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This article by Barbara Fox was published in U.S. 1 Newspaper on November 10, 1999. All rights reserved.

Tax Credit Winners

Sixty one companies were declared eligible to sell their

tax losses. Of those, 22 are located in the Princeton area, and one-fourth

of those have nothing to do with biotech. Half of the firms are publicly



The multimedia firm so much in the news with virtual ads for TV sports

is Princeton Video Image on Princess Road ( Also

on the eligible list is Voxware ( on College Road,

with its speech-recognition automation products.

High Tech

High-tech manufacturing firms include Photon Technology International

( at Princeton Corporate Plaza, Ocean Power Technologies

on Reed Road, Systech Solutions Inc. ( at Cedar

Brook Corporate Center, and two companies under the WorldWater Corp.

umbrella at Pennington Business Park (


Those in the biotech area include Medarex (, which

has just moved its corporate headquarters to 707 State Road at Princeton

Gateway. Also Anthra Pharmaceuticals at the Carnegie Center, NuCycle

Therapy Inc. (formerly Phytotech) at Deer Park Drive, Celgene Corporation,

with a division that is moving into New Jersey Technology Center II,

Interferon Sciences ( on Jersey Avenue

in New Brunswick, The Liposome Company Inc. ( and Cytogen

Corporation (, both on College Road.

Also Hymedix Inc. ( on Route 130, and Integra LifeSciences

Corporation ( at Morgan Lane. Also the toothpaste

company, Enamelon, at Cedar Brook Corporate Center (

Medical Devices

EchoCath Inc. on Route 1 North makes ultra-sound guided surgical instruments.

Drug Development

Small Molecule Therapeutics Inc. ( at Deer

Park Drive, Aesgen Inc. at 2 Research Way, and Xechem Inc. and Xechem

International Inc., ( both on Jersey Avenue in New Brunswick — all

are looking for new drugs.

"Lots of companies have closed down their shops," says

Ramesh Pandey, CEO of Xechem, Xechem International, and Xetapharm.

"We had to cut down our staff, but least we are open, and I hope

to bring back the staff. We are really looking forward to this. Unfortunately

it has taken a little longer time than we thought, but as long as

it comes through — whatever we can get, it will be very very helpful."

"In the biotech area, equity market conditions are negative,"

says Paul McGarty, president of Aesgen on Research Way. "We are

small enough to control our cash flow now, but this will help us achieve

more milestones before we have to raise more money. At the end of

the day this will help some biotechs bridge tough times."

— Barbara Fox

For an explanation of the tax loss credits go to the previous story.

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