Corrections or additions?
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 (http://www.pviimagge.com). Also
on the eligible list is Voxware (http://www.voxware.com) on College Road,
with its speech-recognition automation products.
High-tech manufacturing firms include Photon Technology International
(http://www.pti-nj.com) at Princeton Corporate Plaza, Ocean Power Technologies
on Reed Road, Systech Solutions Inc. (http://www.systech-tips.com) at Cedar
Brook Corporate Center, and two companies under the WorldWater Corp.
umbrella at Pennington Business Park (http://www.worldwater.com).
Those in the biotech area include Medarex (http://www.medarex.com), 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 (http://www.interferonsciences.com) on Jersey Avenue
in New Brunswick, The Liposome Company Inc. (http://www.lipo.com) and Cytogen
Corporation (http://www.cytogen.com), both on College Road.
Also Hymedix Inc. (http://www.hymedix.com) on Route 130, and Integra LifeSciences
Corporation (http://www.integra-ls.com) at Morgan Lane. Also the toothpaste
company, Enamelon, at Cedar Brook Corporate Center (http://www.enamelon.com).
EchoCath Inc. on Route 1 North makes ultra-sound guided surgical instruments.
Small Molecule Therapeutics Inc. (http://www.smtherapeutics.com) at Deer
Park Drive, Aesgen Inc. at 2 Research Way, and Xechem Inc. and Xechem
International Inc., (http://www.xechem.com) both on Jersey Avenue in New Brunswick — all
are looking for new drugs.
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.
Corrections or additions?
This page is published by PrincetonInfo.com
— the web site for U.S. 1 Newspaper in Princeton, New Jersey.