The Princeton Corporate Plaza, the high tech incubator on Deer Park Drive, off Route 1 just north of Raymond Road in Monmouth Junction and the subject of last week’s cover story in U.S. 1, continues to be in the news this week. On this Wednesday, July 24, the Deer Park Drive complex is the starting point for a “Tech Tour” sponsored by the New Jersey Technology Council.
The first stop is at 7 Deer Park Drive, United Silicon Carbide, with products designed to enable affordable power efficiency in wind and solar power generation, electrification of transportation such as automobiles and next generation trains, emerging smartgrid technologies, and higher efficiency power generation and conversion.
The other two stops are at 4260 Route 1 North. Level 3 Communications is a Colorado-based provider of state-of-the-art data, voice, video and managed solutions, serving enterprise, content, government and wholesale customers.
Polygenesis specializes in “leading technology to market,” specifically in the medical device area, serving both the diagnostics and pharmaceutical industries. Polygenesis has particular expertise in the fields of optical and electronic sensors.
Two other Deer Park Drive companies had news of their own to report:
#b#Insmed Offering At $10.40 a Share#/b#
Insmed, based at 9 Deer Park Drive and the developer of inhaled pharmaceuticals for the site-specific treatment of serious lung infections, announced on July 15 a public offering of 6 million shares of common stock at $10.40 per share. Net proceeds were expected to be approximately $58 million.
The offering follows a similar offering last fall, when the company sold about 6.3 million shares of common stock to affiliates of Ayer Capital, RA Capital, and Quaker Partners, at a price of $4.07 per share. Gross proceeds to Insmed amounted to $25.7 million.
In a statement on its website Insmed said it expected to use the proceeds “to fund further clinical development of its lead product candidate, ARIKACE, to fund its efforts to obtain regulatory approvals and commercialize ARIKACE, for general research and development, to invest in third-party manufacturers and the supply chain in order to establish redundancy and commercial supply capability in advance of the launch of ARIKACE in Europe and the United States, to fund working capital and capital expenditures, and for other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses.”
Leerink Swann LLC is managing the offering. Lazard Capital Markets LLC and Canaccord Genuity Inc. are acting as co-managers. Insmed granted the underwriters a 30-day option to purchase 0.9 million additional shares of common stock at the offering price to cover any over-allotment.
Insmed Inc., 9 Deer Park Drive, Suite 9-C, Monmouth Junction 08852-1923; 732-997-4600; fax, 732-438-9435. Will Lewis, CEO/president. www.insmed.com.
#b#European Director For CytoSorbents#/b#
CytoSorbents, the Deer Park Drive company commercializing its CytoSorb blood filter to treat life-threatening illnesses in the intensive care unit (U.S. 1, July 17), has appointed Rainer Kosanke, PhD, as European director of scientific affairs of its wholly-owned subsidiary, CytoSorbents Europe GmbH.
Kosanke, formerly the head of medical marketing for Germany, Austria, and Switzerland and deputy sales director at B.R.A.H.M.S AG, helped to lead the market introduction and development of the now leading sepsis biomarker in the world, procalcitonin (also known as PCT), from 2003-2009. According to a statement issued by CytoSorbents, “PCT has become the gold standard in Europe to both diagnose bacterial sepsis, and to help guide antibiotic treatment.”
At Thermo Fisher Scientific, Kosanke was in charge of coordinating a number of large randomized controlled clinical trials using PCT and other sepsis biomarkers.
Christian Steiner, vice president of sales and marketing of CytoSorbents, said that Rainer’s “deep understanding of the cytokine-driven inflammatory cascade, and how it impacts organ injury in life-threatening illnesses combined with his experience introducing a sepsis diagnostic tool to key opinion leaders in our direct sales territory is a perfect fit for our company. In addition, his background in managing clinical trials will be invaluable.”
Said Kosanke: “The development of new diagnostics such as PCT has led to a more rapid diagnosis of sepsis with improved antibiotics management. Now we need to focus on developing better treatments to improve patient outcomes in sepsis and other serious illnesses. In Germany alone, more than 60,000 patients die each year from complications of sepsis.”
CytoSorbents Inc. (CTSO), 7 Deer Park Drive, Suite K, Monmouth Junction 08852; 732-329-8885; fax, 732-329-8650. Phillip Chan, CEO. www.cytosorbents.com.