Editor’s note: Each Monday, Local Tech Wire will present a recap of the previous week’s regional tech news and include links to LTW stories. It’s probably a good thing that last week’s work days were numbered, since the fallout from the WorldCom scandal can only serve to further agitate an already topsy-turvy business climate. The business headlines were a mass of contradictions, leaving executives to wonder if the economy really is climbing out of recession, or if it was merely pausing for effect before continuing its downward spiral.

One thing seemed assured for the telecom industry – things are likely to get worse before they get better. WorldCom is teetering on the brink; Protean Devices, a semiconductor manufacturer, is barely breathing.

But there was some positive news from the telecom front–Pinpoint is expanding its service offering, Air2Web is partnering with Indonesia’s SDI to develop wireless applications that access back-end operations through PDAs.

Fortunately, the headlines were much more positive for the biotech and life science sectors.

Trimeris reported good results from early clinical trials of its AIDS drug, Paradigm Genetics announced a new partnership and product, Inveresk raised $156 million in its IPO, and Applied Nanotechnologies boasted about what it called the first significant improvement in x-ray technology in a century.

Venture watchers were doing a lot of head-scratching last week, as Venture Wire reported that funding continues to decline, but other funding announcements seemed to indicate otherwise. The Piedmont Angels added more members and raised more money, Total Billings, a Fayetteville mailing firm won $3 million in funding, and GlobalCare raised $11 million of first-round funding. In fact, North Carolina firms won quite a bit of funding in 2Q, and firms in the Carolinas and Georgia are on track to raise $1 billion in funding this year, as Georgia firms have drawn more than $335 million so far this year, and North Carolina firms brining in $168 million in the same time frame.

While providing a lot of highs and lows, the high-tech business news was no better an indicator of the strength of the overall economy or a predictor of short-term economic prospects than any of the economic pundits on the evening news. We can only hope the stock market’s kick-in-the-pants on Friday can jumpstart the business community at large.

QUOTES OF THE WEEK:

“It’s not like we’re all going to wake up tomorrow and no one will have service on WorldCom’s network, but it does remain to be seen how this is going to be handled.” – Kim Chapman, president of Raleigh-based Network Services

“The combination of lax corporate oversight and excessive deregulation of the telecommunications industry may lead to the demise of one the scrappiest, cost-cutting companies that consumers have ever known.” – Gene Kimmelman, director of the Consumers Union, which publishes Consumer Reports magazine, about WorldCom

“Agility is a key for any small technology company. Most of the big competitors move like molasses, which provide opportunities for those companies who can switch gears quickly as the market and/or technology changes.” – Tom Fedell, YOUcentric Founder

TELECOM & NETWORKING:

July 3: Pinpoint Expands Service Offering with Verizon www.localtechwire.com/article.cfm?u=1267&k=03&l=24

July 2: Telecom Woes, Technology Ownership Issues Pummel Protean Devices www.localtechwire.com/article.cfm?u=1251&k=02&l=23

July 2: Summus Makes Deal With Online Photo Firm www.localtechwire.com/article.cfm?u=1243

July 2: New Rash of Telecom Woes Threaten To Send Industry Deeper into Tailspin www.localtechwire.com/article.cfm?u=1250&k=05&l=23

July 2: Fallout from MCI: Should Customers Be Worried? What About the Internet? Investors? Employees? www.localtechwire.com/article.cfm?u=1249&k=05&l=23

July 1: It’s Very Easy To Be a Skeptic When It Comes to WorldCom www.localtechwire.com/article.cfm?u=1235&k=01&l=22

July 1: Air2Web Partners with Indonesian Firm www.localtechwire.com/article.cfm?u=1238&k=01&l=22

July 1: As Wireless LANS Grow More Popular, a Nagging Question remains: Is Wi-Fi Defensible? www.localtechwire.com/article.cfm?u=1228&k=04&l=22

July 1: Atlanta Firm Wins Patent for Compact Antenna? www.localtechwire.com/article.cfm?u=1229

LIFE SCIENCE & BIOTECH:

July 5: Trimeris Reports More Positive News on an AIDS Drug www.localtechwire.com/article.cfm?u=1270&k=08&l=26

July 3: UNC Spin-out Uses Nano Technology To Improve X-Ray Machines www.localtechwire.com/article.cfm?u=1264&k=06&l=24

July 3: Nanoparticle Technology To Be Tested at UNC Hospital Tumor Center www.localtechwire.com/article.cfm?u=1259&k=03&l=24

July 1: New Deal, Product for Paradigm www.localtechwire.com/article.cfm?u=1240&k=01&l=22

July 1: Pharmaceutical Services Company Inveresk Raises $156 Million in IPO www.localtechwire.com/article.cfm?u=1220&k=04&l=22

ON THE VENTURE FRONT:

July 5: Piedmont Angels Add More Members, Raise Additional Money www.localtechwire.com/article.cfm?u=1261&k=08&l=26

July 5: Fayetteville Mailing Firm Nabs $3M Funding Round www.localtechwire.com/article.cfm?u=1272&k=08&l=26

July 3: Drought Ending? Regional Firms Showered With Investments in 2Q www.localtechwire.com/article.cfm?u=1262&k=03&l=24

July 1: Venture Funding Continues To Decline, According to Venture Wire www.localtechwire.com/article.cfm?u=1236&k=04&l=22

July 1: GlobalCare Receives $11 Million Infusion www.localtechwire.com/article.cfm?u=1241&k=01&l=22

July 1: Carolinas, Georgia Firms on Pace for $1 Billion in VC www.localtechwire.com/article.cfm?u=1227&k=04&l=22

July 1: N.C. Firms Bring In $168 Million in VC Through June www.localtechwire.com/article.cfm?u=1226&k=04&l=22

July 1: Georgia Firms Draw $335 Million in VC in First Half of 2002 www.localtechwire.com/article.cfm?u=1225&k=04&l=22

EXECUTIVE SUITE:

July 2: Tom Fedell, Who Founded and Sold YOUcentric, Now Seeks To Help Other Entrepreneurs www.localtechwire.com/article.cfm?u=1248&k=05&l=23

MERGERS, ACQUISITIONS, CORPORATE ACTIONS:

July 5: EDS Cuts 2% of RTP Workforce www.localtechwire.com/article.cfm?u=1271&k=05&l=26

July 3: LendingTree Sticking to 2Q Guidance www.localtechwire.com/article.cfm?u=1258&k=03&l=24

ON THE MOVE:

July 2: Novoste Names New VP www.localtechwire.com/article.cfm?u=1254&k=02&l=23

July 2: Carousel Capital Hires Wachovia Exec www.localtechwire.com/article.cfm?u=1252&k=02&l=23

July 2: Amphora Names Channel Exec www.localtechwire.com/article.cfm?u=1246&k=02&l=23

July 1: Executive Shuffle at Atlanta’s ROI www.localtechwire.com/article.cfm?u=1237

SOFTWARE & HARDWARE:

July 5: HAHT To Partner With Hitachi in Japan www.localtechwire.com/article.cfm?u=1269&k=05&l=26

July 2: Indus Revises Guidance, Appoints New CEO www.localtechwire.com/article.cfm?u=1253&k=02&l=23

July 2: Energy Firm Purchases Visualization Software from CEI www.localtechwire.com/article.cfm?u=1244

July 2: Pharma Firm Chooses SciQuest Product www.localtechwire.com/article.cfm?u=1245

July 2: Raindrop Geomagic Wins Deal With Honeywell www.localtechwire.com/article.cfm?u=1257

July 2: Sapiens Inks Multi-Million Dollar Deal www.localtechwire.com/article.cfm?u=1247&k=02&l=23

July 1: IDC Names SAS Leader for Information Access Tools www.localtechwire.com/article.cfm?u=1233

July 1: Convey Strikes Software Deal With Virginia Firm www.localtechwire.com/article.cfm?u=1231

July 1: HAHT Makes Magazine’s Hot List www.localtechwire.com/article.cfm?u=1239&k=01&l=22

OTHER NEWS:

July 3: At UNC Charlotte, Mark Wdowik Is Doing More Than Transferring Technology www.localtechwire.com/article.cfm?u=1263&k=06&l=24

July 3: Madison River CEO Undergoes Successful Heart Surgery www.localtechwire.com/article.cfm?u=1266&k=03&l=24

July 2: Unitive Is First To Use New Wafer Level Packaging Technologies www.localtechwire.com/article.cfm?u=1256

July 1: Ubi Soft Reports a Strong Year www.localtechwire.com/article.cfm?u=1230

July 1: Cree Wins Two Defense Contracts Worth More Than $14M www.localtechwire.com/article.cfm?u=1232