First Bank (FRBA.PK), 2465 Kuser Road, Hamilton 08690; 609-528-4400; fax, 609-587-8353. Patrick L. Ryan, COO. www.firstbanknj.com.
First Bank announced second-quarter net income of $546,000, and total income of $924,000 for the first six months of 2012.
The bank’s total assets at as of June 30 were $315 million, an increase of $20 million (7 percent), during the quarter. Total loans reached $234 million at quarter end, an increase of $9 million (4 percent) compared to March 31. Total deposits reached $284 million, an increase of $19 million compared to the end of the first quarter. Book value per share improved to $6.44.
“Our strong performance continued through the second quarter of 2012, and we were pleased with our quarterly results,” said Paul E. Fitzgerald, First Bank president and CEO. “We finished with solid core operating profits in the second quarter of 2012 and have now posted profits in six of the past seven quarters.”
“We continue to build our franchise,” said Patrick Ryan, executive vice president and COO. “With four growing branch locations, we continue to add profitable deposit and loan customers. With our well established networks in the communities we serve, we believe we’re well positioned to continue to capture market share.”
The bank has four offices: 590 Lawrence Square Boulevard South in Lawrenceville; 1340 Parkway Avenue in Ewing, 2465 Kuser Road in Hamilton, and 1020 North Blackhorse Pike in Williamstown.
Laureate Biopharmaceutical Services (SFE), 201 College Road East, Princeton 08540; 609-919-3300; fax, 609-452-7211. Michael Griffiths, CEO. www.lbios.com.
Laureate Biopharma Services, a biopharmaceutical contract development and manufacturing firm based on College Road East, has partnered with ZZ Biotech for process development and production of a drug for the treatment of an ischemic strokes.
The drug — called 3K3A-APC — is a form of activated human Protein C.
“We are pleased to have been able to take a difficult protein out of the research lab and put it into the clinic. Our partnership with Laureate has been integral to turning an idea into a potential new human therapeutic,” said Kent E. Pryor, COO of ZZ Biotech, headquartered in Houston, TX.
“This project showcased Laureate’s scientific expertise in developing suitable processes for clinical production of challenging proteins,” said Michiel Ultee, Laureate’s chief scientific officer. “We have successfully produced many fusion proteins, IgM antibodies, and other complex recombinant proteins for our clients to evaluate in the clinic.”
Professor John H. Griffin, of the Scripps Research Institute and the discoverer of 3K3A-APC said that Laureate “was invaluable in solving serious unforeseen impediments to the ultimate successful production of our product,” during the development of the process for manufacturing the drug.
Laureate Biopharma’s scientists specialize in the process development and cGMP production of therapeutic proteins, including monoclonal antibodies and Fc-fusion proteins. In addition, the company’s array of services includes aseptic filling, cell line development, analytical and stability testing, and regulatory support.
Out of Business
BLAST: Behavior, Learning, & Social Training , 611 Executive Drive, Montgomery Commons, Princeton 08540.
Behavior, Learning, and Social Training (BLAST) — a social program sponsored by Princeton Healthcare System — has been canceled and its office on Executive Drive in Montgomery Commons has been closed.
The after-school program, initiated in 2011, was designed to provide social skills instruction for children and adolescents who face difficulty interacting and socializing with their peers. It offered classes in social cognition, pragmatic language, peer interaction skills, conflict resolution, and stress management strategies to for children ages 3 to 17.
Medical Indicators Inc., 16 Thomas J. Rhodes Industrial Drive, Hamilton 08619; 609-737-1600; 609-737-0588. Ronald Benincasa, president. www.medicalindicators.com.
Medical Indicators Inc. moved from 1589 Reed Road in Pennington to 16 Thomas J. Rhodes Industrial Drive in Hamilton.
Medical Indicators, founded in 1988, is the manufacturer of single-use and reusable clinical thermometers under the trade names of NexTemp and TraxIt.
Model N, 500 College Road East, Suite 202, Princeton 08540; 609-945-6700; fax, 609-919-0742. Betty Andre, office manager. www.modeln.com.
Software developer Model N moved from 116 Village Boulevard to 500 College Road East in July.
The company, headquartered in Redwood Shores, CA, focuses on revenue management software for pharmaceutical and medical device companies including Pfizer, Boston Scientific, Medtronic, and Bristol-Myers Squibb.
Founded in 1999, Model N also has locations in Chicago, Boston, Hyderabad, and London.
Earlier this year, Model N acquired Waltham, MA-based LeapFrogRx, which provides analytical and predictive business intelligence to support brand marketing, sales performance, and managed markets for the pharmaceutical industry.
ILM Learning Center, 410 Princeton-Hightstown Road, Building A, Cranbury 08512; 609-770-1315. Farah Yasmeen. www.iisnj.info.
ILM Learning Center, the Institute of Language and Math, has moved to 410 Princeton-Hightstown Road in West Windsor as a result of a fire that razed its previous location at 379 Princeton-Hightstown Road.
ILM was founded in 2011 by Imtiaz Hussain, an IT professional, and Farah Yasmeen, a long-time educator, as a school offering a curriculum-based after school program that helped the students to master Math and language arts.