Local Tech Wire

MORRISVILLE, N.C. – Venture capital backed , which has had trouble raising a $20 million round of venture capital, now faces a Chapter 7 involuntary bankruptcy filing.

The News & Observer and the Triangle Business Journal reported Tuesday that five employees are pressing the company for compensation.

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Sicel launched a $20 million fund-raising round a year ago, an SEC filing showing the firm had raised more than $1.5 million.

However, the company has been unable to complete the round and laid off staff, a company executive told The News & Observer on Monday.

How many people were laid off was not disclosed. It did have 34 employees before the cuts were made, Glenn Seymour, the firm’s national sales manager, told the paper.

Sicel has been without a chief executive officer since December.

The company is a developer of implantable radiation sensors designed to help improve cancer treatment.

Charles Scarantino, MD, an oncologist at Rex Hospital, founded the company. Its technology is licensed from North Carolina State University.

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