Knewton, an educational technology company, has completed a USD12.5m round of funding led by FirstMark Capital, a New York City-based venture capital firm. Returning investors include Accel Partners, Bessemer Venture Partners, First Round Capital, and angel investor Reid Hoffman. Knewton’s new financing will accelerate expansion to meet the demand for its adaptive learning engine, which uses proprietary algorithms to identify and address each student’s needs. "As the demand for online learning continues to explode, we believe Knewton will fundamentally transform the test prep industry and then the broader education market with its industry-first adaptive learning engine," says Amish Jani, managing

Celtic Pharmaceutical Holdings says several preclinical studies demonstrate statistically significant tumour regression and prolongation of survival following treatment with Xerecept in combination with Avastin, compared to Avastin alone. The animal studies were conducted at Duke University and the Piedmont Research Centre using solid human tumours including breast and colon xenografts as well as both paediatric and adult human brain tumour xenografts.  In the human breast model both Avastin and Xerecept by themselves produced similar anti-tumour effects, however, when Avastin was combined with Xerecept, anti-tumour effect was significantly increased. The enhanced combination effect was statistically different than either result associated with

Lombard Odier is to reorganise the administration of its own funds in Jersey by transferring its domestic fund business to legal and financial services firm Bedell Group. Most of Lombard Odier’s existing fund administration staff are expected to continue working on the funds on behalf of Bedell. Bedell Fund Services has been appointed by Lombard Odier to service its Jersey funds from later this year, while Luxembourg-domiciled funds currently serviced in Jersey will be administered by a new office that the Swiss-based group plans to open in the grand duchy..   The business being outsourced to Bedell includes management services

Preliminary figures show that CDC Group, the UK’s development finance institution, made a return of GBP207m and invested GBP359m in businesses in developing countries in 2009.  2009 marked the start of CDC’s new five-year investment policy which will see it make at least 75 per cent of new investments in low income countries and 50 per cent in sub-Saharan Africa.   During 2009, CDC made a GBP207m total return (after tax), which has lead to a rise in net assets to GBP2.5bn. It invested GBP359m of which 61 per cent was invested in Africa and 34 per cent in Asia.

Asset management group Polar Capital intends to launch the Polar Capital Global Healthcare Growth and Income Trust. It is intended that PCGH will seek admission to trading of its ordinary shares on the London Stock Exchange with a premium listing. PCGH is looking to raise over GBP100m through a proposed placing and offer for subscription.   The objective is to generate dividend income and capital growth by investing in a global portfolio of healthcare stocks. No more than 15 per cent of the initial portfolio will be invested in companies with a premium UK listing. The healthcare sector is at

Institutional investors increasingly believe that emerging markets are attractive for private equity investment, both on a standalone basis and relative to more developed markets, according to the latest EMPEA/Coller Capital emerging markets private equity survey. Over half (57 per cent) of limited partners who currently invest in emerging markets private equity plan to accelerate their new commitments over the next two years. Emerging markets’ share of LPs’ private equity investment will continue to grow, with total commitments to emerging markets private equity funds expected to rise from six to ten per cent today to 11 to 15 per cent in

Infinity Venture Capital Fund, an Israel-based venture capital fund, has entered into an agreement to sell its stake in Teledata Networks, a Netherlands-based provider of access network solutions and products for telecom service providers, to Enablence Technologies. Elron Electronic Industries and Kardan Israel are also selling their stake in Teledata Networks. Paradigm Capital is acting as financial adviser to Enablence Technologies on the transaction.

Appleby, a provider of offshore legal, fiduciary and administration services, is opening its office in Guernsey today. The group will now have 81 partners, 215 lawyers and over 800 staff worldwide. The new office will practise Guernsey law with a focus on corporate and commercial law, private client and trust matters, litigation, insolvency and restructuring and, following approval by the Guernsey Financial Services Commission, will offer a range of fiduciary services. Appleby Guernsey will initially comprise corporate and commercial group partners Barney Lee and Helen Crossley, litigation partner Jeremy Le Tissier and private client and trust partner Gavin Ferguson, each

A subsidiary of Citigroup has sold 16.4 million shares of Primerica common stock to private equity funds managed by Warburg Pincus for USD230m. The transaction included warrants that will allow the Warburg Pincus funds to acquire approximately 4.1 million additional shares of Primerica common stock over a period of seven years at an exercise price of USD18 per share. Affiliates of Citigroup now own less than 40 per cent of Primerica’s outstanding common stock. Michael E Martin, a managing director of Warburg Pincus who co-heads its financial services group, and Daniel Zilberman, another managing director of Warburg Pincus, have been