Amplistar

Winston-Salem, N.C.-based Amplistar Inc., a biotechnology firm seeking cancer treatments and detection, has hired Wachovia Corp.'s First Union Securities unit as a placement agent and financial adviser in its effort to raise a $15 million Series C round of funding. Amplistar's business development manager, Erik Larsen, said Tuesday the company expects to close a deal within four to six months, twice as long as it had expected prior to the Sept. 11 terrorist attacks. It achieved a $7.5 million post-money valuation in its Series A round from Eno River Capital, Academy Funds and Venture Capital Solutions in February 2000. First Union will get a standard percentage of the Series B funds raised--typically 6% to 10%--and may also opt to become an equity investor, Larsen said. A number of meetings with venture capitalists in the U.K., Germany and France were canceled after Sept. 11 and haven't yet been rescheduled, pending uncertainties over U.S. attacks in Afghanistan, he said. The company, which aims to identify antibody targets for the early detection and treatment of cancer, plans to start clinical trials in one year and have revenue in three to four years. --Robert Walzer www.TheDeal.com