A Message from the Editor: This fall season began with a chilling economic forecast.Ê Yet the stock market has been on more of a consistent slow growth cycle putting us more at ease with the future of the economy for 2003. Though we are still faced with potential warfare abroad and the uncertainties of the political elections of 2002, I would like to invite all you during this holiday season to take time out of your busy schedules to say thank you to a business colleague, friend or family member·.enjoy the results of your thankful investment·Ssusan Forte OâNeill

International Specialty Products Inc. (NYSE: ISP) announced recently that it has entered into a strategic alliance with BioCatalytics, Inc. to manufacture an important new class of pharmaceutical building blocks known as §-amino acids.Ê Pursuant to this alliance the two companies will be combining their expertise in biocatalysis, chemical process development and manufacturing to offer a range of different §-amino acids for pharmaceutical research and product development.Ê The production of specific compounds will be scaled-up to meet the needs of pharmaceutical industry customers as compounds move from pre-clinical research and testing into clinical trials.

Dr. David Rozzell, BioCatalytics President and CEO, commented ãthis alliance marries BioCatalyticsâ expertise in enzyme-based research with ISPâs Fine Chemicals experience in development and scale-up of pharmaceutical intermediates and bulk active drugs.Ê Together we can fully support pharmaceutical companies with key intermediates as they move from laboratory-scale process development to pilot and full-scale production.ä

For more information on BioCatlytics, please contact Dr. David Rozzell at 818.841.0072 or email at Enzymework@aol.com

A current trend in corporate valuation includes increased recognition of intellectual property.Ê A further trend is an increase in the holdings of that property as the result of tech transfer from research institutions.Ê This is particularly true of start-up ventures focused on commercializing the specific technology transferred.Ê Though the interests of both parties are compatible at formation, they become quite divergent as either the start-up matures into or is sold to an established technology-based company.

Research institutions have an interest in the further intellectual pursuit of the subject technology and continued involvement in the formation of products from that technology.Ê On the other hand, mature technology-based companies engage in product development on multiple and related fronts and are interested in building capital value in intellectual property holdings.

The resulting divergence of interests becomes manifest in the licenses and assignments created at the formation of the start-up.Ê Such documents define the ownership and control of the intellectual property that is transferred and, frequently, that is subsequently created.Ê Further they may also impact on the ability of the venture to enter related areas to capitalize on already developed knowledge, capability and goodwill.

Intellectual property assets must, therefore, be evaluated in the context of these controlling formative documents in any due diligence undertaking required for corporate valuation.Ê A comparison of the restrictions, grant backs and reservations of grant with the direction and efforts of the technology-based company is imperative to determine the value of the intellectual property held. For more information on intellectual property rights contact Jack McConaghy at 213.892.9200 or jmcconaghy@fulbright.com

In a recent issue of Off The Wire, AT&T Wireless was recognized as receiving the prestigious J.D. Power and Associates award for "Highest Overall Customer Satisfaction Among Wireless Users" in 15 of its markets nationwide.Ê AT&T Wireless is receiving the award in Boston, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Los Angeles, Miami/W. Palm Beach, Philadelphia, Phoenix, Pittsburgh (tied), Sacramento, San Francisco, Tampa, and Washington, D.C./Baltimore (tied).

For more information on AT&T Wireless Services contact:

John White at 562.618.8696 or john.white@attws.com or

Brandon Dekker at 310.779.4000 or Brandon.Dekker@attws.com

SESSION TOPICS: How will the 2002 elections effect legislation and policy for the financial service industry?Ê Will new accounting regulations affect the way business is practiced today?Ê Will Governance become a reality in Corporate America?Ê Share in a discussion with our distinguished panelists on their thoughts on the ever-changing financial and economic world and more.

Ross C. DeVol is Director, Regional and Demographic Studies at the Milken Institute where he oversees the Instituteâs research efforts on the dynamics of comparative regional growth performance.

ÊJack McConaghy, Partner, Fulbright & Jaworski L.L.P.Ê Mr. McConaghyÊ handles all aspects of intellectual law for innovative and new-technology companies.

Terry R. OâNeill, President and CEO, The OâNeill Company.Ê ÊMr. OâNeill has developed innovative financial solutions with an emphasis on retirement economics for executives and key personnel.

Christopher N. Orndorff, Managing Principal, Payden & Rygel.Ê Mr. OrndorffÊ oversees the firm's equity strategy group, high yield credit group, and investment grade corporate credit group.

Dorothy Pavloff, Director, California Technology Ventures, LLC, a Southern California venture capital firm that focuses its investments in early stage companies in the fields of Life Sciences and Information Technology.