2005 Finalists

NJBIZ, Jun 27, 2005

BIOTECHNOLOGY/LIFE SCIENCES

Michael D. Becker

President & CEO

Cytogen Corporation

Michael Becker was in his early 30s, had a mortgage, two young daughters and a rising Wall Street-focused career. He was the third-generation member of his family to work for Chicago-based Wayne Hummer Investments, a full-service retail brokerage firm, where he had established himself as a successful portfolio manager and securities analyst.

He gave it all up to join an emerging biotechnology company. Michael was optimistic that Princeton-based Cytogen, known for cutting-edge science and innovative research for nearly two decades, ultimately would be better recognized for its ability to develop and commercialize new oncology products.

Michael took over as Cytogen's CEO in December 2002, when Cytogen was on the verge of being delisted from NASDAQ. He focused his first year on realigning Cytogen's product portfolio and reacquiring marketing rights to its flagship product. He has been able to present the company's products and business model in a way that has helped to build credibility within the investment community and raise money.

With Michael's unique business perspective and knowledge of the biotech industry, he has thrived on the challenge of building Cytogen into a world-class biotechnology company. Michael has been able to recognize opportunities and steer Cytogen along a path to realizing its full commercial potential.

Arnold Lippa, Ph. D.

President & CEO

DOV Pharmaceutical, Inc.

Arnold Lippa is a co-founder and CEO of DOV Pharmaceutical, Inc., a leading biopharmaceutical company focused on the treatment of central nervous system, cardiovascular and other disorders that involve alterations in neuronal processing.

Arnold indicated that the most influential time in his career was the 11 years he spent in "Big Pharma" because it taught him he could achieve his research goals better with a smaller, dedicated entrepreneurial team. Arnold took Praxis Pharmaceuticals public in 1985 and then spent six years in Tucson where, among other things, he helped turn around Vega Biotechnologies. Then he returned to New Jersey to found DOV, his second public company.

To develop DOV Pharmaceutical's business strategy, the firm prepared an analysis of other small start-up pharmaceuticals. It was decided that the strategy would concentrate on four key elements: aggressively pursue development and commercialization of potential lead products; expand the product portfolio with new drug candidates that address needs in large, established markets; reduce clinical development and commercialization risk by building a diversified product portfolio; and establish alliances with industry leaders to access their unique technologies and capabilities.

DOV Pharmaceutical has successfully advanced toward its original business goals. It is building its diversified portfolio with products currently in clinical trials for six key established markets: insomnia, anxiety disorders, pain, depression, angina and hypertension. Although DOV Pharmaceutical operates principally in the U.S., it also has strategic locations for clinical studies in Canada and Europe. Aligned with the company's strategy, it has established strategic alliances with select industry partners. DOV Pharmaceutical also is focused on protecting the valuable "intellectual property" it has created to ensure the future growth of the company.

BUSINESS SERVICES

Thomas J. Cioffe

President & CEO

COMPSolutions PEO

Thomas Cioffe was already a leading consultant on employee compensation and benefits when he had the idea to start COMPSolutions PEO.

In 1997, having served a number of Fortune 500 companies for years, this entrepreneur recognized that many small to mid-sized businesses had the same human resources (HR) needs as their larger counterparts.

The outcome of Tom's vision was COMPSolutions PEO. A professional employer organization (PEO) is a comprehensive HR administration firm providing small to mid-sized businesses with customized payroll solutions, employee benefit design, workers' compensation administration, training and professional risk management tools that ensure compliance with federal and state labor laws. A PEO enables business owners to focus on their core business and revenue-generating activities rather than administrative tasks.

In slightly more than seven years, the company has grown to be the largest PEO based in New Jersey with nearly 6,000 employees at nearly 400 worksites. Tom has managed this growth through a difficult economy and a period of increasing costs for workers compensation and healthcare insurance.

Tom has hired quality people and continues to invest in new technologies and training to support the growth of COMPSolutions PEO. Through sound financial planning and careful risk management, COMPSolutions PEO has remained strong and profitable.

Tom's combined people skills, advanced IT abilities and expertise in HR and employment issues have given him an advantage. Combined with his "roll up your sleeves and get under the truck" work ethic, Tom has perfected a formula for success.