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Newark, N.J. (July 7, 2010) – Edge Therapeutics, Inc. announced today that it has received $100,000 in financing from the New Jersey Economic Development Authority (NJEDA) to supplement an Edison Innovation R&D Grant of $500,000 awarded to Edge in November 2009. Edge will use the funding for further development of its novel treatments to prevent secondary brain damage that often occurs after hemorrhagic stroke or traumatic brain injury (TBI).


“We are pleased that the State of New Jersey recognizes the potential value that our proprietary approach may bring to patients stricken by sudden brain injuries,” said Brian A. Leuthner, President and CEO of Edge Therapeutics. “We look forward to advancing our program to treat complications of bleeding into and around the brain. Our goal is to prevent further brain damage and even death after the intracranial hemorrhage and initial brain injury occurs.”


Current treatments to prevent secondary complications caused by sudden brain injury are limited and minimally effective, largely due to the inability to deliver adequate doses of protective drugs to the specific site of injury in the brain. 


“Treating bleeding in the brain presents a difficult challenge,” said Dr. Stephan A. Mayer, a member of Edge Therapeutics’ Scientific Advisory Board and Professor of Clinical Neurology and Neurological Surgery at Columbia University College of Physicians & Surgeons in New York City. “We need to find better therapies than what are currently available. Edge Therapeutics is on the right path by investigating the targeted delivery of a proven therapy.”


In November 2009, the New Jersey Commission on Science and Technology awarded a highly competitive Edison Innovation R&D grant of $500,000 to Edge Therapeutics, making the company eligible for the wraparound funding from the NJEDA. 


“New Jersey’s impressive reputation as a State rich in innovation and entrepreneurial spirit is only strengthened by pioneering companies like Edge Therapeutics,” said NJEDA Chief Executive Officer Caren Franzini. “We are pleased to support Edge Therapeutics and look forward to watching this company continue to thrive in New Jersey.”
 
About Sudden Brain Injury 
Sudden brain injury from either a hemorrhagic stroke or traumatic brain injury (TBI) can cause bleeding in and around the brain. The majority of victims are young, productive contributors to their household and to the local and state economy. It is estimated that the cost to New Jersey’s economy from brain injuries exceeds $200 million annually, and approximately 175,000 of the state’s residents currently live with brain injury-related disabilities.


Globally, sudden brain injury is a major public health issue costing hundreds of billions of dollars annually. Each year, more than three million people worldwide have a hemorrhagic stroke, the deadliest type, which kills or maims more than 80% of its victims. TBI is the “signature wound” of current U.S. military operations worldwide, resulting from exposure to rocket-propelled grenades, improvised explosive devices and land mines. Medical experts estimate that 20% or more of deployed U.S. service members in Iraq and Afghanistan have sustained traumatic brain injuries – totaling more than 360,000 American troops. In civilians, TBI is the leading cause of death and disability among children and adults under age 45. Today, more than three million Americans suffer from permanent disabilities resulting from traumatic brain injury.


About Secondary Brain Damage
Secondary brain injury is an indirect result of a sudden brain injury (hemorrhagic stroke or TBI) which can damage neurons that were unharmed in the primary injury. While sudden brain injury results from processes initiated directly by the stroke or TBI, secondary brain injury occurs in the hours and days following the primary injury and plays a large role in the ultimate extent of brain damage and deaths. In sudden brain injury, 80% to 90% of victims survive the initial injury, but almost half suffer secondary brain damage in the days to weeks after the event. 


Cerebral vasospasm is a leading delayed complication following subarachnoid hemorrhage or TBI. Vasospasm occurs 3-14 days after the subarachnoid hemorrhage and results in other blood vessels in the brain contracting, thereby limiting blood flow to vital areas of the brain. This reduced blood flow can cause another stroke or additional tissue damage.


About NimoGel™ (EG-1961) 
NimoGel consists of the FDA-approved calcium channel blocker nimodipine formulated in a proprietary biodegradable polymer designed to release the drug over 14 days. NimoGel is delivered directly to the site in the brain where it is needed, thus providing very high drug concentrations at the specific site at risk for life-threatening vasospasm while using 80% less drug than is currently administered systemically. Today’s oral nimodipine therapy is minimally effective because dangerous side effects such as lowering of blood pressure limit the ability to achieve optimal drug concentrations in the brain. 


About Edge Therapeutics 
Edge Therapeutics is a privately held specialty pharmaceutical company located at the Enterprise Development Center Incubator on the campus of New Jersey Institute of Technology in Newark, NJ. The company was founded in 2009 and is supported by private investors, the New Jersey Commission on Science and Technology, and the New Jersey Economic Development Authority. Edge Therapeutics seeks to revolutionize treatment to prevent secondary brain damage after hemorrhagic stroke or TBI, by taking today’s minimally effective off-patent drugs and delivering them directly to the brain via proprietary sustained-release formulations. The most advanced product, NimoGel™, consists of the generic calcium channel blocker nimodipine formulated in a biodegradable polymer carrier composed of FDA-approved materials. NimoGel™ is designed to be placed directly next to brain arteries after ruptured brain aneurysms or TBI to prevent vasospasm, a type of secondary stroke, and thereby improve patient outcomes. For more information on Edge Therapeutics, please visit www.edgetherapeutics.com.


About the New Jersey Economic Development Authority (NJEDA) 
The New Jersey Economic Development Authority is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.






The EDA held an event on June 22nd for companies interested in learning how to do business with India, the world’s fourth largest economy.  Review the presentations from the seminar’s prestigious roster of experts:

By Andrew Kitchenman
NJBIZ
June 17, 2010
 

A Camden not-for-profit organization has closed on a $1.34 million loan that will allow it to build a job-training center.

 Respond Inc., which has provided social services for 43 years, closed on the loan with Sun National Bank, in Vineland. The loan includes $335,000 from the New Jersey Economic Development Authority. 

The loan will be used to complete the financing for the 20,000-square-foot New Worker Job Development Center, which will be dedicated to training for jobs in culinary arts and automobile repair.

 The financing for the center also includes a $1 million grant from the Economic Recovery Board for Camden and a $1.2 million grant from the U.S. Economic Development Administration, according to EDA officials. 

The authority portion of the loan, completed under the Statewide Loan Pool for Business program, was made at a fixed interest rate of 3 percent for five years. Sun National had approved a bridge loan for the construction, which will renovate a facility on North Eighth Avenue.

A ribbon-cutting was held in April 2009 for the facility, which includes state-of-the-art classrooms for up to 90 preschoolers. Local labor was used on the project.

There will be a Special EDA Board Meeting on Thursday, June 17, 2010 at 12:30 pm at EDA Offices, 36 West State Street, Trenton, NJ.

 

 

 

The EDA held an event on May 25 for firms seeking to learn about global sales opportunities and what is needed to tap into overseas markets. Review the presentations from export experts:

 


 

Event Marks Second Year of Innovative Collaboration
 
TRENTON, N.J. (May 19, 2010) – Students from Bergen County Academies (BCA) visited the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick today as part of the school’s Entrepreneurial Science program.  The collaboration between the New Jersey Economic Development Authority’s (EDA’s) business incubator and the magnet high school was launched last year and involves students presenting their virtual biotechnology business to a panel of Chief Executive Officers from New Jersey biotechnology companies.

 

Approximately 25 sophomores and juniors participated in BCA’s program this year, which is centered on the continued development of Provita Pharmaceuticals, the student-run company that forms the core of the program. The company, based on a product for the control of bleeding in hemophilia, was initially created by students in last year’s cohort.  As part of BCA’s program, students approach the development of this product from the standpoint of design, manufacturing, marketing and finance.  Presenting to the CEO panel at CCIT is the culmination of the project, although development activity will continue through the summer and into the next academic year.  According to BCA, while projects of this type have been performed at the school previously, last year was the first to use biotechnology/pharma as a model.  As a result, students are able to learn about FDA regulations, GMP manufacturing and clinical trial design and performance.  The program has grown since its launch last year and has generated interest from more students, as well as research entities in the State.  The technology advanced by the students is also creating a buzz.  A cancer center in New Jersey has agreed to assist in procuring IP protection and has also set up a Scientific Advisory Board comprised of its senior researchers to provide guidance.

 

“The Entrepreneurial Program allows science students to collaborate with business students to learn the issues and challenges of both disciplines,” said Dr. Robert Pergolizzi of BCA.  “To be competitive in the global marketplace, students need to understand not just science, but how to commercialize discoveries. The program’s real-world approach is only enhanced by its partnership with CCIT.”

 

As part of the collaboration, CCIT provides a venue and the CEO panel for the class presentations. CCIT manager Donald Shatinsky also helps to arrange guest lecturers and provides input on course development and direction.  According to Shatinsky, the program is viewed as a long term investment in helping to have entrepreneurship introduced to science students at an early age, during their career decision years.

 

Many CCIT tenants participated in this year’s CEO panel, including Dr. Marc Burell of Orthobond; Dr. Kiran Madura of CellXplore; Dr. Tage Honore of Aestus Therapeutics; Dr. Sri Srivastava of Clintech Research and Dr. Greg Mario of Taxis Pharmaceuticals. Also participating was Mr. James Golubieski of the Foundation Venture Capital Group.

 

“We consider this program to be unique in the United States, one that encourages entrepreneurship and enables the many assets of our business incubator here at the Technology Centre of New Jersey to be utilized in a different kind of way,” said EDA CEO Caren Franzini, who addressed the students prior to the panel.  “It is our hope that the ideas, concepts and skills that students are learning here will one day help some of them become future founders and leaders of New Jersey life sciences companies.”

 

Located along the U.S. Route 1 research and development corridor, the Technology Centre of New Jersey has evolved into a world-class facility.  Developed in 1996, the complex sits on more than 50 acres in North Brunswick and is home to CCIT, which is one of the most recognized incubators of its kind in the world.  CCIT originally opened in 2002 with 20,000 square feet and was expanded in 2005 to 46,000 square feet with the addition of 10 lab units, business accelerator office space and flexible conference facilities.  CCIT’s unique corporate technology transfer initiative was established to spur collaboration and business opportunities by linking small life sciences and biotechnology startup businesses with major corporations in the state.  The initiative encourages a more rapid transfer of discoveries from the laboratory to the marketplace, and fosters collaborations with public research and medical research.  CCIT is one of only 16 business incubation programs in the world that have earned the Soft Landings International Incubator designation from the National Business Incubation Association. The designation recognizes an incubator’s focus on welcoming non-domestic firms into its domestic market with translation services, help cutting through governmental red tape, access to capital, domestic market research, and other programs.

 

 


Relocation of Intrasphere from NYC Expected to Result in 300 New Jobs in New Jersey


Trenton, N.J. (May 26, 2010) – Lt. Governor Kim Guadagno today lauded Intrasphere Technologies, Inc. for choosing to relocate its headquarters to Jersey City  when its New York City lease expires at the end of next month.  The life sciences consulting firm plans to move 120 existing jobs to the Harborside Plaza 10 building and create 180 new jobs over the next two years.

“New Jersey is already recognized as the global epicenter of the pharmaceutical industry and we are thrilled that Intrasphere has decided to bring 300 new jobs into the state and join so many of the world’s leading life sciences businesses that already call New Jersey home,” Lt. Governor Guadagno said. “Governor Christie and I are continuing to focus on making New Jersey a home for growth by enhancing New Jersey’s business climate, streamlining our regulatory process and advancing pro-business initiatives.”

Founded in 1996, Intrasphere provides comprehensive, business services and software solutions to companies in the life sciences industry, addressing areas such as drug safety, clinical, regulatory, corporate information technology and business intelligence.  Its client list includes many of the world’s best known life science companies. New Jersey is home to such well-known names as Bayer, Novartis, Bristol-Myers Squibb, Celgene, Johnson & Johnson, Merck, Novartis, Pfizer, Roche and sanofi-aventis.   In addition to its headquarters operations, Intrasphere has a location in London.

“New Jersey has made it clear to us that they are interested in our business, and in helping Intrasphere grow,” said Samuel Goldman, co-founder & COO. “As a life science-focused company, it’s encouraging to be in the same state that many of our clients call home. The fact that the Lieutenant Governor has reached out to us directly and has made her office accessible to us is proof positive that New Jersey is open for business.”

In support of the move, in February of this year, New Jersey awarded Intrasphere a Business Employment Incentive Program (BEIP) grant worth an estimated $12.4 million over 10 years.  The grant was a material factor in its decision to move its corporate headquarters to New Jersey, the company said.  Intrasphere expects to invest $965,000 in its relocation project.

Intrasphere is the second major pharmaceutical business recognized in the last week for its plans to grow in New Jersey.   Last week, Watson Pharmaceuticals, Inc. was commended by state officials for announcing plans expand its Parsippany headquarters and create up to 300 new jobs.  Watson also received state incentives through the BEIP and Business Retention and Relocation Assistance Grant program to support its New Jersey expansion.

Specialty Pharmaceutical Company to Create up to 300 New Jobs, Retain 200 jobs
 
TRENTON, N.J. (May 19, 2010) – Governor Chris Christie and Lieutenant Governor Kim Guadagno today applauded the expanded presence of Watson Pharmaceuticals, Inc. in New Jersey following the company’s decision to remain and grow in the Garden State.  Watson will expand into a new administrative headquarters in Parsippany that will bring together separate operations currently in Morristown and Parsippany, and provide adequate space for the Company’s continued expansion.  The project will ultimately house approximately 500 Watson employees.  The expansion represents the private investment of more than $15 million, and will employ approximately 100 people during construction. 

 

“Watson Pharmaceuticals’ decision to expand in New Jersey is great news for our State,” said Lt. Governor Guadagno. “Governor Christie and I are working everyday to make New Jersey a home for growth by enhancing New Jersey’s business climate, streamlining our regulation process and advancing pro-business initiatives. I look forward to celebrating even more success stories like Watson Pharmaceuticals’.”

 

Watson Pharmaceuticals, Inc. is a global specialty pharmaceutical company engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on urology and women’s health.

 

Watson’s operations are based predominantly in the United States and India, and the company is ranked as the third largest U.S. maker of generic drugs in 2009, based on total prescriptions dispensed as reported by IMS Health. Watson established its presence in New Jersey in 2000 when the company acquired Florham Park-based Schein Pharmaceutical, Inc.  With current facilities in Morristown and Parsippany, Watson employs over 200 in New Jersey and more than 5,000 worldwide. The company expects to relocate to the new Parsippany facility by late 2010/early 2011.

 

“We are pleased to be working in partnership with Governor Christie and his administration on the expansion of our New Jersey presence.  Over the past year, we have outgrown our current Administrative Headquarters site, as our U.S. and global business has rapidly grown.  This new facility will ensure that we have a single location for the leadership and shared services functions that are driving our global growth,” said Paul Bisaro, Watson President and CEO. “New Jersey’s highly-skilled workforce and excellent location will help ensure our continued success, and we look forward to continuing to increase our New Jersey-based operations following the move to the new facility.”

 

Watson was approved for a Business Employment Incentive Program (BEIP) grant worth an estimated $7.3 million over ten years from the New Jersey Economic Development Authority (EDA) to support its expansion in New Jersey. The company also was approved for a $290,000 Business Retention and Relocation Assistance Grant (BRRAG) from the EDA to support the retention of over 200 jobs in the State.  This assistance was considered a major factor in Watson’s decision to remain and grow in New Jersey.

 

The BEIP program is available to businesses expanding or relocating their workforce in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.  The BRRAG program helps companies preserve jobs, expand operations and reinvest in New Jersey. Under the program, businesses relocating operations within New Jersey and retaining jobs may be eligible for grants of up to $1,500 per job retained, payable as a tax credit against a company’s corporate tax liability.

 

For more information on BEIP and BRRAG, visit www.njeda.gov.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.