Edited by Scott Morgan
Nucryst Pharmaceuticals Corp., 101 College Road East, Princeton 08540; 609-228-8220; fax, 609-228-8221. Home page: www.nucryst.com.
Nucryst Pharmaceuticals Corp., a developer and manufacturer of medical products that fight infection and inflammation, will be acquired by Smith & Nephew, a company for which it long has developed wound dressings.
The world’s largest wound care company has agreed to buy out Nucryst for $21 million, plus “the value of working capital and subject to certain adjustments,” according to a statement issued by Nucryst on November 10. Nucryst also entered into an amalgamation agreement with the Westaim Corporation, which currently owns approximately 75 percent of Nucryst’s outstanding common shares. The newly formed subsidiary of Westaim will be named Amalco. Shares of the new entity will be redeemed at $1.77 each.
The deal will give Smith & Nephew Nucryst’s operations in Fort Saskatchewan, Canada, plus its intellectual property. There is no word on the fate of Nucryst’s Princeton office.
Nucryst’s stock has been struggling for more than a year. In December, 2008, the company’s stock hovered just below $1 per share, and the 133-person company paid $220,000 to break its lease in Massachusetts in order to move here.
The company has since fared little better, but has a number of patents based on its nanocrystalline silver technology and has had success in developing and manufacturing its products.
The two-pronged deal remains subject to the approval of Nucryst’s shareholders.
Hutchinson Industries (TOT), 460 Southard Street, Trenton 08638; 609-394-1010; fax, 609-394-2031. Pascal Seradarian, president. Home page: www.hutchinsoninc.com.
The Trenton-based manufacturer of run-flats and wheels for military and security vehicles has been given a $642,000 contract from the U.S. Marine Corps Logistics Command in Albany, Georgia, for vehicular equipment components.
Ocean Power Technologies (OPTT), 1590 Reed Road, Building A, Suite 1, Pennington 08534; 609-730-0400; fax, 609-730-0404. Dr. George W. Taylor, chief executive officer. Home page: www.oceanpowertechnologies.com.
The Pennington-based developer of generators powered by ocean currents has received a $66.5 million contract from the government of Australia to build a 19 megawatt wave power project off Victoria.
According to the firm, the power station will be built in three phases and generate power to as many as 10,000 homes. The project is to be developed by a special purpose company, Victorian Wave Partners, that was formed by OPTT and funding agency Leighton following the signing of an agreement announced last year. Work is set to begin by mid-2010.
Princeton Plasma Physics Laboratory, Princeton University, James Forrestal Campus, Box 451, Princeton 08543-0451; 609-243-2000; fax, 609-243-2751. Stewart Prager, director. Home page: www.pppl.gov.
Princeton Plasma Physics Lab will receive another $1.8 million in Recovery Act funding, supplementing the $13.8 million grant it received just three months ago.
The additional money is earmarked for a trio of fusion energy research projects. According to the lab, $320,000 of the new funds will be used for infrastructure and upgrades to a fusion experiment called the Princeton Field-Reversed Configuration, an alternate concept for magnetically confining a plasma; $952,000 will be used for upgrades and modifications to the Lithium Tokamak Experiment, a fusion experiment to study the use of liquid metal walls inside of the vacuum chamber containing the hot plasma; and $576,000 will go toward an X-ray imaging crystal spectrometer that measures intensities of soft X-rays emitted by a plasma in order to determine plasma temperatures.
PPPL Director Stewart Prager said that two of these projects “are not part of the mainline approach to fusion, and could greatly alter the road to fusion.”
In August the lab received the initial grant that provided $8.8 million for fusion energy initiatives and $5 million for work on infrastructure at the laboratory.
New Journey Recycling, 2 Progress Road, South Brunswick 08852; 732-805-0363; fax, 732-805-0365. Home page: www.newjourneyrecycling.com.
The Middlesex-based recycling company has leased the 110,000-square-foot industrial building on Progress Road and will move in in January.
Joel Lubin of Jones Lang LaSalle represented New Journey Recycling. Melissa Camarata of F. Greek Development represented the landlord, in-house.
Sills Cummis & Gross PC, 650 College Road East, Princeton 08540; 609-227-4600; fax, 609-227-4646. Joseph Sandomeno, office manager. Home page: www.sillscummis.com.
The law firm has renewed its lease at 650 College Road East, where it occupies 17,650 square feet. The lease, executed through BPG Properties and Aegis Property Group, puts the firm here for another five years.
The four-story building is now 84-percent occupied, according to BPG. There remains around 27,000 of square feet of space available for lease.
Cary Compounds, 5 Nicholas Drive, Monmouth Junction 08852; 732-274-2626. Kenneth Cary, CEO. Home page: www.carycompounds.com.
The maker of flexible dry-blend PVC compounds has renewed its lease for its 66,360-square-foot warehouse. The building, erected in 1988 on 4.36 acres in the Exit 8A Industrial submarket, is fully occupied by Cary, which was founded in 1999.
Nate Demetsky of Cushman & Wakefield of New Jersey represented the landlord, ING Clarion Partners. Joel Lubin of Jones Lang LaSalle represented the tenant.
Wagner Insurance, 866 Route 33, Suite 6, Hamilton 08619; 609-514-1515; fax, 609-448-8841. David P. Wagner, agent. Home page: www.wagnerins.com.
David Wagner has moved his insurance firm from Princeton Junction to Hamilton.
Ryan Stark Lilienthal Law Offices LLC, 5 Mapleton Road, Benjamin Gray House, Princeton 08540; 609-987-9600; fax, 609-987-0600. Home page: www.princetonimmigration.com.
Immigration attorney Ryan Lilienthal has moved from his Nassau Street office to Kingston.
Kevin W. Truex and Associates, 666 Plainsboro Road Plainsboro 08536; 609-275-0900. Kevin W. Truex, president.
Accountant Kevin Truex has left his office on Plainsboro Road for one in Freehold. The Plainsboro number remains the firm’s contact.
Rainbow Doors Inc., 3 Nami Lane, Hamilton 08619; 609-586-8680. Frank Natoli, president.
Frank Natoli has moved his door manufacturing business from Nami Lane. There is no available contact information for the company.
In the October 21 issue of U.S. 1, an incorrect E-mail address was printed for attorney Tracey C. Hinson of Szaferman, Lakind, Blumstein & Blader, who wrote an advertorial on the rights of individuals injured on public property. She can be reached by E-mailing email@example.com.
For the complete text of her article, visit www.princetoninfo.com, click on the archives, and search for articles by date — October 21.
Albert Bottoni, 79, on November 16. With his wife, Theresa, Bottoni owned and operated the Lawrenceville Deli (formerly the Jack N Jill Deli) on Merion Place from 1972 to 2003.
Richard Wance, 81, on November 15. For 31 years he was a senior research technician with RCA in Princeton.
Robert Capuano, 58, on November 14. A graduate of Princeton University, Georgetown, and Temple, Capuano served as a trial lawyer for the U.S. Navy before entering workers’ compensation law with Stark & Stark.
James Carlin III, 63, on November 13. A former employee at Phillips Electric, he worked for 17 years at Bloomberg.
Leonard White, 81, on November 12. He was a supervisor at McGraw-Hill Book Company for 19 years.
Ruth LaDue Scott, 72, on November 10. A former newspaper editor for the South Brunswick Post, she was Rutgers’ director of public relations and the school’s news service director for 25 years.