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Friday A.M. Report

2 venture capital firms plan $10M fund for Minnesota startups: Triathlon Medical Ventures and Affinity Capital Management are launching a $10 million venture fund that will make seed investments in biotech, medical device and other life-sciences startups. The fund will primarily target Minnesota-based companies, making initial investments of between $250,000 and $500,000 in each startup. Triathlon, a venture firm with about $100 million in capital under management, is based in Cincinnati but has set up regional venture funds in the past. Read full story

Equipment sales hold back Patterson Cos. Q3 results: Patterson Cos.’ third-quarter profits and sales were up, but the St. Paul-based dental and veterinary supplies company is still being held back by dentists’ unwillingness to make big equipment purchases. Patterson on Thursday reported third-quarter profits of $56 million, or 47 cents per share, up from $52.8 million, or 45 cents per share, from last year’s third quarter. Read full story

Opus Northwest put up for sale: Opus Northwest is for sale. The Minnetonka-based real-estate development company has hired financial adviser Morris Anderson & Assoc. to help it “explore options for recapitalizing,” according to a company statement. The event could take multiple forms, including a capital infusion, a joint venture or a sale of certain assets, the company said. Opus Northwest is the locally based unit of Opus Corp., which has gone through major downsizings and restructuring over the past year. Read full story

Final Carlyle condo sells: The final developer-owned condo in the Carlyle tower in downtown Minneapolis has sold. The sixth-floor unit, a former sales office that overlooks the Mississippi River and the Stone Arch Bridge, sold for $830,000, about 7 percent above the listing price of $775,000. Read full story

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