Management Moves: Princeton Video Image, Covance
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This article was prepared for the November 14, 2001 edition of
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Expansions: Klatzkin & Company
Klatzkin & Company LLP, 1670 Whitehorse-HamiltonSquare Road, Box 8188, Trenton 08690-8188. Barry Snyder, managingpartner. 609-890-9189; fax, 609-890-6235. Home page:www.klatzkin.comThe certified public accounting and business consulting firm hasmerged its technology division, Klatzkin Technologies LLC, with aMorris County-based firm, MSI Technologies. The new company will beknown as MSI Technologies.Klatzkin Technologies is a full-service consulting, sales,installation,and training operation with expertise in accounting software.Top Of PageManagement Moves: Princeton Video Image, CovancePrinceton Video Image Inc. (PVII), 15 PrincessRoad, Lawrenceville 08648. David Sitt and Roberto Sonabend, co-chiefexecutives. 609-912-9400; fax, 609-912-0044. Www.pvimage.comAfter three years Dennis Wilkinson has left the position of CEO andthat job is being handled by the founders and principals of a MexicoCity-based subsidiary, Publicidad Virtual. Recently a Mexican venturecapital company, Presencia en Medios, invested more than $2 millionin PVI.With more than 70 employees, PVI develops, manufactures, and sellscomputer hardware and software for video processing for televisionadvertising production. It is known for the virtual 10-yard-line infootball games and virtual ads at telecast sporting events. Itsrevenuesfor the last quarter were up 26 percent from last year, and lossesfell from 29 cents per share to 19.Covance Inc. (CVD), 206 Carnegie Center, Princeton08540-6681. Chris Kuebler, chairman and CEO. 609-452-1408; fax,609-452-9854.Home page: www.covance.comJoseph L. Herring has been promoted to president and chief operatingofficer, reporting to Chris Kuebler, who remains as chairman and CEO.Herring’s post is a new position. He helped make Covance the globalmarket leader in providing early development services. A graduateof Louisiana State, he had been vice president and general managerof oncology services for Caremark.Top Of PageDownsizing: SarnoffSarnoff Corporation, 201 Washington Road, CN 5300,Princeton 08543-5300. James E. Carnes, president & CEO. 609-734-2000;fax, 609-734-2040. Home page: www.sarnoff.comSarnoff pulled in its horns to cut more than 10 percent of itsworkforce,about 90 positions. Many of them had been hired to staff aggressiveR&D efforts. “We had put too much credence in the growth of theeconomy,” says spokesperson Tom Lento, “and we quadrupledinternal investments and brought people on board.” Some of thefired researchers are still working on Sarnoff projects asconsultants.Annual revenues are likely to be flat in the $120 million range.Top Of PageContracts Awarded: PalatinPalatin Technologies Inc. (PTN), 103 CarnegieCenter,Suite 200, Wing A, Princeton 08540. Carl Spana PhD, president & CEO.609-520-1911; fax, 609-452-0880. Www.palatin.comAs of November 12, Palatin Technologies had raised $11 million througha secondary offering of 4.9 million shares. The previous week Palatinannounced its product for infection imaging, LeuTech, is being testedto see whether it can detect anthrax more quickly than existingmethods.A development-stage biopharmaceutical company, Palatin needs the moneyto take new products through development phases and clinical trials.Its lead drug, PT-141 for treatment of erectile dysfunction, isin clinical trials.Previous StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
