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Cary-based Connexion to liquidate

A federal bankruptcy court approved the liquidation of Connexion Technologies, a comet in the Triangle business universe that at its peak had employed more than 600 people.

The heavily leveraged company, founded by Cary's former mayor, applied for bankruptcy protection in April under Chapter 11 of the bankruptcy code, the provision that protects the business from creditors and buys time for restructuring.

But the company asked the court to convert the bankruptcy filing to Chapter 7, clearing the way for liquidation of assets and dissolution of the business. The U.S. Bankruptcy Court in Delaware approved the change Monday.

Connexion was celebrated as a promising Triangle startup and as recently as 2011 the Cary company had made Inc. Magazine's list of the nation's fastest-growing private companies. Its fortunes sank with the real-estate crash that froze residential development on which Connexion's expansion plans depended.
 

Medical device company on brink of bankruptcy

The senior management of medical device company Sicel Technologies today filed to push the company into involuntary bankruptcy.

The petition to liquidate the Morrisville company's assets under Chapter 7 of the federal bankruptcy code was filed in bankruptcy court in Raleigh this morning. The creditors identified in the petition are five employees who are owed vacation pay and unreimbursed expenses.

Last week the company laid off workers because of a lack of funding. The company had 34 employees before the cutbacks.

Sicel, whose technology originated at N.C. State University, had been seeking at least $20 million in funding for more than a year. The company had raised $30 million in venture capital since being founded in 1999.

The company sold a wireless sensor that monitors the radiation used to treat patients with breast and prostate cancer. The sensor enables physicians to make sure the correct amount of radiation is being delivered to the tumor rather than to healthy tissue nearby.

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