Corrections or additions?
This article by Barbara Fox was prepared for the November 6, 2002 edition of U.S. 1 Newspaper. All rights reserved.
Life in the Fast Lane
A biotech company founded by venture capitalist Robert
F. Johnston has changed its name from Carta Proteomics to ExSar
Corporation.
This change was instigated by Patrick Griffin, the chief scientific
officer who came on board July 1. This Deer Park Drive-based firm
analyzes and profiles potential drugs using proprietary methods of
mass spectroscopy (U.S. 1, June 26). In particular, its technology
is hydrogen deuterium exchange and structural activity relationships.
Griffin came to ExSar from Merck, where he was instrumental in
selecting
leads from the hundreds of possibilities produced by high throughput
screening and combinatorial chemistry. “This is where ExSar can
help,” says Johnston, “and with the experience and knowledge
that Pat Griffin has, we are already negotiating some contracts. The
new name is a better description of exactly what we do.”
“There wasn’t a scientist on board to set the vision of the
company,”
says Griffin, who started at the firm on July 1. “We have put
it on a course that is an area in which our expertise can be utilized
most efficiently and profitably. It is hard to distinguish yourself
as a proteomics company. We believe we have a business plan now that
defines us as a drug discovery company.”
The company’s focus was to be a proteomics company and it no longer
focuses on proteomics, says Griffin. “There are several proteomics
companies that can lead to new targets, but the great limiting step
is not finding new targets, it is taking the validated drug targets
and making choices as to which compound to bring forward in the
preclinical
development.”
Meanwhile the company’s first employee has left his post as vice
president
of operations. “David Houck did a good job at setting up the
initial
part of the operation, but we needed an expert in mass spectroscopy
and how the technology was used in drug development,” says
Johnston,
who has his office in a farmhouse on Cherry Hill Road.
Griffin grew up on Long Island, where his father was a aircraft
engineer
and his mother a bookkeeper. A graduate of Syracuse University, Class
of 1984, Griffin earned a PhD in chemistry under Donald F. Hunt (an
innovator in protein mass spectrometry) at the University of Virginia,
and did postdoctoral work at California Institute of Technology with
Lee Hood, founder of Amgen and known for deciphering the T-cell loci,
the gene sequence that determines how infection is fought. Griffin
worked at Genentech for a year and was at Merck for 11 years, most
recently as senior director of molecular profiling. He and his wife,
whom he met at Syracuse, live in Scotch Plains, where she works for
Coldwell Banker, and they have two school-aged daughters.
In addition to Johnston’s investment, the company has a few other
private investors plus monies from MBF Capital. It has less than 10
employees, says Griffin.
Griffin had spurned other head hunters’ calls, but the recruiter from
Korn Ferry left a voice mail he couldn’t ignore: “They were
looking
for a CSO to set the vision for emerging drug discovery company that
uses novel technology based on mass spectrometry for looking at small
molecule protein interactions,” says Griffin. “When I met
with Bob Johnston, I really enjoyed and liked him, and he has a good
track record at starting up companies. I had had some thoughts of
going off to start a small company, and this definitely lowered the
entry barrier. But it’s not a chip shot. Each person here is wearing
multiple hats.”
ExSar Corporation, 11 Deer Park Drive, Suite 103,Monmouth Junction 08852. Patrick Griffin, CSO. 732-438-6500; fax,732-438-1919. Home page: www.exsar.comTop Of PageBankruptcy FilingThe Lenox Drive-based Highlands Insurance Group has filed for Chapter11 bankruptcy protection, listing $1.64 billion in assets and $1.82billion in debt. Founded in 1877 as the American Reliance Group Inc.the company is now part of the conglomerate owned by Halliburton,the Dallas-based energy and construction services provider formerlyheadedby Vice President Dick Cheney. Halliburton is now under fire foraccounting irregularities.The company’s troubles began 10 years ago when Hurricane Andrewravagedsouthern Florida. American Reliance Group Inc. had more than 28,000policy holders, small to medium-sized businesses, in Florida, plusclients in New Jersey, Pennsylvania, Delaware, Maryland, and Virginia.Its $100 million in losses left it unable to purchase reinsuranceat favorable rates, and the net loss per share that year was morethan $13.The company changed its name to ARI and ceased writing insurance,and the business and headquarters building was sold to Vik BrothersInternational USA Inc. part of a conglomerate, which then sold itto Highlands in 1996. The company lists 12.9 million sharesoutstanding held by 11,074 shareholders, plus 26,431 preferred shares.New Jersey has worked with the Texas Department of Insurance to makesure that state policy holders will be protected, according to StephenKibblehouse, CEO of Highlands. But under the terms of the bankruptcyfiling in Delaware, shareholders will get nothing. The company’scommonstock, which was trading at about a penny, will be canceled. Highlandshad $496.5 million revenue in fiscal 2001 and a $341.6 million loss.At one time American Reliance Group had 300 employees on Lenox Drive.Brandywine Realty Trust bought the 52,000 square-foot building andits developable acreage for $7,575,000 and will lease it to CUH2A,which now occupies a Carnegie Center property on Roszel Road. CUH2Aplans to move in November 2003.Highlands Insurance Group (HIC), 1000 Lenox Drive,Box 6426, Lawrenceville 08648-6426. Stephen Kibblehouse, CEO.609-896-1921;fax, 609-219-1774. Home page: www.highlandsinsurance.comTop Of PageName ChangesRegional Business Assistance Corporation, 2479East Front Street, Trenton 08608-2102. Deborah Osgood, executivedirector.609-396-2595; fax, 609-396-2598. Home page: rbacloan.comRegional Business Assistance Corporation (), 75Bayard Street, JFK Square, c/o Office of Economic Development, Box871, New Brunswick 08903-0871. Carlos Sanchez. 732-745-5836; fax,732-745-5911. E-mail: csanchez@rbacloan.comHome page:www.rbacloan.comTo reflect its new focus Trenton Business Assistance Corporation haschanged its name to Regional Business Assistance Corporation, andit is providing services in five counties in Central New Jersey. Oneof its business development officers, Carlos Sanchez, has opened aNew Brunswick office.”We are eager to offer our lending and support services tobusinessesin Middlesex, particularly in the urban, Latino communities”,said Deborah Osgood, executive director. RBAC has a communitydevelopmentsmall business loan fund providing financing and technical assistanceto small businesses.Top Of PageBuilder/Engineer MovesRaval Engineering Company LLC, 379Princeton-HightstownRoad, Building 1, Windsor 08520. Mahendra N. Raval PE, principal.609-443-6400; fax, 609-443-5998.The consulting structural engineering firm expanded with a move fromMonmouth Street in East Windsor to Princeton Windsor Office Parkearlierthis fall. The 30-year-old seven-person firm was founded by MahendraM. Raval, who licensed as a Professional Engineer and has a masterof engineering degree from New York University. For such clients asarchitects, developers, and contractors, its projects include publicschools, hospitals, factories, warehouses, churches, and offices —both new and existing buildings.Hunt Construction Group Inc., 214 Carnegie Center,Suite 103, Princeton 08540. Peter Clark, executive vice president.609-936-7100; fax, 609-936-8520. Home page:www.huntconstructiongroup.comHunt Construction Group Inc., 1700 Merrill LynchDrive, basement, Box 997, Pennington 08534. Peter Clark, executivevice president. 609-274-3535; fax, 609-274-0864. Home page:www.huntconstructiongroup.comThe field office for the Merrill Lynch project, which used to have55 people working out of the construction company’s own building,has moved into the basement of a Merrill Lynch building, now thatconstruction is nearly complete. Meanwhile the Central Jerseyheadquartersof this construction company moved from Branchburg to 214 Carnegieand has a new phone and fax. Tim Vaughn and Kevin Keller are vicepresidents here. About 17 people work at headquarters and 10 peopleon the Merrill Lynch site.Lance Design Group, 830 Raymond Road, JeffersonPlaza, Suite 25A, Princeton 08540. John Lacenere, president.732-438-0750;fax, 732-438-0751.Lance Design Group, a commercial and industrial engineering company,moved from one suite to another at Jefferson Plaza. Founded in 1989,the two-person firm focuses on energy management.CSC Engineering Group, 4599 Route 27, Kingston08528. Kevin Sweeney. 609-279-1311; fax, 609-279-1387.The structural engineering firm moved into an office formerly occupiedby a retail store in Kingston. The four-person firm, founded in 1993,has architects, contractors, and developers as its clients.Hatzel & Beuhler Electric, 5A South Gold Drive,Hamilton 08691. Scott Eyester, vice president. 609-890-1430; fax,609-890-4896. Home page: www.hatzelandbeuhler.comThis electrical contracting company moved its New Jersey branch fromWoodbridge last summer because it focuses on the Central Jersey area.Among its clients are Barclay White Skanska, Sordoni Skanska, HuntConstruction Group, and the Henderson Group. Headquartered inWilmington,Delaware, it does work for Johnson & Johnson, Merrill Lynch, JanssenPharmaceutical, and Lockheed Martin,Medina Consultants PC, 29 Emmons Drive, BuildingB, Princeton 08540. Robert Medina, president. 609-219-0556; fax,609-219-0566.The engineering firm moved from 3,500 square feet at 15 Princess Roadto Emmons Drive. Headquartered in Hackettstown and founded in 1989it does environmental permitting and land surveying.Top Of PageTech Who’s WhoAnthony Scaturro is Princeton University’s informationtechnology security officer, a new post created by Betty Leydon,vice president for information technology and chief informationofficeras of last year. David Sample has been appointed executive vicepresident of worldwide sales and field operations at Princeton Softechon University Square. He had been CEO at Davox Corporation (nowConcertoSoftware, Inc. and president of ABT Corporation (sold to NikuCorporation).Diane Petercsak is vice president of information technologyat Alta Services LLC at Ibis Plaza on Quakerbridge Road. She had beenbusiness systems director, Application Systems Development, at AetnaInc./Prudential Healthcare.William E. Ferguson left a position as director offacilitiesplanning at Bristol-Myers Squibb and is now director of laboratoryplanning at CUH2A, the architectural firm at 211 Carnegie Center.Lynn Benzing is the new president of the health managementdivision at HealthAnswers Inc. on Titus Mill Road in Pennington. Shewas most recently vice president at McKesson Corporation. JosephM. Palumbo has been made senior medical director, CNS Division,of PharmaNet at 504 Carnegie Center. He had directed CNS clinicaldevelopment at Sanofi-Synethelabo.Top Of PageDeathChristine M. “Tina” McCaffrey, 51, on November 2. She wasan executive with McCaffrey’s Food Markets.Next StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
