Corrections or additions?
These articles by Kathleen McGinn Spring and Barbara Fox were
prepared for the September 3, 2003
issue of U.S. 1 Newspaper. All rights reserved.
Life in the Fast Lane: iPhysicianNet Shuts Down
One more Internet company has quietly slipped away
into the corporate night.
Outside the iPhysicianNet office at 214 Carnegie Center, where eight
people once worked for the virtual pharmaceutical detailing company,
the appearances are business-as-usual: Two full water cooler jugs
are ready to be opened. Alongside the door, propped up against a
is a take-out menu from Sultan Sushi. But a black message sign —
the kind with small white letters announcing daily happenings —
reads "Welcome, July 31."
That date, as it turns out, was an auspicious one for the Scottsdale,
Arizona-based E-health company, which was founded in 1996 and
racked up at least $80 million in venture backing and partnerships
with 10 major pharmaceutical firms, including pharmaceutical/consumer
goods giant Proctor & Gamble, which signed on less than one year ago.
The company, had filed for, and then withdrawn, an IPO registration
statement in February, 1999. While it was not able to tap the public
markets, the company did very well in the private markets. After
its IPO, the company raked in tens of millions of dollars in three
major funding rounds. Participants included BioAsia Investments, Veron
International, Co-Investment 2000 Fund, Cordova Ventures, Far East
Capital Corp., MDS Capital, Fireman Fund Insurance, KBL Healthcare
Ventures, Patricof & Co. Ventures, Valley International, and Cardinal
Partners, a venture firm with offices at 221 Nassau Street in
The company’s business plan revolved around putting pharmaceutical
salespeople right on doctors’ desks — virtually, of course. The
idea was to give doctors computers and high speed Internet access
in exchange for a promise that they would chat with a representative
of each of its pharmaceutical partners once a month.
In all approximately 7,000 physicians agreed that the concept was
valuable enough to try out. But that wasn’t enough.
In a letter dated August 6, Peter Moriarty, the company’s chairman
and CEO, told shareholders that ". . . one of our major clients,
GlaxoSmithKline, notified us in June that it would be discontinuing
our service. This was totally unexpected, and devastating, news."
As the company scrambled to pull in still more venture capital, Eli
Lilly pulled out too, informing the company that "the size of
our network (number of physicians) was not large enough."
Still, iPhysicianNet did not give up hope. An investor was dangling
$5 million in further funding, but would only commit the funds if
other investors would join in. A scramble to find additional backers
followed; pharmaceutical partners were asked to accept price
and some agreed. iPhysicianNet’s board gave the company until 9:30
a.m. on Thursday, July 31, to obtain additional funding.
It didn’t happen.
In his letter informing stockholders of iPhysicianNet’s demise,
writes, "We were left with no funding and very little cash."
At 1 p.m. on Thursday, July 31, Moriarty informed his Scottsdale,
Arizona staff, 115 people, that their jobs no longer existed. He told
investors that he was "saddened" that they had suffered a
Employees, he writes, were thanked for their efforts, and responded
with a round of applause for management. There was no word as to
iPhysicianNet’s Carnegie Center employees had been conferenced in
on the termination speech — or whether they applauded. Whatever
the response, the message sign never got updated to August 1.
— Kathleen McGinn Spring
Princeton 08540. Robert L. Maio, vice president, sales and service.
609-275-8818; fax, 609-275-8819. Home page:
Jerry and Joseph Salzano are building a 47,478 square
foot office project, Madison Corporate Center, at 1262 Whitehorse
Hamilton Square Road, in Hamilton Square. They will break ground on
this project, intended to be a showpiece for Hamilton Township, on
Thursday, September 4, at 4 p.m. John Simone Realtors will be the
exclusive broker (www.johnsimonerealty.com).
The first half of the project, 23,739 square feet, is slated for
next summer. Office units as small as 1,800 square feet will have
separate entrances and will be sold as condominium units but can also
be leased. The 4.5 acre site, near to Robert Wood Johnson Hospital,
has parking for 214 cars.
Architect Frank S. Aiello of Calhoun Street in Trenton designed the
project with an eye to appealing to medical doctors who prefer to
own their own offices. It features a stucco and brick exterior, a
two-story glassed entry with porcelain tile foyer, elevator service,
and upgraded finishes. Medical offices will have private entrances,
and suite doors will have side windows.
"This office project will set us apart from all others in Mercer
County," says Joseph Salzano. His family-owned business
in masonry work but is also involved in other phases of construction.
Other Salzano projects have been Quakerbridge Office Campus, the
Hamilton Office Campus, and several residential communities.
La Jobi, a baby furniture company, is in the process
of moving into Cranbury East, the warehouse at Exit 8A owned by
Properties. Now based at 125 Jackson Avenue in Edison (732-346-5150),
the firm imports BonaVita cribs and other furniture made in Italy,
and it also has a factory in Virginia. Its wares are sold at Babies
R Us and other retail stores.
Across the street, at Cranbury West, another Keystone-owned warehouse
is occupied by the cosmetics division of LVMH and Sanmar, a
imprintable clothing import firm. Sanmar is currently hiring fork
lift drivers, warehouse workers, and a supervisor, says Lucy Garcia,
in the human resources department.
08512. Miles McGrath, distribution manager. 609-409-2495; fax,
Home page: www.bonavita-cribs.com
08512. Robert Manganelli, distribution manager. 609-395-1333; fax,
609-395-6744. Home page: www.sanmar.com
Jeanne Fox, president of the Board of Public Utilities
(see related story, page 46), just announced the board’s first grants
under the Renewable Energy and Economic Development Program. Ten
businesses are getting from $50,000 to $500,000 — a total of $2.7
million, and the monies are predicted to create 200 high-technology
These grants, awarded by the BPU’s Office of Clean Energy, are
to give the state a leadership position in energy conservation. The
BPU hopes that soon 20 percent of the state’s power will be generated
from solar or wind power or other renewable energy sources
Road, Box 7456, Princeton 08543-7456. James F. Groelinger, CEO.
fax, 609-587-5355. Home page: www.epv.net
Energy Photovoltaics received the biggest grant, $500,000 to help
the commercialize solar electric panels. Founded in 1991 by Zoltan
Kiss as Chronar, it has 34 employees at this location, where it makes
the machinery to manufacture photovoltaic modules.
A, Suite 1, Pennington 08534. George W. Taylor, president.
fax, 609-730-0404. Home page: www.oceanpowertechnologies.com
Ocean Power Technologies received $499,486 to commercialize its
that could use the mechanical energy of ocean waves into electricity.
Founded in 1984, it has 12 employees here, and it develops,
and sells equipment to generate this power.
Business Park Building B, Pennington 08534. Quentin T. Kelly, CEO.
609-818-0700; fax, 609-818-0720. Home page: www.worldwater.com
Worldwater received a $300,000 grant to work on a power drive to
solar systems to electric grids. This is the same company that was
featured in the Patents column of the New York Times on September
1 for a backup solar power system, invented by Anand Rangarajan and
Thomas McNulty, which can integrate solar and electric power
Founded in 1984, Worldwater is a principal supplier of renewable
and remote water supply for emerging nations. It offers water
and solar energy, and it designs, develops, and markets its
Four, Suite 107, Lawrenceville 08648. Tyler McWhorter. 609-896-1500;
fax, 609-896-1525. Home page: www.corbeautechnologies.com
The software development firm moved into 7,000 square feet on Lenox
Drive earlier this year. It specializes in developing and
implementation of financial software systems, particularly the
PAM for Securities product offered by College Road East-based
Princeton Financial Systems.
Among its clients in financial services are Northwestern Mutual and
American Express Financial Advisors. Additionally, Corbeau offers
enterprise solutions, knowledge systems, E-commerce and customer
relationship management, and infrastructure design. It also has
clients in the travel industry.
Nosh Nalavala knows how to wear multiple hats, changing
from a job as a reporter and editor to duties as a publicist or
consultant. Nalavala has moved his businesses, Zeno Marketing
and Travelers India magazine, from East Windsor to Princeton Junction
and he has a new phone and fax.
His marketing communications firm does all aspects of marketing —
advertising, public relations, direct mail, publishing, and Internet
management — but specializes in travel, and it represents travel
companies from different countries. He has a small office in Delhi
and an agent in Bombay, and he commissions freelancers to write
for the magazine he writes and edits, Traveler’s India
"For Air India I do public relations and advertising, and they
buy large quantities of my magazine, Travelers India," says
Other clients are India Tourism, International Ventures and Travel,
the Malaysia Tourism Board, and the United Nations Development
"It is a misconception that you need gobs of money for
he says. "It can be done extremely inexpensively."
The son of a business man, Nalavala was educated at St. Joseph’s
in Dehradun, in northern India near Delhi, and has a certificate from
the University of Cambridge. He has nearly 30 years experience in
travel marketing, starting out with Air India and the Taj group of
hotels. He came to this country in 1983, and his sister also lives
in Central New Jersey. Nalavala and his wife have one son, an
Nalavala was raised as a Zoroastrian, a religion that emphasizes good
thoughts, good words, and good deeds. He named his business after
a Greek philosopher. "Zeno believed that in order for Nature (i.e.
God or a divine presence) to play a positive role in your life, you
need to put in every effort honestly and sincerely, and God will take
care of the results."
Princeton Junction 08550. Nosh Nalavala, president. 609-716-1296;
fax, 609-716-1297. E-mail: email@example.com Home page:
08619. George T. Dougherty, partner. 609-587-1199; fax, 609-587-0550.
The law firm of Katz & Dougherty has moved from 100 Overlook Center
to 4020 Quakerbridge Road. The four-person firm’s specialties include
contracts and personal injury.
106, Princeton 08540. Peter Watson, director of center of
excellence. 609-734-0600; fax, 609-419-3780. Www.rwd.com
RWD Technologies, which provides software support for manufacturing
and industrial applications, has moved from Suite 101 to Suite 106
in the same building, 214 Carnegie Center.
The company, which is down to 15 employees, some 25 fewer than in
1999, and has downsized from 15,000 square feet to 3,000. Its services
include client/server applications on major platforms and desktop
applications, and performance improvement in complex technical
Ken and Trudy Dougherty. 609-924-2550; fax, 609-924-0340.
Kuller Travel moved from 108 Nassau Street to Nassau and Harrison
Street, where the rent is less expensive and free parking is
The travel agency is located in the first floor of the Mazotas
at 344 Nassau Street.
Princeton 08540. Kelley Geraty, branch manager. 609-683-4040; fax,
609-683-5621. Home page: www.snelling.com/snellingeast
The employment agency has moved across Route 1 from 350 Alexander
to 600 Alexander. It does permanent and temporary staffing agency
specializing in office support, information technology, accounting
and finance, and light industrial.
Princeton University Store, Princeton 08542. Andre Liu, owner.
A 25-year-old copy shop closed its doors on Witherspoon Street in
downtown Princeton and moved in with Pequod at the Princeton
Store. "We had been cooperating over the years," says Andre
Liu of Pequod, "and their rent wasn’t justifying the location.
It made sense to have one location in town. So we just combined a
few retail customers." He points out that, at the U-Store, parking
08512. Drew Griffiths, production manager. 609-655-9132; fax,
Home page: www.adkgraphicsinc.com
A family-owned printing business expanded from an office in the town
of Cranbury to 1,200 square feet at Route 130 South; it has presses
elsewhere. Walter Griffiths, a Rutgers alumnus, started his career
in sales and then became a printing broker before operating as a full
service commercial printer. He is assisted by his wife, Susan, and
two of their three children — David (Rider, Class of 1995), and
Andrew (Roger Williams, Class of 2000). Among ADK’s clients are
retailers, pharmaceuticals, chemical companies, and service firms.
33, Lexington Square Commons, Box 8303, Trenton 08650-0303. Sydelle
Norris, state director. 609-890-2121; fax, 609-890-2124.
The New Jersey office of Experience Works!, a non-profit serving
job seekers, is closing its doors on Friday, September 5, after losing
its funding on July 1. Located at 2139 Lexington Square Commons, the
non-profit was an office of a nationwide organization with
in Arlington, Virginia, and a presence in 44 states.
The New Jersey office, which handled paperwork for the entire state
as well as for Maryland, is moving to Mechanicsburg, Pennsylvania,
according to office manager Sue Dilks, who says that she, along with
the office’s other five employees, have lost their jobs.
The office’s six field workers were terminated on July 1.
Some Experience Works! clients are women who have never worked, or
who have no work recent work experience, and who find themselves in
need of a job after the death of a spouse. Others, says Dilks, are
individuals, both men and women, who have been downsized, or who have
to come out of retirement as their savings dwindle.
Ages of clients range from 55 to, in Dilks’ words, "Oh my
Over 80? Oh yes, certainly, she says, some of the jobseekers her
has seen have been well into their ninth decade.
Dilks has been too busy to look for a job, but plans to start doing
so as soon as her office is packed up. As for her agency’s clients,
they will now be served by Easter Seals.
08854. Howard Rich, president. 732-247-4900; fax, 732-247-4916.
Howard Rich moved his event planning and advertising specialty
from North Center Drive in North Brunswick to Piscataway. Founded
in 1985 the firm has six employees and 3,000 square feet. Rich offers
a full range of corporate meeting and VIP services, including setting
up meetings, dinners, theater and sports events, and he also does
advertising, particularly focusing on ad specialties.
08542. Ursula Meyer, business manager. 609-924-1441; fax,
Home page: www.pre-diction.com
Pre-Diction Tech, a market research company with proprietary
is no longer maintaining its office at 100 Nassau Street. Phones at
the office have been disconnected.
Julian Kestler, president. 609-683-1322;
Kestler & Company, a marketing communications firm, is moving from
its offices at 115 Wall Street, according to Julian Kestler, the
Corrections or additions?
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