Investors give up on diabetes drug maker DiObex
After failing to raise a sustaining round of capital, DiObex has been effectively shut down by its investors. They have laid off the San Francisco company’s eight employees and are moving to quickly sell off its assets, including its lead drug candidate, a compound that prevents hypoglycemia in diabetes patients.
DiObex originally launched with $30 million from Domain Associates, Inventages Venture Capital, Pequot Capital, Sofinnova Ventures and several others in 2003. In the past year or… Continue Reading
Shell buys bigger stake in biofuel enzyme co. Codexis
In an effort to commercialize next-generation biofuels by 2013, Royal Dutch Shell has taken a bigger stake in Redwood City, Calif. biofuel technology company Codexis. The two companies struck a five-year deal in 2007 that infused Codexis with $30 million and gave Shell a seat on its board. This new deal is said to be roughly the same and nabs Shell another seat.
Codexis doesn’t actually make the biofuels itself. Rather, it engineers the super enzymes… Continue Reading
JDS Uniphase to buy optical switch co., Picolight for $115M
JDS Uniphase, a maker of telecom equipment, has agreed to acquire Picolight, a Louisville, Colo. maker of optical switch equipment for $115 million.
It may pay an additional $10 million in cash depending on whether the company hits sales targets this year, JDS, of Milpitas, Calif., said.
Picolight had raised about $125 million, but was then restarted in 2003 after the telecom sector went through recession.
Investors included Charles River Ventures, Cisco, Kestrel Management, Investor Growth Capital,… Continue Reading
Scalent raises $15M for data center virtualization
Scalent Systems, a Palo Alto company offering a data center virtualization software, said it has raised $15 million in a third round of funding.
This round was led by new investor Credit Suisse and includes participation by all existing investors, Hummer Winblad, JK&B Capital, and Pequot Capital, the company said in a statement sent to VentureBeat last week.
From its statement:
Scalent Systems is the first company to virtualize the entire environment of existing virtual and… Continue Reading