Scion Advances Finances

FREMONT, Calif. -- Scion Photonics, Inc., an integrated solution provider to the fiber optic industry, has promoted David A. Lund, currently Scion's vice president -- finance, to the post of chief financial officer. The company also provided an update on the status of its Series B financing activities. Commenting on the appointment, James R. Fultz, president and chief executive officer of Scion, said, "I am delighted to announce Dave's promotion to this key company post. Since joining the company last April, Dave has demonstrated all of the tools necessary for success as the company's new CFO. I welcome Dave's participation as a key member of Scion's senior management team." The company stated that it is working to formally close its Series B financing round and that these financing activities are progressing on schedule. The company has received commitments for close to $30 million, the majority of those funds coming from the company's original investors, and expects to close this round by the end of the current quarter. Scion Photonics Inc.