BRIEFCASE

Issue of April 18, 2006

New Mederex stock issue
   Medarex, Inc., based in Princeton, has priced an underwritten public offering of 10 million shares of newly issued common stock at $11.75 per share, before underwriting discounts and commissions. Medarex expects the net proceeds from the offering to be approximately $111.6 million, after deducting underwriting discounts and commissions but before the expenses of the offering.
   Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Medarex applies its technology and product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. Thirty-one of the therapeutic product candidates derived from Medarex technologies are in human clinical testing or have been submitted for such trials, with four of the most advanced product candidates currently in Phase III clinical trials.
   Medarex, which is traded on the Nasdaq exchange under the symbol MEDX, intends to use the net proceeds from the offering to continue the development of its product candidates and research programs towards commercialization, as well as for other general corporate purposes.
State solar project goes to WorldWater
   WorldWater & Power Corp. of Pennington, developer and marketer of proprietary high-power solar systems, announced that it has won a $1.9 million bid award to design and install two solar electric systems at the Liberty Science Center, the most visited science museum in New Jersey. After signing the award letter, Connie Claman, Vice President of Resource Administration for the Center, said, "We all look forward to working with WorldWater & Power to implement the solar power program at the Liberty Science Center. This will be a particularly appropriate installation for the expanded Science Center and will provide great visibility to the benefits of solar power to the citizens of the regions."
   One photovoltaic installation, a 122 kilowatt unit, is to be mounted on the roof of the newly expanded Liberty Science Center facility and will face the Statue of Liberty as a symbol of clean, renewable energy. The other, a 105 kilowatt installation, is a "solar walkway" that will lead from the bus parking lot to the center’s main entrance. Overhead solar panels will serve double-duty there as a canopy to protect visitors from the elements while generating electric power from the sun. Both units are expected to substantially reduce the Liberty Science Center’s utility costs.
UDC celebrates 10 years on NASDAQ
   Ewing-based Universal Display Corporation commemorated its 10th anniversary of listing on the NASDAQ stock market on April 11. The Company debuted its initial public offering, and began trading under the ticker symbol PANL on April 11, 1996.
   Universal Display develops and commercializes OLED technology for flat panel displays, lighting and other opto-electronics. "It’s honestly a great thrill and honor to be able to mark our 10-year listing anniversary," said Steven V. Abramson, president and chief operating officer of Universal Display.
Rockwood reports improved results
   Princeton-based Rockwood Holdings, Inc., a global producer of specialty chemicals and advanced materials, announced preliminary and unaudited results for the fourth quarter and full year 2005. Rockwood reported sales of $762.4 million for the fourth quarter of 2005, up 6.5 percent compared to the same period in the prior year. Sales for the full year were $3,121.2 million compared to $1,743.5 million in 2004.
   The company reported a net loss for the fourth quarter of 2005 of $17.8 million, including $38.4 million of net non-recurring and other special charges, compared to a loss of $169.9 million in the fourth quarter last year. The loss of $169.9 million in the prior year included $200.8 million of net non-recurring and other special charges.
   Rockwood net income for the full year 2005 was $95.8 million, including income of $25.3 million related to net non-recurring and other special items, compared to a loss of $216.1 million in 2004, including $246.9 million of net non-recurring and other special charges.
   Seifi Ghasemi, Rockwood chairman and CEO, said "We generated solid overall results for the fourth quarter of 2005 particularly in Advanced Ceramics, Specialty Chemicals and Specialty Compounds. These segments benefited from strong demand and strong market position, enabling us to increase prices and pass along cost increases. During the full year 2005 we made significant progress, including the successful completion of our IPO and the full integration of our Dynamit Nobel acquisition."
Richter receives business award
   Linda Richter has been named the NJAWBO Mercer Chapter’s Business Woman of the Year for 2006, and is the chapter’s nominee for NJAWBO State Business Woman of the Year. She has been a member of the Mercer chapter for the past 10 years, since she opened Personal Paperwork Solutions and More Inc. Her company provides support for senior citizens, small businesses and busy professionals on financial matters, medical matters, medical claims management, organization of files and actual input of Quicken and QuickBooks data.
   Currently chairing the Mercer NJAWBO Community Give Back Committee and ad program manager, she has served the chapter in various positions. Ms. Richter is also a member of the Princeton Regional Chamber of Commerce, the East Windsor Economic Development Committee, American Association of Daily Money Managers, Presbyterian Homes and Services Foundation Advisory Council, and St. Anthony’s of Padua Finance Committee.
Local SCORE wins chapter of year
   The Princeton SCORE Chapter has won the Chapter of the Year award for 2005 among the 17 SCORE chapters in New Jersey. This is the first time the Princeton chapter has won this award since the chapter was founded 11 years ago.
   Ben Koenig, chairman of the Princeton SCORE, said "The Princeton SCORE chapter had three significant accomplishments in 2005: first, the Princeton Public Library and SCORE worked together to develop a significant information and counseling resource for local area business people; second, the chapter moved its headquarters to the Middlesex County Regional Chamber of Commerce in Monmouth JuncTion; third, SCORE and the Small Business Development Center in Trenton worked together to improve the counseling scheduling activity of SCORE."
   Most importantly, Princeton SCORE conducted 908 individual face-to-face and email counseling sessions in 2005 —- a 65
ercent increase over the 549 sessions that were conducted in 2004. SCORE counseling is confidential and offered to entrepreneurs at no charge. The volunteers who offer their business expertise are working and retired small business owners and corporate executives. Princeton SCORE also provides free seminars each year on a variety of topics important to small business owners.
   SCORE nationwide has approximately 11,000 volunteer business counselors that serve their local business communities. Potential start-up and existing businesses call on SCORE counselors for information and advice—-either for one time counseling on a specific issue or longer term mentoring. The Princeton SCORE chapter has 27 experienced business people enthusiastic about working with local entrepreneurs to help them evaluate and/or start a new business—at no cost to the business person.
Maxiom opens Princeton office
   Maxiom Consulting Group, Inc. a Waltham, Mass.-based business and information technology consulting firm serving the life sciences industry, announced the company’s expansion into the mid-Atlantic region with the opening of its Princeton office.
   The new Princeton-based practice will provide additional resources and services to the company’s growing client base of emerging, established and mature biotechnology, pharmaceutical and medical device companies. Maxiom is currently working with clients in New Jersey and Pennsylvania and has added two executives to head its efforts in the region: Uriel Kusiatin, practice director, and David Meyers, business development manager.
Small business group founded
   New Jersey small business owners have launched Small Business Share, an organization which will lobby the Corzine Administration to review and amend Governor James E. McGreevey’s 2003 Executive Order 73, which established a program whereby 25 percent of state contracts should be designated for "SBEs" —small, women and minority-owned businesses — an order SBC members believe has obstructed small business growth, particularly among minority and women-owned businesses.
   "Small Business Share will function as an umbrella organization to coordinate lobbying efforts with a myriad of small business, ethnic minority and gender specific organizations," according to founder Nancy Myers. The organization will present a united voice detailing the inequities of the SBE certification categories, the procurement puzzle across state agencies, the absence of a centralized tracking and reporting system, and the futility attached to lack of clear compliance and enforcement authority, according to Ms. Myers.