Medico Labs Inc., 1000 Nottingham Way, Hamilton 08609; 609-890-1999; fax, 609-588-0550. Kanneth Sugathan, president. www.medicolabsinc.com.
New York-based Pillar Capital has acquired the assets of Medico Labs, the Hamilton manufacturer and distributor of private label and store brand pharmaceuticals that filed for bankruptcy earlier this year. The Bankruptcy Court for the District of New Jersey approved the sale free and clear of claims on September 17; Pillar will rename Medico Chartwell Pharmaceuticals.
Medico Labs, established in 2000, for companies throughout North America and many countries overseas. The company also performs contract manufacturing services for some of the top names in the pharmaceutical industry.
Jack Goldenberg, managing partner of Pillar Capital called Medico “a strong business with a committed and loyal customer base.” Medico was established in 2000 and manufactures more than 50 over-the-counter pharmaceutical and neutriceutical liquids, sprays, gels, and powders.
Goldberg said the company anticipates continued expansion of its existing line of products and is also examining significant opportunities to enter the NDA drug market.
Pillar Capital was advised by Hahn & Hessen in the transaction.
Soligenix (SGNX), 29 Emmons Drive, Suite C-10, Princeton 08540; 609-538-8200; fax, 609-538-8205. Christopher J. Schaber, president and CEO. Home page: www.soligenix.com.
DOR BioPharma, a late-stage biotechnology company that develops products to treat the side effects of cancer and gastrointestinal treatment, has changed its name to Soligenix Inc.
The move is a straight name change, as there has not been a merger or sale. Soligenix’s address and contact numbers will also remain the same.
CEO Christopher Schaber says the new name is derived in part from the Latin word “Solis,” meaning sun, and that the name change “heralds the new corporate stability and direction that we have worked hard to establish over the last several years.”
DOR has made much news in the past five years, particularly for having developed counter-measures to ricin and botulinum exposure. The pair of toxic powders made headlines in 2003 and 2004, when several people were sickened by their release at large. DOR developed the ricin toxin vaccine RiVaxT in response, and the drug fared well.
Most recently, the firm was given a $500,000 Small Business Innovation Research grant from the National Institutes of Health to support the conduct of a clinical trial evaluating a time-release oral preventative medicine for acute radiation enteritis.
The firm, which relocated from Miami to Princeton in October, 2007, was founded in the late 1980s. Its lead product, orBec, treats graft-versus-host disease, a serious side effect of bone marrow or stem cell transplants that do not come from the patient’s own body — which is of course the optimal source. For leukemia these autologous transplants are not possible, and donors are sought either among siblings or, if necessary, from a stranger.
Schaber says the company is looking forward to the confirmatory Phase 3 clinical trial of orBecr with the FDA. “In connection with the initiation of the trial, we expect to receive a $1 million milestone payment from Maryland-based Sigma-Tau Pharmaceuticals in accordance with our collaboration agreement,” Schaber says.
Regus (RGUL), 103 Carnegie Center, Suite 300, Princeton 08540; 609-452-0160; fax, 609-520-8731. Dawn Stillwell, general manager.
The Regus Group, provider of shared office space for 400,000 clients in 1,000 locations in 75 countries, has moved its Carnegie Center office from 212 to 103, after having lost its lease.
The new office is a 15,000-square-foot space that features 77 offices and one board room.
Regus provides fully furnished, fully staffed private offices, meeting rooms, on-site business and administrative support services, and virtual office management for clients who might not need a full-time office but still want a Princeton address.
Donna Scott, east region vice president for Regus, said “We’re finding that especially during these uncertain times companies are avoiding getting locked into long-term, risky office space.”
Carnegie Center 103 three-story, 96,000 square foot, Class-A office building, which features a newly renovated lobby. The building is adjacent to the Hyatt-Regency Hotel, on-site child care, a post office and retail banking services.
The Regus center will hold its official grand opening event on Wednesday, October 14, at 1 p.m.
Euro O&P LLC, 4454 Route 27, Kingston 08528; 609-430-9020; fax, 609-430-9070. Bodi Mihov, manager.
Bodi Mihov has moved his custom orthotics and prosthetics business from Montgomery Commons to Kingston.
Trained as a mechanical engineer in Sofia, Bulgaria, Mihov was introduced to the prosthesis concept when his son was born with a club foot, historically treated by putting casts on the foot every two weeks until it is corrected. He and his family came to the United States in 1991, and he worked in prosthetics for Boston Brace, Nouvelle, and Swiss Orthopedic.
The maker of custom pieces for podiatrists, Euro O&P typically takes casts of the body part of the body, and fabricates the custom-made device. For a stump below the knee, making the prosthesis takes five to ten working days, and its cost is predetermined by Medicare and the patient’s need. A below-the-knee prosthesis for a runner could cost from $7,000 to $10,000.
Stevens & Lee PC, 100 Lenox Drive, Suite 200, Lawrenceville 08648; 609-243-9111; fax, 609-243-9333. Richard J. Pinto, Princeton managing shareholder. Home page: www.stevenslee.com.
The law firm, which specializes in emerging businesses, corporate finance and capital markets, and estates has moved from 600 College Road East to Lawrenceville.
Edison Venture Fund, 1009 Lenox Drive, Building 4, Suite 200, Lawrenceville 08648; 609-896-1900; fax, 609-896-0066. John H. Martinson, managing partner. www.edisonventure.com.
Edison Venture Fund has invested $5 million in Jersey City-based infrastructure software and services provider SANpulse Technologies to help the company expand. Edison is the sole institutional investor in the firm.
SANpulse offers products and services that facilitate rapid and automated discovery, migration and optimization of the world’s largest SAN (storage area network) environments.
Edison is invested in 22 business services companies, including Billtrust, Blue Cod, Fishbowl Marketing, Formatta, Innovectra, M5 Networks, Neat, Notable Solutions, Operative, and VFA.
Edison also has made 41 investments in New Jersey including Archive Systems, CheckPoint HR, Gain Capital, iContracts, IPP, RedVision, Sentrx, Systech, and Voxware.
Exponents New York, 189 Wall Street, Research Park, Princeton. www.exponentsny.com.
The provider of custom exhibits for events has moved to the New York area. The company had operated at Airport Place and Research Park since 2004.
Out of Business
The Museum of Contemporary Science, 675 South Clinton Avenue, Trenton 08611; 609-396-2002; fax, 609-396-0676. Diane L. Carroll, executive director. Home page: www.mocsnj.org.
The Museum of Contemporary Science has closed. According to a statement by executive director Diane Carroll, “a modest drop-off in grants and the current credit crunch has made it impossible for us to borrow sufficient working capital to continue.”
Developed as a way to connect young people to the wonders of science, the museum offered interactive “experience platforms” that allowed visitors to virtually experience such subject matter as molecular biology, genetics, neuroscience, bioethics, and global climate change.
Located in the historic John A. Roebling Steel factory in Trenton, the museum also provided lessons in green and sustainable energy and job training.
The museum had raised more than $6 million for the restoration of the Roebling factory, and opened in 1996 and the invention Factory. It also operated as the NJ Center for Life Science.
Janet Ewing, 66, on October 1. She worked as an executive assistant to four presidents of Squibb and Bristol Myers-Squibb Corp. over a 44-year career.