Issue of Nov. 2
Pharmacopeia teams with Biovitrum
Pharmacopeia, a South Brunswick-based drug discovery company, has entered into a multi-year drug discovery and development alliance with biotechnology company Biovitrum, the company said Oct. 26.
In the deal Biovitrum, of Stockholm, Sweden, gains access to Pharmacopeia’s drug-discovery assets and expertise, while Pharmacopeia attains Biovitrum’s expertise in metabolic diseases.
Pharmacopeia will get unspecified funding with the alliance to offset its research investment. The company will also receive royalties upon the commercialization of any drugs resulting from the partnership. Biovitrum will develop and retain marketing rights to products.
In other news, Pharmacopeia announced Oct. 25 it has expanded and extended its collaboration with Neurocrine Biosciences Inc., a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders in San Diego, Calif.
Universal Display gets DOE contract
Universal Display Corporation, a leading developer of organic light-emitting diode technologies for flat panel displays in Ewing, has been awarded a three-year, $4 million cooperative agreement from the U.S. Department of Energy to develop and demonstrate novel manufacturing technology for white OLED production.
The DOE is funding $2.4 million, or 60 percent, of the cost of the program, with the remaining $1.6 million being funded as "cost share" by the company and its subcontractor.
During the three-year proGram, Universal Display, and its longstanding research partner Princeton University, will focus on developing a cost-effective process to fabricate white OLED lighting sources, the company said in a Oct. 26 statement.
The goal of the DOE’s Solid-State Lighting program is to fundamentally change the future of lighting though the research and development of next-generation white light sources.
NJ gets record number SBA loans
New Jersey small business owners received a record number of loans from the U.S. Small Business Administration in 2004.
According to SBA New Jersey District Director James Kocsi, state small business owners got 2,859 loans from the SBA, totaling $602 million during the agency’s fiscal year 2004, which ended Sept. 30.
"This year SBA loan approvals in New Jersey are up 18 percent over the 2,423 loans we approved in 2003," Director Kocsi said in a statement released Oct. 26.
Minority-owned businesses received 1,110 loans for $197 million. Women-owned businesses received 569 loans for $100 million and veteran-owned businesses received 190 loans for $36 million.
Of all 21 counties in New Jersey, Middlesex County ranked fourth with 228 loans totaling $46.6 million and Mercer County ranked thirteenth with 103 loans at $28.1 million.
NJ PURE moves to larger office
NJ PURE, a medical malpractice insurer that began issuing policies just over one year ago, has moved into larger offices, announced Eric Poe, vice president and director of marketing.
The insurer has relocated from Roszel Road in West Windsor to its new headquarters on the first floor of 214 Carnegie Center.
"The new office offers more space to accommodate our continued expansion and growth," Mr. Poe said in a statement released Oct. 21. "We have experienced a steady increase in members and corresponding increases in our staff within the executive offices and departments. This includes risk management, and sales and marketing personnel. The new offices provide expanded conference and meeting rooms as well as operational areas."
NJ PURE (New Jersey Physicians United Reciprocal Exchange) was founded by former state insurance commissioner James J. Sheeran and noted insurance actuary Dr. Lena Chang. Since January 2003, it has received inquiries from more than one out of every 10 physicians in New Jersey. It is the only one of the state’s new medical malpractice insurers to post an underwriting income gain in 2003, its first full year of operation.
Tillit Group opens Michigan location
The Tillit Group, LLC, a consulting firm based in South Brunswick, has opened an office in Bingham Farms, Mich. Negotiations are also under way for a location in Los Angeles, possibly by the spring of 2005, the company said Oct. 20.
The expansion is part of a strategy to develop regional offices, while adding experienced professionals to their ranks, said Jeffrey DuFour, CEO and managing director for Tillit.
"A combination of increased interest from fiduciaries and stakeholders, as well as professionals interested in joining our effort, makes this expansion a necessity," he said.
Tillet Group is a leading provider of independent and objective consulting services to investment fiduciaries and opposing parties in fiduciary-related litigation. They provide services to fiduciaries of ERISA plans, not-for-profit organizations and private trusts.
Shopping center sold in Plainsboro
Princeton Meadows Holdings, LLC, has purchased the Princeton Meadows Shopping Center from AMC Delancy Group, Inc. for $10 million.
AMC Delancy, a Philadelphia-based national real estate investment company, sold the 66,000-square-foot center after a seven-year hold, in which AMC repositioned and stabilized the property. AMC Delancy anchored the center with an Asian grocer to serve the needs of the surrounding community and brought the property to 100 percent occupancy.
Mathematica gets $10.3M contract
Mathematica Policy Research, Inc., in West Windsor, and its subcontractors Learning Point Associates and the Center for Education Leadership at the University of Pennsylvania, have been awarded a five-year, $10.3-million contract from the U.S. Department of Education to carry out an evaluation of the impact of teacher induction programs.
School-based induction programs are designed to improve retention and support the professional development of new teachers by offering mentoring workshops and programs to support and encourage novice teachers.
Mathematica will begin the study this school year by selecting pilot induction programs. The second phase, to collect baseline information, will carry through the 2005-2006 school year. Researchers will collect and analyze data between 2006 and 2008.
Travel & tourism effort boosted
The state’s travel destinations, attractions, special events planners and other smaller organization now have the chance to get some extra promotional help through the New Jersey Commerce & Economic Growth Commission through the agency’s Cooperative Marketing Sponsorship Program.
"New Jersey’s tourism industry includes many smaller entities that often have difficulty obtaining support to market their organization and their special events," said Virginia Bauer, state commerce secretary.
"The Cooperative Marketing Sponsorship Program is designed to use state funds to leverage private resources to help promote travel and tourism throughout the state."
Eligible projects will be reviewed and selected by the Commission’s Office of Travel & Tourism and the Office of Marketing on a rolling basis, with a matching requirement of 25 cents for every dollar awarded. The sponsorships will range from $500 to $100,000.
For more information, contact the state Commerce & Economic Growth Commission at (609) 292-2470.