There has been a shake-up at WorldWater & Solar Technologies. Quentin Kelly, the chief executive, has abruptly stepped down. The company, which designs and manufactures solar power systems, was founded by Kelly in 1984. A charismatic Irishman with a passion for his work, he had been a top executive at GE. Kelly started his company after he made a trip to Africa and saw thousands of people dying of thirst despite the fact that there was water not far under the ground beneath them. A first product was a simple solar-powered pump to provide water to people in remote locations in third world countries.
For years the company operated on a shoestring, but it has grown in recent years, attracting capital and, most recently, acquiring ENTECH, a Texas-based company.
Late on Friday afternoon, the time that companies traditionally send out bad news, WorldWater announced that Kelly will be leaving his job as chief executive.As of Monday, the company would give out absolutely no details.
Jessie Sullivan, Kelly’s assistant, did say that the departure was sudden, and that Kelly was not in the office. She also said that Kelly was not leaving because of ill health. Amy Copeman, the company’s director of communications, said that no successor has been named, and that no further details will be available until after the board meets on Thursday, March 20.
The board has recently been expanded from seven to ten members and includes David Gelbaum, trustee of the Quercus Trust, which has recently invested $35.6 million in WorldWater, and which owns a 24.1 percent stake in the company. Another new member of the board is Walter Hesse, CEO of ENTECH.
In Friday’s press release, WorldWater said of Kelly’s departure: "Based on discussions with the Quercus Trust and EMCORE Corp., two of WorldWater’s principal stockholders, and in order to accomplish an orderly succession, Quentin T. Kelly has decided to retire his position of chief executive officer effective March 20, 2008, or on such late date as the company’s board of directors appoints a successor chief executive officer."
Asked whether Kelly is leaving voluntarily or is being forced out, Copeman, the company spokesperson, said that neither she nor anyone else in the Mercer County office knows. Neither do they know, she says, who will be taking Kelly’s place at the company he founded nearly 25 years ago.
WorldWater & Solar Technologies Corp (WWAT.OB), 200 Ludlow Drive, Ewing 08638. 609-818-0700; fax, 609-818-0720. www.worldwater.com
New in Town
New Jersey Building Material Dealers Association, 203 Towne Center Drive, Hillsborough 08844; 908-359-1184; fax, 908-359-7619. David Guss, president. Home page: www.njbmda.org
The New Jersey Building Materials Association, an industry trade group formerly known as the New Jersey Lumber Association, has moved its offices from 66 Morris Avenue in Springfield to 203 Towne Center Drive in Hillsborough.
M&T Bank (MTB), 101 Interchange Plaza, Suite 201, Cranbury 08512; 732-672-0927; fax, 609-228-4254. Barton Skurbe, branch manager. Home page: www.mtb.com
Last December Barton Skurbe opened a mortgage office for M&T Bank in the same building where he had worked in a similar capacity for another bank. M&T Bank also has mortgage offices in north and south Jersey, so this office focuses on central New Jersey, especially Mercer and Monmouth counties. Most of his business, says Skurbe, comes from networking with real estate agents, developers, and lawyers. Several years ago M&T Bank had had a mortgage office on Nassau Street.
Drezner Group Inc., 1200 Southard Street, Trenton 08638; 609-681-5855; fax, 609-681-5856. Jon Drezner, principal architect. Home page: www.drezner.com.
Architect Jon Drezner, who does contemporary commercial and residential projects, moved from 41 Airpark Road and is operating from transitional space while he prepares his new property, 170,000 square feet of industrial creative space on Southard Street, for occupancy.
Judging the infrastructure around Trenton to be conducive to development, Drezner says that he wants to restore buildings along the railroad corridor.
He plans to turn seven buildings on the border separating Trenton and Ewing into creative artists’ space, to be called the Center for Momentous Art. The buildings had been used by Kuhn & Jacobs Tool Company for such industrial purposes as printing and diecasting. They will offer a mixture of space types for everyone from architects to ad agencies to artists.
"It will be a bookend to the redevelopment area," says Drezner. "All the spaces will have potentially phenomenal clerestory light."
Drezner’s partner, Benjamin Keating, is a sculptor and writer who formerly worked at Johnson Atelier. The son of a ConEd engineer and an interior designer who graduated in 1997 from SUNY Oswego, he does a reverse commute from Brooklyn to U.S. Artist Services, the Trenton foundry that he co-owns with Doug Signorivich.
Drezner is a native of Princeton, where his grandfather was a cardiologist and his father a surgeon. He went to Princeton Day School, graduated from St. Lawrence University in 1985, and earned his master’s degree from the Southern California Institute of Architecture.
Drezner’s current residential project is a design-build job at 90 Battle Road, in the Institute for Advanced Study neighborhood. This partly traditional, partly contemporary home is listed by N.T. Callaway for $2.4 million.
Switch2Health Corp., 675 Route 1, North Brunswick 08902; 732-568-4656; fax, 732-626-6216. Seth Tropper, president. www.switch2health.net
Last fall this online health improvement company moved from a home office to incubation space at the Technology Center of New Jersey.
The start-up, founded by Seth Tropper, uses an interactive website and a reward structure to encourage physical activity in children and adults.
"The more activity you engage in," says Tropper, "the more points you will get, and these can be redeemed for discounts, goods, and services."
Tropper earned a bachelor’s degree in computer science and applied statistics from St. John’s University in New York (Class of 1998) and has a master’s degree in technology management from Stevens Institute. Between college and graduate school, he spent about 10 years in information technology management at AT&T and IBM.
He formed this company in 2006. Prior to that he founded, and then sold, Plasmasol, a medical technology company he spun out of Stevens Institute.
Siro Clinpharm USA, 743 Alexander Road, Suite 15, Princeton 08540; 609-924-4669; fax, 484-924-4660. Mark Bradshaw, president. Home page: www.siroclinpharm.com.
Last fall Siro Clinpharm moved from Palmer Square to subleased space at 743 Alexander Road.
The company’s parent is based in Mumbai, India. It conducts Phase 1 through 4 clinical trials there for a number of biotech companies. It has more than 400 employees worldwide. The Alexander Road office serves as a sales and marketing organization, and also manages U.S. projects.
Mark Bradshaw, who heads up this office, earned his B.S. at Bradley University in Peoria, Illinois, and his PhD from Johns Hopkins. He began his career by doing pharmaceutical research for Glaxo in North Carolina and has also worked for Roche and other small pharmaceutical companies. He then began to work for CROs. Most recently he was global vice president at Covance in the area of clinical research.
WithumSmith+Brown, 5 Vaughn Drive, Suite 201, Princeton 08540; 609-520-1188; fax, 609-520-9882. Leonard H. Smith CPA, shareholder in charge. Home page: www.withum.com.
WithumSmith+Brown, 120 Albany Street, Suite 303, New Brunswick 08901; 732-828-1614; fax, 732-828-5156. William Hagaman, shareholder. Home page: www.withum.com
Construction is under way for WithumSmith+Brown to add 6,235 square feet on the second floor at 5 Vaughn Drive, says Nanci K. Batchelor of the accounting and consulting firm. Founded in 1974 WS+B is one of the largest regional accounting and consulting firms in the northeast area.
This floor had been occupied by Princeton Venture Research, and then by FloorGraphics. When FloorGraphics moved to the American Metro Center two years ago, WithumSmith+Brown took half of the space. Radpharm, an imaging firm, had occupied the other half until its quarters at Overlook Center were ready.
Now WithumSmith occupies a total of 33,430 square feet in the 98,500 square-foot class A office building. The building is 100 percent leased, says Jack Colasurdo, who represented the landlord, Mack-Cali. Aubrey W. Haines of Mercer Oak Realty LLC represented the tenant.
In New Brunswick WithumSmith has expanded to 34,500 square feet after its merger with M.D. Oppenheim & Company PC, which had offices in Iselin, Cherry Hill, and Philadelphia. The Iselin office moved to New Brunswick, where 98 employees now work. The firm’s headcount totals 395 in New Jersey and Pennsylvania. Another office is located in Silver Spring, Maryland.
Mergers & Acquisitions
Wislar Wealth Management (formerly US Fiduciary), 344 Nassau Street, Princeton 08540; 609-921-8004; fax, 609-921-8804. George B. Wislar, senior managing director. www.usfiduciary.com
Wislar Wealth Management, a financial planning agency catering to high-end clients, recently acquired Dresdner & Company, an investment planning firm on South Main Street in Pennington, which had been in operation for 37 years. The deal has resulted in Dresdner moving its two-person operation into Wislar’s offices at 344 Nassau Street.
George Wislar, founder of Wislar Wealth, said he and Philip Dresdner have been friends and associates for years. Wislar said the two companies, catering to similar clients and using a similar approach to financial planning, were a natural fit and that the merger allows a doubling of resources, clients, and access.
"It gives us a deeper bench from which to assist our clients," Wislar says.
The deal brings the staff at Wislar up to six. Dresdner and Roxanne List will continue to play an active role in money management and client services.
Prior to establishing his firm, Wislar studied economics and marketing at the University of Massachusetts. He was a senior managing director with US Fiduciary, and a senior vice president with UBS Financial Services. In addition to his 20 years of experience, Wislar says finances are part of his DNA. The third of six children, he recalls growing up listening to dinner table stories told by his grandfather, who held two seats on the New York Stock Exchange. The stories rubbed off not only on Wislar, but also on his brother, Elliott, who is the president of Clearbrook Financial on Hulfish Street.
These days Wislar lives a mere 250 yards from where he was born, at Princeton Hospital. And he likes being a homebody.
"I never even thought of going anywhere else," he says.
Dresdner, a native of Trenton and a graduate of Yale University, where he majored in psychology, opened his firm in 1971.
Atlantic Metro Communications LLC (former Digital Providers), 19 Diane Drive, Trenton 08628; 609-510-3665. Steve Klenert, account manager. Home page: www.atlanticmetro.net
Atlantic Metro Communications, a managed Internet service provider, has acquired all assets of Princeton Colocation, which provided disaster recovery for computers, and has also taken over from the now-defunct Digital Providers.
Atlantic Metro president Steve Klenert said he bought the majority share of Digital Providers in May 2007 and then dissolved the company. "We had a better business strategy and former partners in Digital Providers did not wish to join in our new ventures," Klenert said. Atlantic Metro then bought out Princeton Colocation on January 1.
Atlantic Metro now has 6 full time employees and its corporate headquarters are located in Manhattan. The company opened a Chicago data center in February and expanded its New York operations.
The company has kept a data center in Princeton that was run by Princeton Colocation, but the old Digital Providers offices and network locations on Airpark Road have been shut down since late 2007.
Pellettieri, Rabstein & Altman, 100 Nassau Park Boulevard, Suite 111, CN 5301, Princeton 08543-5301; 609-520-0900; fax, 609-452-8796. Ira Miller, managing partner. Home page: www.pralaw.com
The law firm of Pellettieri, Rabstein and Altman, with offices on Nassau Park Boulevard, has merged with attorney Steven Morland of Lambertville.
Morland, located on North Main Street, has specialized in real estate and land use law for nearly 40 years. The merger, says Neal Solomon of Pellettieri, Rabstein and Altman, gives the firm a presence in Hunterdon County. Solomon will work out of the Lambertville office with Morland.
Primafore Inc., 9 Van Gogh Drive, East Windsor 08520; 609-598-4658; fax, 609-301-4337. Monish Jain, president. Home page: www.primafore.com.
In January Monish Jain moved his six-year-old firm from Lawrence Commons to an office closer to his home. With a focus on the insurance and financial industries, he does custom software development.
Jain also maintains an office in Gujarat, India.
SERV Behavioral Health Systems, 20 Scotch Road, Trenton 08628; 609-406-0100; fax, 609-406-0307. Gary Van Nostrand, president and CEO. www.servbhs.org.
SERV plans to move its headquarters from 380 Scotch Road to 20 Scotch Road on April 15. The statewide not-for-profit organization offers residential and outpatient mental health and addiction services, and also does work with individuals with developmental disabilities.
Video Technologies, 219 Holcombe Way, Lambertville 08530; 609-397-8800; fax, 609-397-8870. John E. Nirmaier, owner. www.videotechnologies.tv
Video Technologies, an audio visual company, has moved from 74 Wilson Road in Lambertville to its current address.
The company installs and integrates commercial and residential audio-visual systems. A specialty is campus-wide television systems.
Chyun Associates PA, 138 Van Dyke Road, Hopewell 08525; 609-466-3344. Yong-Chol Chyun, president.
Chyun Associates, an architecture firm formerly based at 263 Wall Street, now has its offices at 138 Van Dyke Road in Hopewell.
e-Land Title Solutions LLC, 466 Church Street, Hamilton 08620; 866-912-1221; fax, 609-585-5469. Rosemary Fedak, partner. Home page: www.e-landtitle.com
e-Land Title Solutions, a full-service real estate title agency, has moved its offices from Franklin Corner Road to 466 Church Street in Hamilton.
Linden Oak Builders, 101 Uncle Pete’s Road, Robbinsville 08691; 609-581-8477; fax, 609-581-9432. Al Imhof, owner. Home page: www.lindenoak.com
Linden Oak Builders, a general contractor, has left its location at 3371 Route 1 North in Lawrence Commons, and now operates from 101 Uncle Pete’s Road in Robbinsville.
Pickering, Corts & Summerson Inc., 840 Bear Tavern Road, Suite 307, West Trenton 08628-5002; 609-737-2033; fax, 609-737-7306. John A. Prybella PE, president. www.pcs-inc.biz
The engineering and survey firm has moved its offices from 1600 Reed Road in Pennington to 840 Bear Tavern Road in West Trenton.
The Press Room Inc., 61 State Road, Princeton 08540; 609-924-5240; fax, 609-924-1495. Ted Altomari, president. www.thepressroominc.com
The Press Room, a printing, bindery, and typesetting service, has closed its location at 61 State Road. The company now operates entirely out of its 4,000-square-foot facility at 100 Youngs Road in Hamilton.
The Rock Brook Consulting Group, 2351 Route 130, Suite 2, Dayton 08810; 1732-438-1600; fax, 732-438-1604. Gregory J. DeMarco, president. www.therockbrook.com
The Rock Brook Consulting Group, an engineering and project management firm, moved from 103 Melrich Road in Cranbury to a larger space at 2351 Route 130 in Dayton at the end of February.
Romando, Tucker, Zirulnik & Sherlock (SIGI), 1395 Yardville-Hamilton Square Road, Suite 202, Hamilton 08691; 609-890-0050; fax, 609-890-6738. Thomas D. Romando, VP & regional managing attorney. Home page: www.selective.com
Selective Insurance has moved from 1395 Hamilton-Yardville Road to a different address in Hamilton. Nine attorneys work from this office. The firm has its headquarters in Branchville.
Wilmington Trust of New Jersey FSB (WL), 902 Carnegie Center, Suite 460, Princeton 08540-6530; 609-395-9037; fax, 609-395-9048. Sean S. Murray, president. Home page: www.wilmingtontrust.com
Wilmington Trust of New Jersey, a commercial bank specializing in high-net worth clients, has moved from Overlook Corporate Center to 902 Carnegie Center.
Woodworth Clancy, 344 Wall Street, Princeton 08540; 609-921-8228; fax, 609-921-9779. Samuel T. Woodworth, president. www.woodworthclancy.com
Woodworth Clancy, an insurance firm run by Sam Woodworth, has moved its offices to 344 Wall Street. Woodworth now shares the address with his brother, Buzz, who operates Woodworth Realty, a commercial real estate firm.
Allied Home Mortgage Capital Corporation, 330 Wall Street, Princeton.
Allied Home Mortgage Capital Corporation appears to have closed its office at 330 Wall Street. The office is empty and the location has been removed from the national company’s directory of offices. There are 36 AHM offices in New Jersey.
Erudite Internet Systems Inc., 3490 Route 1, Princeton Service Center, Princeton.
Erudite Internet Systems, a customized web-based training company, appears to have vacated its offices at 3490 Route 1. Phone calls go straight to the company’s voicemail system, which states that technical support has not returned from a work absence in August.
Erudite is operated by Casey Tjang, who also operates First Merchant Bankers at the same address. The original phone number for FMB, 609-720-1406, has been changed to 609-720-0018, though repeated calls to that number have never been answered to verify the existence of either company.
Paula Gould Consulting, 99 Harris Road, Princeton Junction.
Paula Gould Consulting, also known as PGC Consulting, has closed. The insurance and risk management firm had operated at 99 Harris Road since 2000.
MGI Pharma (formerly Aesgen), 5775 West Old Shakopee Road, Suite 100, Bloomington MI 55437; 952-346-4700; fax, 952-346-4800. Edward C. Shinal, president. www.mgipharma.com
After MGI Pharma was bought by Esai, a company with headquarter in Woodcliff Lake, the office at 2 Research Way closed, and operations were moved to Minnesota.
MGI identifies, develops, and markets pharmaceutical products primarily generated by research conducted from cancer research collaboration, and it is also involved in specialty delivery of peptides, proteins, and small molecules for critical care.
The Marcus Group, 150 Clove Road, Little Falls 07424; 973-890-9590; fax, 973-890-9139. www.marcusgroup.com
Alan Marcus closed the West State Street office of his public affairs firm in November. The company used to be based in Secaucus, and has now moved to Little Falls.
MentorPower, 229 Lawrenceville Road, Lawrenceville.
MentorPower, a Lawrence-based organization designed to team up high school science students with qualified mentors, has ceased operations. The organization, once known as the Environmentors Project, operated at 229 Lawrenceville Road since 1998.
Robyn Lee Davison McKee, 58, on March 15. She was administrator of courts in Princeton for 25 years before becoming office manager for attorney Samuel Sachs, whose practice is in East Windsor.
Martin Mobach, 86, on March 13. A Princeton resident, he had been president of both Medcor, a medical testing firm, and Applied Logic Corp., a computer time sharing company.
Barry Snyder, 79, on March 11. A painter and sculptor, he owned the former Princeton Gallery of Fine Art, which opened on Chambers Street in 1970. A Lambertville resident, he was a founder of the ABC Gallery in that town.
Cytogen to Be Acquired by EUSA Pharma
Cytogen, a 27-year-old biotechnology company with a promising treatment for side effects of chemotherapy, but dismal financials, has received a purchase bid from EUSA Pharma, which has offices in Doylestown, Pennsylvania, and Oxford, England. EUSA has raised more than $50 million in an investment round led by TVM Capital of Germany to help fund the purchase.
Bryan Morton, CEO of EUSA Pharma, said in a prepared statement that the acquisition will help the company complete the building of its transatlantic commercialization infrastructure. He also described the deal as "fitting perfectly" with his company’s focus on oncology and pain control.
After releasing its third quarter results on October 9, and with its stock trading for less than the $1 a share required for continued listing on Nasdaq, Cytogen said that it had retained ThinkEquity to assess its future options.
Cytogen is marketing one diagnostic product, prostascint, and two therapeutic procuts, quadrament, and caphoshol, its new product, which it began marketing last March. Caphosol is an electrolyte solution for the treatment of the severe dry mouth that affects many cancer patients undergoing chemotherapy.
The number of doctors prescribing Caphosol is increasing every month, Cytogen said in reporting its third quarter results last fall. It increased its sales and marketing expenditures from $4 million to $6.9 million in the third quarter largely to give Caphosol a good start.
The company had and cash equivalents of $17.0 million at that time, and said it would need to raise additional capital by the end of the first quarter of 2008.
EUSA Pharma has agreed to acquire all the outstanding shares of Cytogen Corp. for $22.6 million.
Under the terms of the all-cash deal, Cytogen shareholders will receive 62 cents per share, which represents a 35 percent premium on the company’s share price at the close of trading on Monday.
The completion of the deal is conditional on the approval of a majority of Cytogen’s shareholders and customary regulatory approvals. As of press time no one was available to comment on effects the proposed purchase would have on its College Road East office or on its employees.
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