of all opt-in email messages to the inbox, with links and images automatically rendered intact, yielding measurable improvements in email effectiveness. CertifiedEmail has been adopted by seven of the nation’s top 10 email mailbox providers and is in use by 500 commercial, government and non-profit senders. It is supported in North America and Europe by a wide network of email platforms and service providers. For more information, go to www.goodmailsystems.com(businesses) or www.certifiedemail.net (consumers).

About Bessemer Venture Partners

Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Bangalore, Mumbai, Beijing and Tel Aviv. As the oldest venture capital practice in the United States, BVP has partnered as an active, hands-on investor in Ciena, Ingersoll Rand, Parametric, Skype, Staples, VeriSign and W.R. Grace, among many others. More than 100 BVP-funded startups have gone public on exchanges in Canada, India, London and the United States.

Morphotek, Inc. Receives Additional $1.6M in Funding from The U.S. Department of Defense to Develop Therapeutic Antibodies Against Microbial Bioweapons

EXTON, Pa. Morphotek^{, Inc.}, a subsidiary of Eisai Corporation of North America, announced today that the company has received notice of $1.6M in additional funding from the U.S. Department of Defense to support the continuing development of biologic-based monoclonal antibody (mAb) therapies against staphylococcal-derived toxins. In June 2008, Morphotek received $1.7M of funding to support the initial development of this project.

The proceeds will be used to continue research and development of lead mAbs targeting staphylococcal toxins as well as pathogenic staphylococcal strains directly, for the treatment of infectious diseases. By employing Morphotek’s proprietary antibody technologies, the company has developed multiple mAbs that are able to bind and neutralize the toxic effects elicited by microbial pathogens and is applying its technology to generate potent therapeutic mAbs to treat diseases caused by potential biowarfare pathogens.

These programs are made possible through a collaborative effort between scientists at Morphotek and the United States Army Medical Research Institute of Infectious Diseases (USAMRIID), at Fort Detrick, MD.

About USAMRIID

USAMRIID, located at Fort Detrick, Maryland, is the lead medical research laboratory for the U.S. Department of Defense Biological Defense Research Program, and plays a key role in national defense and in infectious disease research. The Institute conducts basic and applied research on biological threats resulting in medical solutions (such as vaccines, drugs and diagnostics) to protect the warfighter. While USAMRIID’s primary mission is focused on the military, its research often has applications that benefit society as a whole. USAMRIID is a subordinate laboratory of the U.S. Army Medical Research and Materiel Command.

About Morphotek

Morphotek^{, Inc., a subsidiary of Eisai Corporation of North America, is a biopharmaceutical company specializing in the development of protein and antibody products through the use of a novel and proprietary gene evolution technology. The technology has been successfully applied to a broad variety of cell lines and organisms to yield genetically diverse offspring that are suitable for pharmaceutical product development in the areas of antibody therapeutics, protein therapeutics, product manufacturing, drug target discovery, and improved output traits for commercial applications. The company is currently focusing its platform on the development and manufacturing of therapeutic antibodies for the treatment of cancer, inflammation and infectious disease. For more information, please visit www.morphotek.com}

About Eisai Corporation of North America

Eisai Corporation of North America is a wholly-owned subsidiary of Eisai Co., Ltd. and supports the activities of its operating companies in North America. These operating companies include: Eisai Research Institute of Boston, Inc., a discovery operation with strong organic chemistry capabilities; Morphotek, Inc., a biopharmaceutical company specializing in the development of therapeutic monoclonal antibodies; Eisai Medical Research Inc., a clinical development group; Eisai Inc., a commercial operation with manufacturing and marketing/sales functions; and Eisai Machinery U.S.A., which markets and maintains pharmaceutical manufacturing machinery.

Skins Closes Private Placement

NEW YORK. Skins Inc. , a developer of revolutionary, patented, two-part interchangeable footwear, today announced that the Company has accepted subscription agreements for private placement units totaling $811,968 of which $475,000 cash proceeds have been received, $83,218 is derived from offsets against Board fees and consulting fees payable to members of the Board of Directors and Board of Advisors, and anticipated, but not yet received, cash proceeds of $253,750. Each private placement unit has a subscription price of $0.05 per unit and consists of one share of Company Common Stock and a one and one-half share purchase Warrant at an exercise price of $0.05. The Warrants would expire 30 months from the date of issuance. The subscribed shares and the underlying shares of the warrants will not be registered under any registration statement and will be subject to the restrictions on resale under Rule 144 of the Securities Act of 1933, as amended. While we are confident that the anticipated cash proceeds will be received, there cannot be any assurances that the anticipated cash proceeds not yet received from the accepted subscription agreements will ultimately be received and that the underlying units issued.

Mark Klein, President of Skins, commented, “We are very appreciative to have the continued support and shared vision of our management team, the members of our board of directors, and our original shareholders, all of whom contributed to this capital raise. The proceeds of the private placement will primarily be used to fund our restructured corporate working capital needs necessary to fulfill 2009 Spring Collection customer orders. The Company will use the previously announced trade financing facility to fund production of the 2009 Spring Collection.

About Skins

Skins Inc. created and is continuing to develop an innovative two-part, interchangeable footwear structure consisting of outer collapsible “Skins” and an inner holistic orthopedic support section called the “Bone.” The design allows consumers to purchase one inner section, the Bone, and numerous outer Skins, resulting in multiple style variations from the same pair of quality Bones, always with the same feel and fit no matter which Skin is being worn. Skins’ objective is to create a new attire concept that allows and encourages consumers to frequently change their footwear, while experiencing equal comfort in all designs of shoes. This uniquely positions the Skins concept between footwear and apparel industries. For more information, visit www.skinsfootwear.com.

Raydiance Secures $20 Million of New Funding to Support Continued Development and Commercialization of Ultrafast Laser Platform

PETALUMA, Calif.  Raydiance,  the world’s first practical source of ultrafast light, announced today that it has secured $20 million in new funding that will allow the Company to scale its infrastructure, further evolve its technology and enhance its ability to address larger commercial markets. Raydiance, led by former CEO of AOL Barry Schuler, also announced the launch of the new Raydiance Discovery 2.0 system, which delivers double the pulse energy of its first-generation ultrashort pulse (USP), or “ultrafast,” laser platform.

Over the past two years, Raydiance customers have been developing next-generation applications in ophthalmology, dermatology, gene transfection, surgery, and homeland security and defense. The introduction of Raydiance Discovery 2.0 significantly expands Raydiance’s market opportunities, most notably in the machining of advanced vascular stents and thin film solar cell production. Early next year, several new products powered by Raydiance that have the potential to disrupt these and other industries are expected to begin entering the marketplace.

“Greenstreet Partners invests in companies like Raydiance that are not only leaders in their industry, but also have the potential to revolutionize the way we live,” said Ambassador Steven Green, Founding Partner of Greenstreet Partners. “Raydiance has clearly made great strides in harnessing the transformative power of ultrafast light, and we are confident this company has the vision, leadership and the cutting-edge technology necessary to help solve some of the most pressing global challenges of our time.”

Previously, Raydiance secured over $25 million in venture capital financing and $10 million in government funded R&D contracts, which enabled the launch of its first commercial product in 2007. Raydiance has reserved an additional $5 million to raise from a strategic investor.

Raydiance Discovery 2.0 System Delivers Twice the Energy, Shorter Pulse, Enhanced Applications Software Capabilities

By integrating photonics, computing, and telecommunications fiber optic technologies into an intelligent programming architecture, Raydiance makes the power and precision of ultrafast lasers affordable and practical for the development of new, revolutionary applications.

The new Raydiance Discovery 2.0 system introduces vastly improved performance metrics, including higher pulse energy and a shorter pulse that, together, result in dramatically increased peak power (10 Megawatts). Discovery 2.0 retains the same compact, reliable and easy-to-use software controls as its predecessor, while offering new, extensive software capabilities that allow for seamless systems integration into any commercial environment, whether a physician’s office or manufacturing floor. The system’s state of the art design also makes it capable of remote updates, system diagnostics and service. As reliable as a PC, the Raydiance Discovery 2.0 can be installed in 30 minutes in any room with a standard electrical outlet.

About Raydiance

Raydiance is the world’s first practical source of ultrafast light, a breakthrough technology platform that harnesses the incredible power and precision of ultrashort pulse (USP), or “ultrafast,” lasers and makes it easily accessible for the development of revolutionary new applications across a broad range of industries. Built on an architectural framework that leverages the billions invested in broadband communications, microelectronics and software development, the Raydiance Discovery system delivers a compact, reliable and intelligent programming architecture with state of the art computing and software controls. Raydiance is led by Barry Schuler, former CEO of AOL. For more information, please visit www.raydiance-inc.com

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