Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.

Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.

Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.

Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.

Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.

Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.

Phoenix Technologies Ltd. (NASDAQ: PTEC), the leader in PC 3.0(TM) products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products and services -- SecureCore, Embedded BIOS, FailSafe, Freeze, HyperSpace and eSupport.com -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has 159 technology patents and 136 pending applications, and has shipped in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. The net proceeds from the sale of the shares will be used by Phoenix Technologies to general corporate purposes.

Phoenix Technologies raised $13.05 million through a registered direct offering. Needham & Company acted as the sole placement agent for the fund raising event which priced in June 2009 at $2.25 per share, a 22% discount to the market price to the three day volume-weighted average price of Phoenix’s common stock. Federated Kaufmann Fund was the lead investor in the offering.

Medidata Solutions is a leading global provider of hosted clinical development solutions that enhance the efficiency of customers’ clinical development processes and optimize their research and development investments. Medidata products and services allow customers to achieve clinical results more efficiently and effectively by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development (Medidata Designer™), investigator benchmarking and budgeting (Medidata Grants Manager™), contract research organization (CRO) benchmarking and budgeting (Medidata CRO Contractor™), and the capture, management, analysis and reporting of clinical trial data (Medidata Rave®). Medidata’s diverse customer base spans pharmaceutical, biotechnology and medical device companies, academic institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies. The net proceeds from the sale of the shares will be used by Medidata Solutions, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for medidata Solutions’ (NASDAQ: MDSO) $101.43 million initial public offering that was completed in June 2009 at $14 per share. The Company’s underwriters also fully exercised their option to purchase 945,000 shares of common stock at the initial public offering price to cover over-allotments.

Fuel Systems Solutions, Inc. (NASDAQ: FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems Solutions' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

Fuel Systems Solutions, Inc. raised $30 million through a registered direct in the midst of difficult market conditions. Needham & Company, LLC served as exclusive placement agent for Fuel Systems Solutions’ registered direct offering.

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and cancers. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and technology programs are protected by VGX’s extensive global intellectual property portfolio. The company is located in Blue Bell, PA. This merger advances Inovio’s ability to play a leadership role in the discovery, development, and delivery of an important new generation of vaccines, called DNA vaccines. Inovio’s strategic intellectual property platform consists of an advanced DNA vaccine design technology; a multi-candidate preclinical and clinical DNA vaccine pipeline, with much of the development work funded by partners and collaborators; a compelling DNA delivery technology based on electroporation; and a significant patent estate. The combined company has a well-rounded team of management and scientists with the expertise to execute Inovio’s vision to create powerful new preventive and therapeutic vaccines against cancers and chronic infectious diseases such as HIV.

Needham acted as the exclusive financial advisor to VGX Pharmaceuticals in its merger with Inovio Biomedical (AMEX: INO). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $37.6 million. Based on the share capital outstanding of each of Inovio and VGX immediately prior to closing, continuing holders of Inovio securities own approximately 48.22% and former holders of VGX securities own approximately 51.78% of the fully-diluted share capital of the combined company, and 51.59% and 48.41%, respectively, of the issued and outstanding shares of capital stock post-merger (including the outstanding shares of the Inovio’s Series C preferred stock on an as-converted basis).

Endwave Corporation (NASDAQ: ENWV) designs, manufactures and markets RF solutions that enable the transmission, reception and processing of high-frequency signals in mobile communications networks. Endwave has 41 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Salem, NH; and Chiang Mai, Thailand. Acquiring Enwave’s Defense & Security Business offers Microsemi Corporation expanded opportunities in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Needham acted as the exclusive financial advisor to Endwave Corporation in its sale of its Defense & Security Business to Microsemi Corporation (NASDAQ: MSCC). Needham provided valuation analysis and strategic guidance during the sale process. Under the terms of the agreement, the total value of the transaction is $28 million in cash plus the assumption of specified liabilities. Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz.

Enliven (Nasdaq: ENLV), a leading internet marketing technology company, offers Internet marketing and online advertising solutions through a powerful combination of proprietary visualization technology, and a Premium Rich Media advertising platform for the creation, delivery and reporting of PRM. Enliven's family of brands include Unicast, the Internet Marketing and Advertising Technology Group, and Springbox, the Creative Digital Marketing Solutions Group. The company's technology and online advertising solutions are used by some of the world's most esteemed brands, including AOL, GE, Sony, and Toyota. The merger combines DG FastChannel’s traditional advertising and media distribution services with Enliven’s unique digital marketing technology for online, mobile and in-game advertising solutions.

Needham & Company was formally engaged by Enliven to facilitate a transaction with DG FastChannel (Nasdaq: DGIT), a leading provider of digital technology services that enable the electronic delivery of advertisements, syndicated programs and video news releases to traditional broadcasters and other media outlets. Needham & Company provided valuation analysis and strategic guidance to Enliven’s BOD regarding the transaction.

Nuance (NASDAQ: NUAN) is a leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. The SNAPin acquisition brings key intellectual property that complements Nuance’s IP portfolio. Combining the technical expertise of SNAPin’s talented team with the global resources and market strength of Nuance will create a combined organization that can accelerate the delivery of innovative customer care solutions for the mobile market.

Needham & Company initiated this transaction and acted as exclusive financial advisor to Nuance in it’s acquisition of SNAPin Software, a provider of on-device self-service software, that allows operators to interact with their subscribers in real-time and in the context of their current mobile behavior. The deal was expected to add approximately $30 million in non-GAAP revenues for fiscal 2009.

EOS, (Nasdaq: MELA) is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied. The net proceeds from the sale of the shares will be used by EOS to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

Electro Optical raised $11.9 million through a registered direct as an alternative to a public offering in the midst of difficult market conditions. Needham & Company acted as the sole placement agent for the fund raising event which priced in July 2008 at $5.68 per share, an 8.5% discount to the market price.

Radyne Corporation (Nasdaq: RADN) designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. Acquiring Radyne offered Comtech Telecommunications Corporation (Nasdaq: CMTL) a unique opportunity to unite the resources of both companies to develop and bring to market innovative, new products with the goal to increase its customers' return on investment and reduce operating costs.

Needham acted as the exclusive financial advisor to Radyne in its sale to Comtech Telecommunications Corporation. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to Radyne’s Board of Directors. The all cash transaction valued Radyne at $11.50 per share or $226.5 million. The $11.50 per share offer was nearly 50% above Radyne’s previous closing price.

Natus Medical Incorporated (Nasdaq: BABY) is a leading provider of healthcare products used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and mobility disorders. The net proceeds from the sale of the shares will be used by Natus Medical Incorporated for general corporate purposes, which may include the financing of acquisitions of, or investments in, companies and technologies that complement Natus’ business.

Needham & Company acted as co-manager for Natus Medical’s $89.7 million follow-on offering that was completed in May 2008 at $19.50 per share, including 600,000 shares sold as a result of the underwriters' exercise of their over-allotment option in full. At the completion of the offering Natus had approximately 27,566,000 shares issued and outstanding.

Rubicon Technology, Inc. (Nasdaq: RBCN) is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is actively developing larger diameter products to support next-generation LED, RFIC and optical window applications. The Rubicon Technology follow-on offering provided liquidity for existing selling stockholders and broadened the existing shareholder base to included some additional quality institutional holders.

Needham & Company acted as co-manager for Rubicon Technology’s $103.3 million follow-on offering that was completed in May 2008 at $24.00 per share. All of the shares were sold by the selling stockholders identified in the prospectus.

Clean Harbors, Inc. (Nasdaq: CLHB) is North America’s leading provider of environmental and hazardous waste management services. Clean Harbors has more than 100 locations strategically positioned throughout North America, Canada, Mexico and Puerto Rico. The net proceeds from the sale of the shares will be used by Clean Harbors, Inc. toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Needham & Company acted as co-manager for Clean Harbor’s $183.3 million follow-on offering that was completed in April 2008 at $63.75 per share. The Company’s underwriters also fully exercised their option to purchase an additional 375,000 shares. All shares were offered by the Company. Clean Harbors received net proceeds, after underwriting discounts and expenses, of approximately $173.5 million.

Constant Contact, Inc. (Nasdaq: CTCT) is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. The net proceeds from the sale of the shares were earmarked to be used by Constant Contact to fund new product development, to acquire new customers and for general corporate purposes, including financing their growth and funding capital expenditures. In addition, the other principal purposes of this offering were to increase Constant Contact’s visibility in their markets and provide liquidity for existing stockholders.

Needham & Company acted as co-manager for Constant Contact’s $83.6 million follow-on offering that was completed in April 2008 at $16.00 per share. The 5,221,000 share offering included the underwriters' exercise, in full, of their over-allotment option. Constant Contact offered 314,465 shares and selling stockholders offered 4,906,535 shares. Needham was also part of the deal team of Constant Constant’s $123.3 million initial public offering in October 2007.