Expansions: Bullrun

Leaving Town

Ownership Change For Consumer Health

New in Town

Crosstown Moves

Management Moves: Countrywide

Name Changes

Deaths

Corrections or additions?

These articles by Barbara Fox, Kathy Spring, and Fran Ianacone were

prepared for the May 25, 2005 issue of U.S. 1 Newspaper. All rights

reserved.

Life in the Fast Lane: Able Laboratories Shuts Down

Able Laboratories, a generic drug developer and manufacturer that

expanded to a former Squibb facility near Exit 8A of the New Jersey

Turnpike, has suspended all shipments of products until further notice

and has begun a mass recall of all products.

On May 19 Able announced that an ongoing review into its manufacturing

procedures had uncovered quality control problems involving the

company’s testing practices. In the wake of the news, Dhananjay

Wadekar, CEO, resigned, and Robert Mauro, president and COO, is in

charge.

The company is at a standstill.

"I have no idea when we can resume shipping," said George Sager, the

company’s controller, last week. "But we hope to rectify the problem

soon."

Able manufactures and sells a range of prescription pharmaceutical

products in solid oral dosage and suppository forms under its own

label as well as under private label agreements. Its products include

Ritalin for attention deficit disorder, Vicodin for pain, and

antibiotic metronidazole capsules and drugs to treat nausea while

undergoing chemotherapy. Its products are sold primarily through

direct sales efforts to drug wholesalers, distributors, and retail

drug chains. Able had six Abbreviated New Drug Applications (ANDAs) in

line at the FDA, but it has just withdrawn those applications.

Able leased the former 1 Squibb Drive building, last used as a

distribution facility, from Matrix Development in September 2003. Not

wanting to operate from a street named for a competitor, Able obtained

permission from the town of Cranbury to rechristen its address "1 Able

Drive."

With this expansion, Able aimed to quadruple its manufacturing

capacity and has invested nearly $35 million in retrofitting the

building for manufacturing. Sager says that many departments,

including administration, R&D, shipping, and receiving have already

moved in. Current manufacturing operations are in South Plainfield in

a facility Able plans to retain.

Able plans to move another 240 employees, many of them to be involved

in manufacturing, into its new 1 Able Drive facility late in the

second quarter or early in the third quarter. Meanwhile, said Sager on

Friday, May 20, there have been no lay-offs, either permanent or

temporary, as a result of the halt in shipping.

Problems leading up to this suspension include several recalls,

including one for batches of atenalol, a blood pressure drug, for lack

of potency. In a press release dated May 19, Able states that "the

company’s comprehensive review is proceeding based on protocols

established by outside consultants retained by Able." It goes on to

say that these reviews are time consuming and that, therefore, the

company is unable to determine the extent to which production deviated

from standard manufacturing practices.

The company ran afoul of the FDA on at least one other occasion. It

received a warning in April, 2004, citing failure to report adverse

drug experience reports on at least 27 occasions. The adverse

reactions, many of them to lithium caps – but also to phentermine

caps, carisoprodol, and methylphenidate – included chest pains,

difficulty breathing, elevated blood levels, minor strokes, and

irritability. In its warning letter, the FDA states that "the specific

violations noted in this letter are serious and may be symptomatic of

serious underlying problems."

Able, enmeshed in new problems now, has seen its stock torpedo. It

plummeted 75 percent on the news that all shipments had been halted,

falling to $6.26 before trading was suspended on May 19. Trading has

resumed and, on Monday, May 23, it closed at $5.05. This set-back

occurred shortly after the company announced that first quarter

revenues, for the period ended on March 31, had risen 43 percent, to

$30.7 million.

A Manhattan-based law firm, Lasky & Rifkind, is filing a class action

lawsuit on behalf of those who took Able’s products after October 30,

2002, and Radnor, Pennsylvania-based Shiffrin & Barroway has filed a

shareholders’ lawsuit.

Able Laboratories (ABRX), 1 Able Drive, Cranbury 08512-3609.

609-495-2800; fax, 609-495-2705. Home page: www.ablelabs.com

Top Of Page
Expansions: Bullrun

Bullrun Financial, 134 Franklin Corner Road, Suite 106, Lawrenceville

08648. John Coscia, managing director. 609-838-6000; fax,

609-838-6014. Home page: www.bullrunfinancial.com

Bullrun Financial, which provides a web-based portfolio-management

service to institutional portfolio managers and high net-worth wealth

advisors, has moved from 134 Franklin Corner Road to the American

Metro Center in Hamilton.

The company uses proprietary software hosted on the Internet to

analyze and compare different investment options, and to provide

real-time information to financial advisors on the status of their

clients’ investments.

CEO John Michel, a 1980 graduate of West Point, says he chose the

location for its proximity to I-295, Route 1, and the northeast

corridor train line. "The new location is advantageous to attracting

talent from various areas in Bucks County and both central and south

Jersey. Being next to the Hamilton train station allows employees to

come from North Brunswick and points north and walk right up to our

office."

According to Michel, Bullrun’s software has enabled it to expand its

focus from institutional investing to high-net worth individuals.

During the first quarter of 2005, the company doubled the amount of

business realized during its entire fiscal year in 2004. It projects

revenue of $9 million by year-end.

Top Of Page
Leaving Town

After five years at the Technology Center of New Jersey, Celgro has

moved from 661 Route 1 South to consolidate with its parent company,

Celgene, at a new headquarters in Summit.

Celgene is known for having found good uses for the drug thalidomide;

it discovers, develops, and commercializes therapies to treat cancer

and inflammatory diseases through gene and protein regulation. Celgro,

its wholly owned subsidiary, is an agrochemical company working in

pesticides; it does enzyme and protein engineering, custom biocatalyst

development, chiral product applications, and enzyme and biocatalyst

production (U.S. 1, January 19, 2000).

Celgene moved its headquarters from Warren to the former 45-acre

campus of Celanese. The campus started out as a junior high school in

the 1930s. Celanese bought that building after World War II and added

to it; now it has 15 buildings (including a cafeteria, tennis courts,

and a small pilot plant) and more than 414,000 square feet. The

Garibaldi Group/CORFAC International of Chatham represented the

sellers, and Murray Hill-based Staubach Company represented the

buyers.

Celgro Corporation (CELG), 86 Morris Avenue, Summit 07901. George W.

Matcham, senior vice president, Celgro. 908-673-9000. Home page:

www.celgro.com

Top Of Page
Ownership Change For Consumer Health

Princeton-based Consumer Health Sciences, formerly part of Grey

Healthcare, has formed a new division within another Grey-owned

company, The Ziment Group. According to vice president of sales, Len

Force, the company’s name will remain unchanged although it is now

affiliated with a different parent company.

Consumer Health Sciences became part of Grey Advertising when it was

acquired by Grey Global Group in 1999. When Grey itself was acquired

by WWP, CHS became a separate operating division of the Ziment Group,

a New York-based market research consultancy, and operating unit

within the Kantar divison of WWP. "CHS will continue to be a

standalone operating unit in the Ziment Group," says Force,"focused on

syndicated patient medical research."

Established in 1998 by founder and CEO Jane A. Donahue, CHS is a

20-person health information and market research company that provides

disease-specific, self-reported consumer data to pharmaceutical and

life science companies, to help close the gap between the doctor and

consumer. Its flagship offering is its National Health and Wellness

Survey (NHWS) which annually compiles information from 45,000 adult

U.S. consumers and 20,000 European respondents.

Donahue grew up in Chicago, where her father was a marketing executive

at Readers Digest. She graduated with a BS in Psychology from St.

Lawrence College, in 1974, and earned a Ph.D. in social research from

Bryn Mawr. Formerly, she was the director of outcomes research for

Janssen.

Her firm employs researchers with master’s and doctor’s degrees who

design the questionnaires. The field work is done in the U.S.,

Germany, Italy, France, and Spain, with the cleaning, coding and

scoring of the data performed in Princeton. Though the studies are

sold to pharmaceutical and managed care companies, the firm maintains

ownership of the data.

Consumer Health Sciences LLC, 165 Wall Street, Princeton 08540. Jane

A. Donohue CEO. 609-924-4455; fax, 609-924-7794. Home page:

www.chsinternational.com

Top Of Page
New in Town

Dianet Communications, 3 Cedar Brook Drive, Cranbury 08512. Jeff Just,

president. 609-655-2856; fax, 609-409-1927. Home page:

www.dianetcommunications.com

Dianet Communications, which designs, finances, builds, manages and

maintains share networks for wireless carriers, moved last year from

Park Avenue to 3 Cedar Brook Drive. The five-person office is

currently conducting a project at 30 Rockefeller Center.

Top Of Page
Crosstown Moves

Blue Star Infotech America Inc., 666 Plainsboro Road, Suite 1010,

Plainsboro 08536. Sanjeev Sethi, director. 609-799-5454; fax,

609-799-5486. Home page: www.bsil.com

Blue Star Infotech, a software consulting firm, moved within Princeton

Meadows Office Center from Suite 1116 to 2,000 square feet in Suite

1010. Founded 20 years ago, it is headquartered in Mumbai, India, and

has 1,000 employees worldwide, 10 in this office. Another U.S. office

is in Santa Clara. A spokesperson says that the company offers design

and development services on all platforms and focuses on four

industries – technology, retail, travel, and manufacturing.

Forums Institute for Public Policy, 315-316 Commons Way, Princeton

08540-3906. Linda Mather, president. 609-688-0100; fax, 609-688-0855.

Www.forumsinstitute.org

Forums Institute for Public Policy has moved from 101 Campus Drive and

has a new phone and fax. A nonprofit corporation, it promotes sound

public policy through education, communication, and research, and it

is partially funded by the RWJ Foundation.

Robert A. Obler, 3131 Princeton Pike, Building 3D, Suite 200,

Lawrenceville 08648. 609-896-1321; fax, 609-896-3184.

Criminal trial attorney Robert A. Obler has left his old office and is

now leasing space in the offices of Markowitz, Gravelle at 3131

Princeton Pike, Building 3D, Suite 200. He has a new phone number.

Top Of Page
Management Moves: Countrywide

Countrywide Home Loans (CWD), 1 Nami Lane, Quakerbridge Business Park,

Suite 2, Mercerville 08619. Daniel Guest, branch manager.

609-584-7644; fax, 609-584-8151. Home page: www.countrywide.com

Daniel Guest is the new manager at Countrywide Home Loans, a national

mortgage company. After graduating from York College, Class of 1988,

and obtaining his Wharton MBA, he worked in telecommunications, most

recently as director of sales for Nextel.

When Green moved to the mortgage banking business, he worked at

Washington Mutual in Cleveland and Princeton before joining

Countrywide.

Top Of Page
Name Changes

Ryder Logistics, 112 Melrich Road, South Brunswick Industrial Park,

Monmouth Junction 08852. 609-409-0077; fax, 609-409-4496.

FNS Logistics had the contract to manage the LG Electronics warehouse,

but Ryder Logistics has taken over the role of distribution here. The

company did not return calls asking for information.

Top Of Page
Deaths

Stephen W. Koontz, 57, on May 20. He was a director at Johnson &

Johnson in Montgomery.

Donald P. Albury, 54, on May 22. At Princeton University he was

manager of media services. A memorial service is Saturday, May 28, at

10 a.m. at Princeton United Methodist Church, Nassau Street.


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