Management Moves: Princeton Video Image, Covance

Downsizing: Sarnoff

Contracts Awarded: Palatin

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This article was prepared for the November 14, 2001 edition of

U.S. 1 Newspaper. All rights reserved.

Expansions: Klatzkin & Company

Klatzkin & Company LLP, 1670 Whitehorse-Hamilton

Square Road, Box 8188, Trenton 08690-8188. Barry Snyder, managing

partner. 609-890-9189; fax, 609-890-6235. Home page:

www.klatzkin.com

The certified public accounting and business consulting firm has

merged its technology division, Klatzkin Technologies LLC, with a

Morris County-based firm, MSI Technologies. The new company will be

known as MSI Technologies.

Klatzkin Technologies is a full-service consulting, sales,

installation,

and training operation with expertise in accounting software.

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Management Moves: Princeton Video Image, Covance

Princeton Video Image Inc. (PVII), 15 Princess

Road, Lawrenceville 08648. David Sitt and Roberto Sonabend, co-chief

executives. 609-912-9400; fax, 609-912-0044. Www.pvimage.com

After three years Dennis Wilkinson has left the position of CEO and

that job is being handled by the founders and principals of a Mexico

City-based subsidiary, Publicidad Virtual. Recently a Mexican venture

capital company, Presencia en Medios, invested more than $2 million

in PVI.

With more than 70 employees, PVI develops, manufactures, and sells

computer hardware and software for video processing for television

advertising production. It is known for the virtual 10-yard-line in

football games and virtual ads at telecast sporting events. Its

revenues

for the last quarter were up 26 percent from last year, and losses

fell from 29 cents per share to 19.

Covance Inc. (CVD), 206 Carnegie Center, Princeton

08540-6681. Chris Kuebler, chairman and CEO. 609-452-1408; fax,

609-452-9854.

Home page: www.covance.com

Joseph L. Herring has been promoted to president and chief operating

officer, reporting to Chris Kuebler, who remains as chairman and CEO.

Herring’s post is a new position. He helped make Covance the global

market leader in providing early development services. A graduate

of Louisiana State, he had been vice president and general manager

of oncology services for Caremark.

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Downsizing: Sarnoff

Sarnoff 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.com

Sarnoff pulled in its horns to cut more than 10 percent of its

workforce,

about 90 positions. Many of them had been hired to staff aggressive

R&D efforts. "We had put too much credence in the growth of the

economy," says spokesperson Tom Lento, "and we quadrupled

internal investments and brought people on board." Some of the

fired researchers are still working on Sarnoff projects as

consultants.

Annual revenues are likely to be flat in the $120 million range.

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Contracts Awarded: Palatin

Palatin Technologies Inc. (PTN), 103 Carnegie

Center,

Suite 200, Wing A, Princeton 08540. Carl Spana PhD, president & CEO.

609-520-1911; fax, 609-452-0880. Www.palatin.com

As of November 12, Palatin Technologies had raised $11 million through

a secondary offering of 4.9 million shares. The previous week Palatin

announced its product for infection imaging, LeuTech, is being tested

to see whether it can detect anthrax more quickly than existing

methods.

A development-stage biopharmaceutical company, Palatin needs the money

to take new products through development phases and clinical trials.

Its lead drug, PT-141 for treatment of erectile dysfunction, is

in clinical trials.


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