Spaulding Clinical Research Cuts Ribbon—Spaulding Clinical Research has cut the ribbon on its first-in-human drug testing facility in the old hospital in West Bend. The facility has 180 beds, so it should accommodate several tests of new drugs simultaneously. Randol Spaulding, entrepreneur and CEO, said the initial staff will be 15 people, with the expectation of going to 60 within two years. The angel fund-raising went over the seven-figure mark, so it is a huge angel investment round. The venture also was helped by an advantageous purchase of the old hospital and an association with Mortara Instruments, a Milwaukee-based leader in electrocardiogram machines. Renowned cardiologist Jay Mason brings his credentials to the venture as Chief Medical Officer.This is the first venture in which SEI took the lead. Spaulding is in the process of forming a board, and SEI will be represented.

Cheesy Grill Elicits Heavy Interest—A co-op store from a value-based food chain drew heavy interest at the angel investment meeting at the Milwaukee Yacht Club on May 14. John O’Hare, the entrepreneur, made a great presentation on his plans to take Cheesy Grill from a single location start-up on Miller Way to a large chain, company-owned and franchised stores. Cheesy Grill has been operating for about six months and already has exceeded its break-even point. You can check this deal out at this web site if you are an accredited member of SEI. The due diligence team will report back at our next meeting on June 18. Be there and hear about this angel investment opportunity.

Paradigm Sensors Completes Funding—This start-up on Capitol Drive in Milwaukee has closed its funding round, with participation from several SEI angel investors. This firm is pioneering a biodiesel sensor that was developed by four engineering professors at Marquette University. The company already is making trials of its sensor and the cartridges that go along with each set. Herb Zien took the lead for SEI. One investor had to withdraw, so there is room for another angel or two. Call Herb.

Centron Funding Underway—This Milwaukee start-up makes fuel additives that reduce emissions and improve mileage for vehicles of all kinds. The intellectual property came from patents developed by Dow Chemical researchers. The lead investors are associated with Einhorn & Associates. Steve Einhorn and his son Dan are SEI members. The funding is coming along well, with the expectation of closing within a month or so.

Membership Fees Coming In—The organization has received $1500 checks from members. Please get yours in so we can keep this organization rocking and rolling. Sign-up on  the website under Angels tab, SEI Membership Application.

SEI Web Site Up and Running—Our web site is now in operation, which means members can follow their deals. Outsiders can get a broad outline of what SEI is all about. Investors in individual deals will be able to use their password to access particulars of each deal as it progresses through funding and then into operation. We’re using software called Angelsoft that was developed by a New York angel organization. Are we professional or what