Cytogen Corporation rang the opening Nasdaq bell on August 31 to signal the start of Prostate Cancer Awareness month. One of Cytogen’s first products, Prostascint, images the extent and location of prostate cancer. Yet the company’s newest product, added last month, emphasizes its desire to enter the breast cancer market.
Cytogen is the oldest Princeton-based biotech to survive under its own name; it currently focuses on improving the quality of life for cancer patients. Founded in 1980 with investment from venture capitalist Bob Johnston, Cytogen has 85 employees, 40 of them on College Road. Though it is trading at between $2 and $3, down from $100 six years ago, its second quarter financial reports showed an improved net income of $7.2 million for the quarter, compared to a net loss of $7.7 million for the same quarter in 2005.
Last month Cytogen began to market Soltamox, the first liquid form of the tamoxifen, the hormonal breast cancer therapy. Soltamox can be helpful for patients who have difficulty swallowing pills. Cytogen’s acquisition of rights to Soltamox could help the firm increase its access to the breast cancer market, thus opening opportunities to sell Quadramet, its bone cancer drug.
Like prostate cancer, breast cancer sometimes spreads to bone, where it causes the bone to deteriorate or increases bone mass. Scientists believe the pain is due to the stretching of tissue around the bone, or from pressure on nerve roots, or muscle spasms. Quadramet relieves this pain.
"Looking ahead, we will remain focused on selectively utilizing strategic transactions to access additional clinical stage and marketed products," said CEO Becker in a press release.
Cytogen has rung the bell to signal September as prostate cancer month for five of the last six years, and it invited prostate cancer survivors, such as baseball celebrities Yogi Berra and Whitey Ford, to assist in the festivities. This year Becker appeared with former New York mayor Rudy Giuliani, who had bowed out of the Senate race against Hilary Clinton in 2000 when he took his diagnosis public.
Cytogen Corporation (CYTO), 650 College Road East, Suite 3100, CN 5308, Princeton 08543-5308; 609-750-8200; fax, 609-452-2476. Michael Becker, CEO. www.cytogen.com
Top Of PageWachovia Downsizes
Wachovia Bank plans to transfer the 138 employees in its retail credit sales support unit, now located on Route 1 North, across from North Village Shopping Center in North Brunswick. These workers are being encouraged to move to Charlotte, North Carolina (the Wachovia headquarters) or to Birmingham, Alabama.
The jobs pay from $30,000 to $60,000 and involve loan processing, underwriting, and management. About 75 of the jobs will go to the retail credit sales and service center in Birmingham, which currently has 65 workers.
Currently the Birmingham center manages loans that originate in Alabama, Tennessee, the Florida Panhandle, Georgia and Texas. The center’s loan production will double after the expansion, because it will add Florida to its area.
The transfer of jobs from North Brunswick follows up on a promise that Wachovia made to the Birmingham community when it bought SouthTrust Corporation and cut 1,700 jobs. It pledged to add new jobs. So far Wachovia has added 300 jobs in Birmingham; it also built a $400 million data center there.
Wachovia will try to place North Brunswick employees who do not wish to move in other positions in the corporation, says Christine Shaw, spokesperson, who adds that this division represents less than one-fourth of the total jobs at the facility.
"We are always trying to determine where we can be more consistent in delivering customer experience," says Shaw. "New Jersey is still an incredibly important market to us. While we are shifting this particular unit, we are hiring many other positions."
Wachovia, 100 Fidelity Plaza, North Brunswick, 08902. 732-729-2180.
Top Of PageNew in Town
Arch Electric Supply and Lighting, 21 Commerce Drive, Center Point at 8A, Cranbury 08512; 732-251-2005; fax, 732-251-0623. Home page: www.arch-electric.com
Arch Electric Supply moved its headquarters for distribution operations into 25,920 square feet in Cranbury. It also has a facility at 1 Pleasant Valley Road, Old Bridge 08857. The landlord was represented by Michael Markey, Jonathan Tesser, and Adam Citron Colliers Houston & Co.
D2 Signs, 2614 Whitehorse-Hamilton Square Road, Hamilton Square 08619; 609-587-6060. John Famularo, owner. Home page: www.d2signs.com
The owners of Dynamic Designs in Columbus opened D2Signs in Hamilton on August 1. This new store offers embroidery and promotional products done on the premises, as well as wide format digital printing and other printing services.
Menlo Worldwide, 24 Englehard Drive, Monroe 08831; 609-578-5300; Kevin Hartnett.
Menlo Worldwide recently opened a 221,300 square foot multi-client logistics center in Monroe with 60 employees. The $1.4 billion global corporation provides warehousing, distribution, and inventory management for commercial and industrial companies.
Gary Frantz, communications director for Menlo Worldwide, says the company chose the space because it is centrally located for several of its newest customers and because of its proximity to air, rail, and surface transportation.
The modern facility, he says, "is purpose-designed for the kinds of warehousing and logistics operations we do."
Top Of PageExpansions
Nini Construction Co. LLC, 110 West Franklin Avenue, Pennington 08534; 609-924-2322; fax, 609-587-2593. Roberto Nini, president. Home page: www.niniconstruction.com
Nini Construction Co., general contractors, moved in June from Hamilton to Pennington.
Envimetrics, 200 Forrestal Road, Suite D, Princeton 08540; 908-256-5033; fax, 908-781-1607. Deborah Efthimion, president. Home page: www.envimetrics.com
Envimetrics, which provides instrumentation based upon plasma technology to measure, monitor, and control air pollutant emissions from a variety of industrial sources, added additional space at 200 Forrestal Road in May to support instrumentation the firm is doing for the Office of Homeland Security.
Top Of PageCrosstown Moves
Catalyst Solutions Inc., 50 East State, Capital Center, Suite 211, Trenton 08625; 609-278-6600; fax, 609-278-6609. Donville I. Thorpe, business development. Home page: www.catalyst-site.com
Catalyst Solutions, an employment consulting firm, has moved from 3371 Route 1, Suite 216, in Lawrence Commons, to Trenton, because the company has more contracts close to its new location. It provides temporary and permanent placement, resume writing, consulting, training, and payroll services.
Top Of PageDown-Sizing
North Fork Bank, 4095 Route 1, Monmouth Junction 08852. 732-821-6633; fax, 732-821-7916.
The North Fork Bank, a commercial bank, closed its branch at Franklin Towne Center, 3391 Route 27 in Franklin Park and moved its operations to the branch at 4095 Route 1, Monmouth Junction 08852.
Top Of PageLeaving Town
M.I.S.I Co. Ltd., 90 Woodbridge Center Drive, Woodbridge 07095; 609-716-8700; fax, 609-716-8379. Dianne M. Bisacky, director of sales. Home page: www.misicompany.com
M.I.S.I. Co. Ltd. has moved its IT staffing division from 196 Princeton-Hightstown Road in Princeton Junction to Woodbridge. The company’s phone numbers have not been changed.
Arc Worldwide, 103 Carnegie Center, Suite 106, Princeton 08540. Home page: www.arcww.com
The Arc office at the Carnegie Center has moved, and deliveries are being routed to 1675 Broadway, Seventh floor, New York 10019; 646-756-8959.
SysFour Solutions LLC, 3086 Route 27, Kendall Park 08824; 732-940-8770. Mike Zalepa, president. Home page: www.sysfoursolutions.com
SysFour Solutions has merged with an Old Bridge-based firm, Mascon Global Limited, located at 1405 Route 18S, Suite 106, Old Bridge 08857; 732-679-0770; fax, 732-679-0979.