VCJ Staff

Joost Fires Chairman Mike Volpi

3i Sells Piece of European VC Portfolio

Venrock PIPEs Durect

Venrock has agreed to buy approximately $10 million worth of common shares in drug company Durect Corp. (Nasdaq: DRRX), at $2.25 per share.

Abbott Buying Evalve for Up To $410 Million

Abbott (NYSE: ABT) has agreed to acquire Evalve Inc., a Menlo Park, Calif.-based provider of devices for minimally invasive repair of cardiac mitral valves. The deal includes a $320 million up-front payment, plus another $90 million in possible earnouts. Evalve has raised over $100 million in VC funding from firms like ABS Ventures, Abbott Labs, Delphi Ventures, New Enterprise Associates and Split Rock Partners.

Evolva Agreed To Reverse Merger with Arpida

Evolva SA, a Swiss biotech company that uses a genetic chemistry platform to developer small molecule drugs, has agreed to go public via a reverse merger with Arpida Ltd., which is listed on the Swiss stock exchange (SIX: ARPN). Evolva has raised around $20 million in VC funding from firms like Novartis Venture, Aravis, Sunstone Capital and Dansk Innovationsinvestering. It also says it plans to raise another CHF 25 million from new and existing investors.

Smilebox Buys Preclick

Smilebox Inc., a Redmond, Wash.-based provider of multimedia expressions technology, has acquired Preclick Corp., a Seattle-based provider of digital photo software for companies like Wal-Mart, Cosco and SanDisk. No financial terms were disclosed. Smilebox has raised $12 million in VC funding from firms like Bessemer Venture Partners and Frazier Technology Ventures. Preclick had raised $1.6 million from LORE Associates, Mid-Atlantic Angel Group, Robin Hood Ventures and SJF Ventures.

OpenQ Raises $2.5 Million

OpenQ, a provider of CRM biotech software, has raised an undisclosed amount of equity funding from Grotech Ventures. VentureWire puts the round about at $2.5 million. OpenQ has offices in the U.S. and France.

Westley Group Raises More Than $100 Million for Second Fund

VitaPath Genetics Raises $6 Million

VitaPath Genetics, a Foster City, Calif.-based molecular diagnostics company focused on genetic mutations, has raised $6 million in Series A funding. Mohr Davidow Ventures led the round, and was joined by return backer X/Seed Capital.

Dan Google Leaves Easton Capital

Dan Google has stepped down as a principal with Easton Capital, according to VentureWire. He will now oversee VC and private equity investments for the family office of the owners of Caithness Energy LLC. www.eastoncapital.com