New at Transcell

Pharma News

Leaving Town

Deaths

Stocks, Mortgages

Corrections or additions?

These articles by Peter J. Mladineo and Barbara Fox were published in

U.S. 1 Newspaper on July 29, 1998. All rights reserved.

Market Research Mergers

Mergermania is hitting the market research industry

hard. "Out of the top 50 companies eight of them have combined

with other companies in the top 50," says James Fouss, president

of the State Road-based Response Analysis, which is being acquired

by Roper Starch Worldwide.

In Research Park, Integrated Marketing Services, a parent company

of several previously-merged entities, is adding Ensemble 4, a Fort

Lauderdale-based company to its family. And on Independence Way, Total

Research is getting Wall Street behind it to find a good acquisition.

For Response Analysis, the acquisition by the large Manhattan market

researcher is all but a done deal. The two companies signed a letter

of intent to combine and officials predict that the deal will close

by the end of August. "We’re working on purchase agreements and

other documents needed to complete the transaction," says Fouss.

While Roper Starch will be the parent company, Response Analysis will

maintain its company name and offices at 1060 State Road and will

operate as a division of Roper Starch with Fouss as a vice chairman.

William J. Wilson is Roper’s chairman and CEO.

Founded in 1969 by Herb Ableson and Reuben Cohen, Response Analysis

is an employee-owned firm with strengths in banking, insurance, and

investments, telecommunications, and information technology. Roper

Starch was founded in 1923 and offers marketing, advertising, and

public opinion research services to blue chip corporations. It also

has offices in Newport Beach, California, London, and Hong Kong.

The deal will make Roper Starch "the 12th to 13th largest survey

research company in the country," and the largest such company

to have a presence in Princeton area as well, says Fouss. The company

expects to have combined revenue of from $65 to $70 million next year.

"What we’ll be working on in the next year is various types of

integration of our organizations at the back room level because we

serve different clients and we think our services are

complimentary,"

says Fouss. "At this point we’re looking to bring the

organizations

together operationally, but that’s going to take some time. We plan

to grow the entire organization and that’s what I’m going to be part

of."

Fouss makes no secret about the need for his industry

to consolidate to achieve economies of scale. And, Fouss reports,

Roper Starch wasn’t the first suitor to contact Response Analysis.

"There were several others that approached us." But company

brass found that Roper Starch "was the most complementary. We

like their corporate culture and their emphasis on the same values

that we feel are important," he explains.

Total Research, based at 5 Independence Way and traded as TOTL, is

riding a fiscal turnaround that could eventually lead it to an

acquisition.

It sold a share of the company to an investor group, Wellington

Partners,

which purchased 1 million shares and options for 250,000 additional

shares for $2.25 per share. And it will provide up to $25 million

in debt or equity financing to Total Research for acquisitions or

other projects.

Wellington Partners is headed by David Brodsky, a private investor

who now becomes chairman of the board. Also named to the board is

George L. Lindemann, chairman of the board of the Southern Union

Company,

and Howard L. Shecter, a senior partner of Morgan Lewis & Bockius,

the law firm with an office at 100 Overlook Center.

Brodsky says he hopes to "help Total Research expand the range

of services it offers through both research and development and the

potential acquisition of compatible businesses."

Recently Total Research elected a new president and CEO, Albert A.

Angrisani, a former assistant secretary of labor and sub-cabinet

member

in the Reagan administration. Angrisani concurrently operates his

own business, Princeton Management Company, a 132 Nassau Street-based

merchant and investment banking firm that works with NASDAQ Small

Cap firms. He succeeds Lorin Zissman, the company founder, who is

retiring and will remain a director and chairman emeritus. Along with

Angrisani, Brodsky, Shecter, and another not-yet-named member will

serve on a executive committee.

Founded in 1975, Total Research specializes in the development and

application of predictive market research, and has clients in all

continents except Antarctica. Its clients have included the American

Stock Exchange, Chase Manhattan, Lucent Technologies, Unisys, Reuters,

and AT&T.

The company, which went public in 1987 and whose stock has rallied

to record heights over the past year (more than $4 per share), has

managed to increase its revenues from $8 million for the first quarter

of 1998, from $7.4 million for the same period last year. Also, the

company has no bank debt, cash reserves of $1.76 million, and claims

to have a $13.3 million backlog in business under contract.

Company officials see its management moves as an affirmation from

Wall Street. "We are not suddenly profitable because of new

capital

and new blood on the board," says Anthony P. Galli, director of

corporate communications and investor relations. "We have

attracted

new capital and new blood because we are cash strong, debt-free, and

fiscally sound. The financial turnaround in the company, engineered

by Al Angrisani, has attracted the attention of Wall Street."

Says Angrisani, "The turnaround has been underway for the last

two years and has resulted in the elimination of all debt and the

almost tripling of the company’s profit in that two-year period."

— Peter J. Mladineo

Response Analysis Corporation, 1060 State Road,

Box 158, Princeton 08542-0158. James H. Fouss, president.

609-921-3333;

fax, 609-921-2611. E-mail: info@response-analysis.com. Home page:

http://www.response-analysis.com.

Total Research Corp., 5 Independence Way, Princeton

Corporate Center, CN 5305, Princeton 08543-5305. 609-520-9100; fax,

609-987-8839. E-mail: TRC@totalres.com. Home page:

http://www.totalres.com.

Top Of Page
New at Transcell

Interneuron Pharmaceuticals — an investor in

Transcell

Technologies since Transcell’s formation six years ago — bought

Transcell in May. Transcell is now known as Intercardia Research

Laboratories,

part of Interneuron’s majority-owned subsidiary, Intercardia Inc.

A visit to Transcell’s former home page links immediately to the

website

of the new firm.

Based in Lexington, Massachusetts, Interneuron is traded on Nasdaq

as IPIC. Interneuron’s CEO Glenn L. Cooper was at one point acting

president of Transcell. Clayton I. Duncan is president and CEO of

Intercardia Inc., which is based in Research Triangle Park and trades

on Nasdaq as ITRC.

Michael J. Sofia remains in the 2,000-foot laboratory at Exit 8A as

Intercardia’s vice president of research and director of chemistry.

Also at that site are Helena R. Axelrod (director of biological

research

and technology development, U.S. 1, January 21, 1998) and David M.

Gange (director of robotics, informatics, and analytical systems).

Transcell had had a net loss of $5 million for the five months ending

June 30, 1997, but it sold for about $15 million. Owners of Transcell

stock were to receive approximately $12 million in Intercardia common

stock over a two-year period, according to an announcement made in

November, 1997. Interneuron is scheduled to receive $3 million in

Intercardia stock plus royalties from previously set collaborations.

Transcell was founded as a drug delivery company by Princeton

University

researchers Daniel Kahne and Suzanne Walker. As Intercardia Research

Laboratories it has about 32 employees and focuses instead on drug

discovery using a proprietary platform of carbohydrate combinatorial

chemistry. Its platform technology involves solid phase chemistry,

robotics systems for library generation, informatic technologies for

data storage and analysis, and analytical technologies for solid phase

chemistry and library analysis.

Interneuron’s most important drug to date has been a basodilating

beta-blocker Bextra (bucindolol) now in Phase III clinical trials

for congestive heart failure. Its other subsidiaries are InterNutria

and Progenitor.

Intercardia, 8 Cedarbrook Drive, Cranbury 08512.

609-655-6900; fax, 609-655-6930. Home page:

http://www.transcell.com.

Top Of Page
Pharma News

Delsys Pharmaceutical Corporation, 5 Vaughn Drive,

Suite 305, Box 8738, Princeton 08543. Martyn Greenacre, president

and CEO. 609-720-0033; fax, 609-520-6692.

The privately-held developer of automated drug manufacturing and drug

delivery systems has announced a joint venture, its fourth

collaboration

in 12 months, the first for a controlled-release product. Created

by Sarnoff Corporation and Healthcare Ventures, Delsys will combine

its Accudep process (electrostatic powder deposition) with

controlled-release

technologies from Elan Corporation (NYSE:ELN) and form a majority

owned subsidiary of Delsys in exchange for Elan’s $3 million equity

investment. Other collaborations have been with Warner-Lambert,

SmithKline

Beecham, and Glaxo Wellcome.

Top Of Page
Leaving Town

Cittone Institute, 100 Canal Pointe Boulevard,

Princeton 08540. David W. Baumol, executive director. 609-520-8798;

fax, 609-520-8830.

Citing no room for expansion, the Cittone Institute announced that

it would close its 100 Canal Pointe location at the end of August.

Cittone students have been given a choice: Either accept pro-rated

tuition refunds or commute to its Mt. Laurel or Edison locations.

School officials said there was no new comparable office space should

the school choose to expand.

Toshiba Advanced Television Technology Center,

202 Carnegie Center, Suite 102, Princeton 08540. Gregory DePriest,

director. 609-951-8500.

Toshiba closed its small high-definition TV office in Carnegie Center

and relocated the personnel to its Wayne office and its U.S.

headquarters

in Lebanon, Tennessee. A spokesman in the Tennessee office says

Toshiba

is getting ready to introduce its digital television products next

year.

Top Of Page
Deaths

Ralph Procaccino, 65, on July 14. A former Princeton

Borough

police officer, he operated a Nassau Street telephone answering

service

with his late wife, Winifred Donahue.

Donna Mraz Russo, 52, on July 15. She was assistant chief

probation officer with the Superior Court of New Jersey.

Michael F. Lamorte on July 16. He had been president of

Laser Diode Laboratories.

Gwendolyn Evans-Hughes, 43, on July 17. She was director

of career services at The College of New Jersey.

Robert P. Lewis, 36, on July 20. He was a water quality

lab technician for ELSA in Lawrence.

Carl A. Fields PhD, 79, on July 20. He had been the first

black dean of an Ivy League school — Princeton University.

Dorothy Beard on July 21. She was co-founder of the West

Windsor-Plainsboro Chronicle.

Eleanora Kaleita Fell, 59, on July 22. She was a

construction

reporter for the Dodge division of McGraw Hill.

Santo R. Rizzo, 58, on July 23. He was a letter carrier

for the U.S. Postal Service in Lawrenceville.

Barbara Jean Miller, 39, on July 25. She was a buyer and

seller for nursery and garden stores.

Alan J. Gibbs, 60, on July 25. He was director of Rutgers’

National Transit Institute and former assistant secretary of the Army.

David R. Bossart, 58, on July 27. He was fine arts

supervisor

of Hopewell Valley Regional Schools.

Top Of Page
Stocks, Mortgages

Both stocks and mortgages are available through U.S. 1’s FaxBack

service. Call 609-452-7000 and request document 9950 for stocks or

9955 for mortgages.

Corrections or additions?


This page is published by PrincetonInfo.com

— the web site for U.S. 1 Newspaper in Princeton, New Jersey.

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