Milestone Payment

Palatin Technologies Inc. (PTN), 4C Cedar Brook Drive, Cedar Brook Corporate Center, Cranbury 08512; 609-495-2200; fax, 609-495-2201. Carl Spana PhD, president & CEO. Home page:

Palatin Technologies has received $4.1 million from AstraZeneca relating to an extension of its exclusive research collaboration and license agreement to discover, develop, and commercialize compounds that target melanocortin receptors and a clinical trial sponsored research agreement.

Palatin also announced that it has earned a milestone payment of $2.5 million in connection with its collaboration and license agreement with AstraZeneca. Palatin anticipates receiving the $2.5 million in the current calendar quarter.

Palatin struggled with a plummeting stock price in 2008, and laid off more than 30 percent of its employees, but the company says that the $6.6 million received or to be received from AstraZeneca, coupled with $1.7 million that Palatin received from the sale of net operating losses to the state of New Jersey, $700,000 from the sale of non-core fixed assets, and its cash and cash equivalents balance, gives Palatin sufficient cash to fund its projected operations through calendar year 2009.

Crosstown Moves

ATL Consulting, 178 Tamarack Circle, Skillman 08558; 609-921-6676; fax, 636-773-1851. Jeff Davner, registered principal.

ATL Consulting has moved its offices from Commons Way to Skillman. The firm, a national recruiting company for financial industry professionals, was started in 2001 by Jeff Davner, an East Windsor native who spent five years with the Florida-based brokerage firm Legend Group.

After majoring in political science at Tulane University, Class of 1990, Davner worked for various recruiting firms before becoming a partner at Bluestone Capital, which had offices on Wall Street and in Metropark. He took charge of recruiting for a small broker dealer before joining Legend.

Future Textiles Inc., 2001 East Park Boulevard, Cranbury 08512; 609-409-1600; fax, 609-409-2022. Bob Seaton, vice president.

Down import company Future Textiles has moved its operations from Cranbury-South River Road in Jamesburg to East Park Boulevard in Cranbury.

Integrated Global Systems Inc., 14 Washington Road, Suite 212, Princeton Junction 08550; 609-662-0156; fax, 609-750-9333. Kondal Anumula, technical recruiter. Home page:

IT consulting and technical staffing firm Integrated Global Solutions has relocated to Princeton Junction. The firm, with headquarters in Hyderabad, India, had operated at 3371 Brunswick Pike in Lawrenceville until recently.

Joseph R. Loring & Associates Inc., 300 Alexander Park, Suite 310, Princeton 08540; 609-716-6160; fax, 609-716-6162. Vincent Farese, vice president. Home page:

Architectural consultant Joseph Loring has moved from 251 Clarksville Road to Alexander Park. Founded in 1996, the firm employs 10.

Leaving Town

Barrier Therapeutics Inc. (BTRX), 600 College Road East, Princeton

In June, 2008, Barrier Therapeutics, a six-year-old pharmaceutical company that develops and markets dermatology products, announced that it would merge with Stiefel Laboratories of Miami, the world’s largest independent pharmaceutical company specializing in dermatology.

The merger complete, Barrier has now left its offices on College Road. Under the agreement, Stiefel Laboratories purchased all outstanding shares of Barrier Therapeutics for $4.15 per share in cash — a total of approximately $148 million. With College Road closed, the company will now operate in Florida (770-945-0101).

According to spokeswoman Erin Bacher, the 50 employees of the former Princeton office are now either working from home or relocating to Stiefel offices in Research Triangle Park, North Carolina, or Duluth, Georgia.

Name Changes

SagePoint Financial Advisors, 116 Village Boulevard, Suite 306, Princeton 08540; 609-243-9300; fax, 609-243-9330. Mashood Siddiqi, principal.

In an effort to separate itself from its troubled parent company, AIG Financial Advisors will now operate under the name SagePoint Financial Advisors.

AIG was taken over by the U.S. government in September in an $85 billion deal intended to rescue the reinsurance giant from collapse.


Paul H. Steinberg, 47, on February 7. He worked at Bristol-Myers Squibb’s Plainsboro location.

Lorin Maurer, 30, on February 12. A Princeton University athletics department administrator, she was a passenger on the Continental flight that crashed near Buffalo.

Robert Lawrence, 66, on February 13. An information technology worker at ETS and in Trenton School District, he also served as president of the Trenton NAACP.

Harrylal L. Doobrajh, 73, on February 13. He retired after 29 years of service as a building supervisor at Princeton University.

Howard Maher, 77, on February 14. A human resource director for Dow Jones and Merrill Lynch, Maher was also a trustee and policy consultant for Community Options Inc. and a volunteer and counselor at Princeton House. A service will be Saturday, February 21, at 12:30 p.m. at the Mather Hodge Funeral Home, 40 Vandeventer Street, Princeton.

Facebook Comments