Spec Construction

Contracts Awarded: Telelogic and Medarex

Stock News: Cytogen

Leaving Town


Corrections or additions?

Prepared for August 30, 2000 edition of U.S. 1 Newspaper. All

rights reserved.

ITXC Expands Into Voice-Enabled Web

ITXC Corp. (Internet Telephony Exchange Carrier)


600 College Road East, Princeton 08540. Tom Evslin, CEO. 609-419-1500;

fax, 609-419-1511. Home page:

ITXC’s purchase of a private voice-enabled applications company,


will help to develop its services for "E-calling," the


successor to phone calling. Based in Beaverton, Oregon, eFusion will

be a wholly-owned subsidiary of ITXC, which will pay for the buy with

cash on hand.

The Oregon firm has products with a much higher margin than basic

telephony services and therefore with a bigger potential for profit.

"Push to Talk" can voice-enable web sites, provide live human

interaction with call centers, and spur browsers to become buyers.

"Suite Adeline" offers Internet call waiting, voice mail,

and follow-me services as part of PC-based call management


With ITXC’s E-calling, users can be reached with a single ID no matter

where they travel. This "reach me" service integrates phones,

wireless, and computers, and can be combined with web browsing or


"The eFusion team is extremely innovative and productive,"

says Tom Evslin, CEO of ITXC. "The Oregon facility will be the

headquarters for our E-calling E-commerce services as well as the

location of other activities." Ajit Pendse, chairman of eFusion,

will be an executive vice president at ITXC. Luis F. Machuca, formerly

director of marketing at Intel and now eFusion’s president and COO,

will be executive vice president and general manager of the


e-commerce services.

In addition to excellent patent protection, eFusion has been selling

products to such companies as US West, Duro Communications (a major

ISP in southeastern United States) and (an online

reseller). The deal is expected to close by the end of the year.

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NexMed Inc. (NEXM), 350 Corporate Boulevard,


08691. Joseph Mo, chairman, CEO, and president. 609-208-9688; fax,

609-208-1868. Home page:

NexMed, developers and makers of sexual dysfunction products, has

made progress toward entering the market in China with a paper


August 27-30 in Beijing. The report told about 160 men with erectile

dysfunction in a double blind, placebo-controlled study at four


in Beijing. They were asked to use the medication — Nexmed’s


— "as needed" over a four-week take home period, and they

were supposed to attempt intercourse as many times as possible but

no more than once daily.

The dropout rate was low, under two percent, and the prescription

treatment had an effective rate of 67.5 percent versus 13 percent

for the placebo. Of those using the active cream, 75 percent improved

their erections over the therapy period versus under 20 percent of

the placebo group.

The erectile dysfunction market is estimated to be a multi-billion

business. NexMed Pharmaceuticals has applied to manufacture and market

its cream in China under the name Befar. NexMed is also constructing

a a 32,5000 square foot manufacturing facility on Twin Rivers Drive.

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Spec Construction

Matrix Development Group, Forsgate Drive, Monroe

Center at Forsgate, CN 4000, Cranbury 08512. Joseph S. Taylor,


and chief executive officer. 732-521-2900; fax, 609-395-8289.

In its busiest construction year ever, the 21-year-old Matrix


Group is building 3 million square feet of industrial construction,

including a speculative building in the CenterPoint at 8A industrial

park. The new warehouse and distribution center, at 24 Englehard


is scheduled to be ready to take one or more tenants by the end of

the year. It has a 32-foot ceiling clearance and 70 "cross


bays. Among the other tenants of CenterPoint are Volkswagen of


Siemens Medical Systems, and Sony Corporation of America.

"Based on the strength of the market, and based on the perennial

appeal of CenterPoint at8A, we have absolute confidence in the


of this property," says Jim Murray, development project manager

at Matrix.

Matrix also has five current deals at its $200 million "Big


development at the Northeast Business Park, at the Exit 7A Interchange

of the New Jersey Turnpike. The three announced projects are a 1


foot warehousing and distribution facility for Seaman’s Furniture

Company, a 550,000 square-foot distribution center for Lifetime Hoan

Corporation, and a 150,000 square-foot warehouse and manufacturing

facility for Denby Associates. Two more deals are pending. The first

customer in Northeast Business Park was the 11-acre northeast service

center for Amway in 1997.

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Contracts Awarded: Telelogic and Medarex

Telelogic North America Inc., 206 Rockingham Row,

Princeton 08540. Tim Crandle, president North America. 609-520-1935;

fax, 609-520-8512. Home page:

The global company headquartered in Malmo, Sweden, paid $115 million

in stock for Quality Systems & Software (QSS), a Virginia-based,


company that offers requirements managements solutions


The purchase makes Telelogic the largest provider of such tools for

real-time applications and doubles its sales capacity in the United

States. Its North American headquarters is at Forrestal Village, where

it has about 15 employees on site.

"Our ambition is to be the partner of choice for companies and

engineers developing advanced software," says Anders Lidbeck,

Telelogic’s CEO.

QSS has DOORS, the first enterprise-wide requirements management suite

for all types of users. For project compliance it can capture, link,

trace, analyze, and manage a variety of textual and graphical


Medarex (MEDX), 707 State Road, Princeton Gateway,

Suite 206, Princeton 08540. Donald L. Drakeman, president.


fax, 609-430-2850. Also, 1545 Route 22 East, Box 953, Annandale


908-713-6001; fax, 908-713-6002. Home page:

Medarex will collaborate with Athersys Inc. to apply its HuMAb-Mouse

technology to Athersys’ RAGE (Random Activation of Gene Expression)

technology. "The combination of Athersys’ proteomics expertise

with our human antibody technology is a logical match for the


development of new therapeutics," says Donald L. Drakeman,


and CEO of Medarex.

Based in Cleveland, Ohio, Athersys develops therapeutic products to

treat significant and life threatening diseases (

Medarex develops monoclonal anti-body based therapeutics for similar

purposes. Among Medarex’ products in clinical development are those

to combat cancer, prevent secondary cataracts, and treat acute myeloid


Donald Drakeman and his wife, Lisa Drakeman, will be inducted into

the High Tech Hall of Fame at a Biotechnology Council of New Jersey

dinner on Wednesday, October 18, at the Garden State Arts Center in

Holmdel (, call 609-890-3185). Lisa Drakeman

is chief executive officer of Genmag A/S, a Copenhagen-based


firm that develops monoclonal antibodies to treat a wide range of


Top Of Page
Stock News: Cytogen

Last month Cytogen hoped to buy Massachusetts-based

Advanced Magnetics for $60 million in Cytogen stock. That deal is

off — perhaps because Wall Street judged the merger too time


and expensive — but Cytogen walks away with the rights to market

and sell Advanced Magnetic’s prize product.

Advanced Magnetics (AVM, develops and


MRI contrast agents useful for cancer and liver disease; it has a

manufacturing facility and an R&D fund of $19.5 million. Cytogen

(CYTO,, based on College Road, needs R&D money and could

use manufacturing space, but it has a full marketing team selling

similar products to radiologists.

The near-term benefits of the merger, both sides say, were a subject

of "mutual concern," but the two companies did want to team

up on marketing and supply arrangements.

Cytogen turned profitable for the first time in 18 years early last

year. It will get exclusive United States marketing rights to


a magnetic resonance imaging contrast agent for detecting lymph node

cancer that has been deemed approvable by the Food and Drug


It will get similar rights to a next-generation product for oncology


"The first place cancer spreads to is the lymph nodes. Instead

of taking a biopsy, you can give an injection and 24 hours later take

a picture," says Richard Krawiec, Cytogen’s vice president of

investor relations. Two similar Advanced Magnetics products are on

the market, and more are in the pipeline.

Advanced Magnetics is scheduled to receive 1.5 million shares of


stock (about $13 million at current prices) plus another $500,000

upon reaching milestones. Advanced Magnetics has 35 employees, most

at a manufacturing facility in Cambridge, but 10 at a clinical and

regulatory affairs office at the Carnegie Center.

Cytogen Corporation (CYTO), 600 College Road East,

CN 5308, Princeton 08543-5308. H. Joseph Reiser, CEO. 609-987-8200;

fax, 609-750-8130. Home page:

Advanced Magnetics Inc. (AVM), 104 Carnegie Center,

Suite 202, Princeton 08540-6232. Leonard M. Baum, senior vice


609-520-8505; fax, 609-520-0620.

Top Of Page
Leaving Town

SPX Corporation, 1075 Cranbury South River Road,

Suite 9 Forsgate Technical Center, Jamesburg 08831. Ted Young,


service manager. 609-395-7728; fax, 609-395-8121. Home page:

SPX closed this office on July 21 and consolidated operations to its

Kalamazoo headquarters at 8001 Angling Road, Portage, MI 49024,


fax, 800-809-1234. Some employees will stay in this area and working

from their home, and Ted Young will work from a Virginia office. The

firm sells emission testing equipment for auto diagnostics.T

Top Of Page

Jo-Ellen Pullen Walter, 65, on August 21. She was an


manager with Princeton Air Conditioning Co. on Everett Drive.

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