Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.

Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.

Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.

Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.

Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.

Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.

Sypris Solutions, Inc. (NASDAQ:SYPR) is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services.

Needham & Company acted as exclusive financial advisor to Sypris Solutions, Inc. in the sale of its Test & Measurement business to Tektronix, a subsidiary of Danaher Corp. (NYSE: DHR). Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries - as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. Sypris Solutions, Inc. intends to use the net proceeds from this sale to support the many growth opportunities in their Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen Sypris Solutions’ balance sheet and focus its future investments in two highly scalable platforms represented by their Industrial and Aerospace and Defense segments.

Aviza Technology, Inc. (Was NASDAQ:AVZA) designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company’s systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits for communications.

Needham & Company acted as exclusive financial advisor to Aviza Technology, Inc. in the sale of the majority of its assets to Sumitomo Precision Products Co., Ltd. Needham & Company advised the Company through the process required by the US bankruptcy court with jurisdiction over Aviza's Chapter 11 filing in June 2009. The sale includes Aviza's single wafer process equipment subsidiary Aviza Technology Ltd (ATL); Aviza's thermal products business; and Aviza's global sales and service assets and personnel, with the exception of IP related to atomic layer deposition (ALD) systems and process. ATL and the other acquired assets will be merged with Surface Technology Systems plc (STS), SPP's wholly owned subsidiary, under the corporate umbrella of SPP Process Technology Systems (SPTS). ATL and STS will continue to operate separately during the integration process. A new business unit, Thermal Products Division, will be established in the USA, with focus on supporting Aviza's existing vertical furnace and APCVD customers.

Allos Therapeutics, Inc. (Nasdaq:ALTH) is a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics.

Allos Therapeutics raised $99.4 million in a follow-on offering at $7.10 per share. Needham & Company acted as Co-Manager on the transaction. The net proceeds from this transaction will be used by Allos Therapeutics primarily for activities relating to the commercialization of FOLOTYN™ (pralatrexate injection), preclinical research and clinical development of FOLOTYN, and for general corporate purposes.

Omeros Corporation (NASDAQ: OMER) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system. Omeros' most clinically advanced product candidates are derived from its proprietary PharmacoSurgery(TM) platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Omeros has four ongoing PharmacoSurgery(TM) clinical development programs, and its lead product candidate, OMS103HP, is being evaluated in Phase 3 clinical trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain. Omeros is also building a diverse pipeline of preclinical programs targeting inflammation and central nervous system disorders.

Omeros Corporation raised $68.2 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Omeros Corporation to fund the completion of its Phase 3 clinical trials of OMS103HP, its lead product candidate being evaluated for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, as well as the potential launch and commercialization of OMS103HP. The Company also intends to use the net proceeds to fund the development of its other product candidates in the clinic, OMS302 for ophthalmology and OMS201 for urology, and the development of its pipeline of preclinical programs.

Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that invests in nanotechnology and microsystems.

Harris & Harris Group, Inc. raised $23.2 million in a follow-on offering at $4.75 per share. Needham & Company acted as the sole underwriter for this transaction which priced in October 2009. As the sole underwriter, Needham & Company fully exercised its option to purchase 637,500 shares of common stock at the offering price to cover over-allotments. Harris & Harris Group, Inc. intends to use the net proceeds from this offering for new venture capital investments in nanotechnology and microsystems as well as follow-on investments in its existing portfolio companies, and for operating expenses. 

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.

Needham & Company acted as exclusive financial advisor to Nuance Communications in its acquisition of eCopy, Inc., a leading provider of solutions that integrate paper documents into business software applications. The eCopy acquisition combines Nuance’s multifunction printer (MFP) desktop solutions and eCopy’s server offerings to deliver network scanning solutions that connect the widest range of MFPs to a broad set of business applications and content management systems. The acquisition is a natural extension of Nuance’s existing document imaging business, and will enhance profitability within the division.

Celsion Corporation (NASDAQ: CLSN) is an innovative oncology drug development company dedicated to the development and commercialization of innovative oncology drugs.

Celsion Corporation announced the pricing of an offering of 2,018,153 Units, made up of 1 share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.50 per Unit for a total transaction value of $7.1 million.  Needham & Company, LLC acted as Sole Placement Agent for this transaction. The net proceeds from the sale of the Units will be used by Celsion Corporation for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Bankrate, Inc.'s businesses help consumers make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. 

Bankrate, Inc. has been acquired in a $571 million going-private transaction led by Apax Partners.  Needham & Company acted as financial advisor to the Independent Directors of Bankrate, Inc. and provided a fairness opinion as part of our services.

Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health and wellness products, including dietary supplements such as vitamins, minerals, herbs or other botanicals, amino acids and metabolites (also known as “vitamins and dietary supplements”), as well as cosmetics, organic body and personal care products, sports nutrition and health foods. Vitacost.com sells these products directly to consumers through their website, www.vitacost.com, as well as through their catalogs. They strive to offer their customers the broadest product selection supported by current scientific and medical research at the best value, while providing superior customer service and timely and accurate delivery.

Vitacost.com, Inc. raised $132.0 million in its initial public offering.  Needham acted as a Co-Manager on the transaction. The net proceeds from the sale of the shares will be used by Vitacost.com, Inc. toward repayment of debt, capital expenditures and working capital.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. raised $46.0 million in a follow-on offering at $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Photronics, Inc. (NASDAQ: PLAB) is a leader in supplying innovative imaging technology solutions for the global electronics industry.

Photronics, Inc. issued $57,500,000 aggregate principal amount of convertible senior notes maturing in 2014. The underwriters exercised in full their option to purchase additional shares to cover overallotments. The convertible senior notes will be convertible into shares of Photronics common stock at a price of $5.08. Needham & Company acted as a co-manager for this transaction which priced in September 2009. Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

FiberNet Telecom Group, Inc. (formerly NASDAQ: FTGX) is a leading provider of integrated colocation and complex interconnection services in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet’s customized connectivity infrastructure provides an advanced, high bandwidth, fiber-optic solution to support the demand for network capacity and to facilitate the interconnection of multiple carriers’ and customers’ networks.

FiberNet Telecom Group, Inc. has been acquired in a $90.7 million all cash transaction by Zayo Group, LLC, a regional provider of telecom services – including bandwidth, voice and managed services – to carrier, enterprise, SME and government customers.  Needham & Company acted as financial advisor to FiberNet Telecom and provided a fairness opinion to the Board of Directors.

PMFG, Inc. (Nasdaq: PMFG) is a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, the Company markets its systems and products worldwide under the brand names of Peerless Mfg. Co.(tm), Burgess-Manning(tm), Bos-Hatten(tm) and Alco Products(tm).

PMFG, Inc. raised $21.1 million in a private placement of convertible preferred stock and warrants. PMFG, Inc. used the net proceeds from the offering and available cash to repay all outstanding indebtedness under its subordinated term loan.

LogicVision (NASDAQ: LGVN) provides a comprehensive set of proprietary built-in-self-test (BIST) technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision’s Dragonfly Test Platform™ enables integrated circuit designers to embed BIST functionality into a semiconductor design. This functionality is used during semiconductor production test and throughout the useful life of the chip. The complete Dragonfly Test Platform, including the ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield.

Needham acted as the exclusive financial advisor to LogicVision in its sale to Mentor Graphics Corporation (Nasdaq: MENT), a world leader in electronic hardware and software design solutions. Needham provided valuation analysis and strategic guidance during the sale process and also provided a fairness opinion to LogicVision’s Board of Directors. The 100% stock transaction was valued at $14.3 million. Acquiring LogicVision offered Mentor Graphics a unique opportunity to unite the resources of both companies and bring to market comprehensive and integrated solutions to address the growing complexity of silicon test with the goal to increase its customers' return on investment and reduce operating costs.

Seattle Genetics raised $136.0 million in a follow-on offering at $10.75 per share. Needham & Company acted as Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 1,650,000 shares of common stock to cover over-allotments. The net proceeds from this transaction will be used by Seattle Genetics to fund research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates, build-out of a commercial infrastructure and for general corporate purposes.

Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease.

RC2 Corporation is a leading designer, producer and marketer of innovative, high-quality toys, collectibles and infant products. RC2’s infant, toddler and preschool products are marketed under its Learning Curve® family of brands which includes The First Years and Lamaze brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its youth and adult products under the Johnny Lightning and ERTL® brands. RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia and Asia Pacific.

RC2 Corporation raised 60.37 million through a Registered Direct Offering. Needham acted as a Co-Placement Agent for this transaction which priced in July 2009.

EMC Corporation (NYSE: EMC) completed its acquisition of Data Domain, Inc. (NASDAQ: DDUP). The transaction is valued at approximately $2.2 billion. Needham served as an advisor to EMC Corporation on the transaction. EMC Corporation is a leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.

Needham served as an advisor to EMC Corporation on the transaction.

Intel (NASDAQ: INTC) is the world leader in silicon innovation. The company develops technologies, products and initiatives to continually advance how people work and live.

Intel Corporation (NASDAQ: INTC) issued $2.00 billion principal amount of 3.25 percent junior subordinated convertible debentures due 2039. The debentures were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, the underwriters also fully exercised their option to purchase $250 million principal amount of debentures to cover overallotments. Needham & Company acted as a co-manager for this transaction which priced in July 2009. Intel intends to use up to $1.5 billion of the net proceeds to purchase shares of its common stock concurrently with, or shortly after, pricing of the debentures from institutional investors in negotiated transactions through one or more of the initial purchasers, as Intel’s agent and under an accelerated stock repurchase program with one of the initial purchasers. Intel intends to use the remainder of the proceeds for general corporate purposes.

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. Electro Optical raised $15.0 million through the Registered Direct Offering at an approximate 13% discount to the 5-day Volume Weighted Average Price prior to the pricing date. During the confidential marketing process, the company’s stock appreciated approximately 5.6%. The net proceeds from the sale of the shares will be used by EOS to fund the pursuit of a pre-market approval application (PMA) and the potential commercialization of MelaFind®.

Needham & Company acted as the Lead Placement Agent for this transaction which priced in July 2009 at $6.25 per share. The transaction was marketed confidentially to a targeted group of fundamental life sciences focused mutual funds and hedge funds.

Phoenix Technologies, 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.

Phoenix Technologies raised $13.1 million through a Registered Direct Offering. Needham acted as the sole Placement Agent for the transaction, which priced in June 2009. Federated Kaufmann was the lead investor in the offering. Net proceeds from the transaction will be used by Phoenix Technologies for general corporate purposes.

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 Solutions raised $101.4 million in its initial public offering. Needham acted as a Co-Manager on the transaction. The underwriters fully exercised their option to purchase an additional 945,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the transaction will be used by Medidata Solutions toward potential future acquisitions, repayment of debt and working capital.

Fuel Systems Solutions 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 raised $30.0 million through a Registered Direct Offering. Needham served as the sole Placement Agent for Fuel Systems Solutions' Registered Direct Offering. Fuel Systems Solutions intends to use the net proceeds from the offering to fund its growth strategy both organically and through M&A activity.

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. The transaction is valued at approximately $45.0 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% and former holders of VGX securities own approximately 52% of the fully-diluted share capital of the combined company.

Endwave Corporation 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 the 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.