TRENTON, N.J. (Dec. 19, 2006) – The Edison Innovation Fund has finalized a $750,000 technology investment with Provid Pharmaceuticals, Inc., a chemistry-based drug discovery company located at The Technology Centre of New Jersey in North Brunswick. The fund is a state effort managed by the New Jersey Economic Development Authority (EDA) that has been created to grow jobs and encourage economic growth in the technology industry, a cornerstone of Gov. Jon S. Corzine’s Economic Growth Strategy.

“Through the Edison Innovation Fund, the EDA is working to expand the availability of early-stage capital and provide specialized assistance to growing businesses like Provid Pharmaceuticals,” said EDA Chief Executive Officer Caren S. Franzini. “The investment we have made in Provid will be used to expand its drug discovery services, advance its research and development efforts, and take the company to the next level of success.”

The fund provides an integrated set of resources to support technology and life sciences companies throughout their discovery, development and commercialization stages. It is designed to enhance New Jersey’s strong record of invention and innovation and result in the creation of new, quality jobs and a more vibrant state economy. These resources include angel and lease guarantees, low-interest loans, venture capital, tax and business incentives, and affordable, modern, office and laboratory space and support services.

Provid Chief Executive Officer Dr. Gary Olson said the company was pleased to receive the EDA funding. “Our drug discovery service business to the biotech and pharmaceutical industry is poised for growth, and our internal program in autoimmune disease therapeutics is moving to the development stage,” he said. “The EDA resources have become available at the optimal time to help us achieve a major transformation of the business.”

Provid is a tenant at Rutgers Technology Center II, which is adjacent to the EDA’s Commercialization Center for Innovative Technologies. The Commercialization Center is located at The Technology Center of New Jersey, which the EDA operates within the Greater New Brunswick Innovation Zone. Provid plans to create 45 new jobs.

Edison Innovation Zones, also located in Newark and Camden, are technology neighborhoods designed to foster partnerships among public universities, research institutions and related businesses and spur the rapid transfer of discoveries from the laboratory to the marketplace. For more information on assistance for technology companies, visit the state’s new business website portal at www.nj.gov/njbusiness or call the EDA at (609) 777-4898.

Provid, founded in 2001, has expertise in all aspects of medicinal chemistry, structure-based drug design, lead optimization, protein biochemistry and assay development. The company offers drug discovery services to biotech and pharmaceutical companies as well as academic groups that need expert medicinal chemistry capabilities to transform their biologically driven research into drug molecules. Additionally, Provid is pursuing programs for the discovery of novel therapeutics for autoimmune diseases based on a platform technology in the field of peptide mimetics.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

Supports Governor Corzine’s Efforts to Assist Small, Minority- and Women-Owned Businesses

TRENTON, N.J. (Dec. 4, 2006) – In support of Governor Jon S. Corzine’s commitment to small, minority- and women-owned businesses through his Economic Growth Strategy, the New Jersey Economic Development Authority (EDA) has announced a $20,000 contribution from the Merrill Lynch Community Development Company (MLCDC) to boost training and technical assistance programs for entrepreneurs through the Entrepreneurial Training Institute (ETI).

The innovative ETI program, an initiative of the EDA, fosters the growth of small businesses, particularly woman-owned and minority-owned enterprises. More than 1,200 individuals have graduated from ETI and accumulated more than $26 million in funding to support their business ideas since the program began in 1992.
For information on recent ETI success stories, click here.

“We are very pleased to receive MLCDC’s continued commitment and support for the ETI program because it helps enhance Governor Corzine’s efforts to encourage success in small, minority, and women-owned businesses in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Partnerships with key financial institutions like Merrill Lynch are instrumental in our efforts to create new jobs and build stronger communities as envisioned in the Governor’s Economic Growth Strategy.”

The conditionally renewable grant, first awarded in 2005 and extended for another year, has been designated specifically for financial training modules within the ETI II curriculum, which is designed to help the entrepreneur develop a quality business plan. Through ETI, students cover the basics of financial planning, assess the impact of financial results and learn about financial opportunities to grow their business.

“We are pleased to renew this grant because we believe that training and technical assistance services to entrepreneurs supports and strengthens New Jersey’s overall economy,” said MLCDC President Terri Ludwig. “Small businesses provide jobs and help grow New Jersey’s urban and suburban neighborhoods into safe, economically healthy and sustainable communities.

ETI/Merrill Lynch Community Development

The MLCDC, a for-profit subsidiary of Merrill Lynch Bank & Trust Co., FSB, searches for lending, investment and program development opportunities and seeks collaborative partnerships with governmental and quasi-governmental entities, nonprofit and for-profit intermediaries, and other financial institutions in a broad range of community development activities.

The MLCDC makes a limited number of grants each year to foster the creation of programs that complement its initiatives, which are geared toward facilitating affordable housing, development, economic development, neighborhood revitalization and the provision of community services.

In addition to Merrill Lynch, primary sponsors of the ETI Program are Bank of America, PNC Bank and the Wachovia Foundation.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

For more information on activities supporting Governor Corzine’s Economic Growth Strategy, visit: www.state.nj.us/njbusiness.

TRENTON, N.J. (Nov. 22, 2006) – Municipalities throughout New Jersey have a new financial tool available from the New Jersey Economic Development Authority (EDA) to advance important redevelopment projects.

New funding, up to $50,000 per project, can now be accessed by municipalities to finance feasibility studies and other predevelopment costs associated with redevelopment projects, including planning and marketing expenses. These funds were previously available only to community development organizations.

The new predevelopment funding is in accord with Governor Jon S. Corzine’s Economic Growth Strategy to advance commercial real estate development that is integral to neighborhood revitalization. “These funds will support economic development initiatives that help to revitalize communities and provide jobs,” said EDA Chief Executive Officer Caren S. Franzini.

For example, they can be particularly useful in cases where a municipality may be looking to redevelop a brownfields property. Often such a project can stall after brownfields investigation and remediation due to a lack of planning and marketing funds to support redevelopment, Franzini said.

“Expanding the uses of these predevelopment monies to include planning and marketing will provide the funding necessary to move these projects to the next stage of redevelopment,” she said.

The assistance, being made available through the EDA’s Fund for Community Economic Development, would be repaid through the proceeds of the sale of the project site, or three years from the date of funding, whichever is later. Repayment would not be required if the project is not feasible.

Expanded EDA Predevelopment Resources

To learn more about this EDA resource, call the EDA at (609) 777-4898. To access an Application for Financial Assistance, visit www.njeda.gov/applications.asp.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

TRENTON, N.J. (Nov. 20, 2006)



– Reinforcing Gov. Jon S. Corzine’s Economic Growth Strategy to nurture the development of new technologies and ensure that the state continues to be a leader in innovation, the New Jersey Economic Development Authority (EDA) has approved 129 technology and biotechnology companies to share the $60 million allocation available in 2006 through the state’s creative Technology Business Tax Certificate Transfer Program.

The funding enables these technology and life sciences businesses to sell tax losses or research and development tax credits to raise cash to finance their growth and operations. It is administered by the EDA in conjunction with the New Jersey Commission on Science and Technology and the state Division of Taxation.

“The program is an important component of Gov. Corzine’s Economic Growth Strategy to assist growing technology and biotechnology companies and is a key element of our Edison Innovation Fund initiative,” said EDA Chief Executive Officer Caren S. Franzini. “This effective financing tool helps New Jersey companies continue their research, raise capital, and strengthen and build their business.”

This year’s allocations bring total funding under the tax certificate transfer program to $385 million since 1999, which has assisted more than 400 companies.

The Technology Business Tax Certificate Transfer Program enables eligible companies with fewer than 225 employees, at least 75 percent of whom must be based in New Jersey, to sell their net operating losses and/or research and development tax credits to profitable corporate entities, which also must be New Jersey-based. Proceeds from these sales must be reinvested in the seller’s business and can be used for business expenses like purchasing equipment or expanding facilities, or for working capital to cover operational expenses.

Tax Certificate Program Approvals

Earlier this year, the EDA authorized improvements to the program application process that clarify evaluation criteria, the definitions of a technology company and biotechnology company, and certain eligibility requirements. A modification was also approved to require each applicant to submit financial statements prepared by an independent accountant.

Applications are reviewed by the Division of Taxation to establish the value of the tax loss or tax credit benefit. The Commission on Science and Technology reviews the applications for technology qualifications. The EDA makes the final determination on eligibility. When an application is approved, a certificate is issued that identifies the value of the tax benefit being exchanged and transfers it from the selling to the buying company. Applications, which are due by June 30 each year, are available at www.njeda.gov.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

Note to Editors: The list of approved sellers for 2006 follows.



Approved Tax Certificate Sellers 2006

TRENTON, N.J. (October 31, 2006) – CityWorks West Lake LLC has received approval from the New Jersey Economic Development Authority (EDA) for a $20 million loan for construction of a mixed-use building on West Lake Avenue in Neptune Township.

CityWorks Executive Director, Tom Clark; Neptune Mayor, Thomas Catley; and Mike Conte of EDA announced the loan approval on October 25 at a press conference held on West Lake Avenue. They were joined by Gail Oliver of the Midtown Urban Renaissance Corporation (MURC), Jan Bredehoft of New Jersey Community Capital, and Michael Powell of the Housing and Community Development Network of New Jersey (HCDNNJ) [please see photo next page].

CityWorks, a nonprofit corporation created in 2004 to facilitate real estate projects in economically-distressed neighborhoods throughout New Jersey, has been tapped by Neptune to redevelop the commercial corridor of West Lake Avenue, one of the gateway sections of the township that has been in decline since the 1960s. CityWorks West Lake LLC, a real estate holding company, was formed by the corporation to expedite the redevelopment plan.

“It is very exciting to see that our efforts to revitalize West Lake Avenue now have the funding to come to fruition,” said Neptune Mayor Thomas J. Catley. “Our goal is to make this avenue a bustling neighborhood filled with residents and businesses that help create a healthy, thriving community.”

The $20 million loan received by CityWorks West Lake LLC comes from the New Markets Tax Credits program, a federal program administered in New Jersey by EDA, which provides low-interest loans to finance new commercial development in low-income areas. The money will be used to construct a three-story building that will house 60,000 square feet of office space and 16 residential units, a number of which will be affordable to current residents of the redevelopment area. The cost of construction of the condominium units will be financed by a separate loan from a different lender.

“We are pleased to support the redevelopment efforts of CityWorks West Lake LLC by providing funding to support this important mixed-use project in Neptune Township. The project is a perfect example of Governor Corzine’s strategy to encourage economic growth in the state’s cities and densely populated areas,” said EDA Chief Executive Officer Caren S. Franzini.

Franzini’s remarks were echoed by the President of CityWorks’ Board of Trustees, Christiana Foglio, who is also the founder and CEO of Community Investment Strategies, Inc.: “CityWorks is proud to oversee such an ambitious redevelopment project. Recreating urban centers to meet the needs of local residents and improve our cities and towns is our goal. It’s exciting to begin that process in Neptune.”

David Scheck, Executive Director of New Jersey Community Capital (NJCC), was unable to attend Tuesday’s event, but his organization has supported CityWorks since its inception, and has contributed significant sums to the West Lake Avenue project: “New Jersey Community Capital was originally attracted to CityWorks because of its bold vision, financial and social aims, and committed leadership,” he said. “New Jersey Community Capital is extremely pleased to have provided nearly $2 million of acquisition financing in advance of this important financing commitment from the New Jersey Economic Development Authority.”

Calling Both NJCC’s and EDA’s multi-million-dollar contributions a “vote of confidence,” Clark said that the complete West Lake Avenue project will include additional commercial and residential space, retail space, senior housing, off-street parking and a park. The redevelopment plan is designed to create a town center that also includes green elements.

HCDNNJ’s Community Planning Specialist, Michael Powell, expressed support for what he called an “innovative project, which aims to improve and stabilize a critical area.”

“By partnering with MURC in an open and public process,” he added, “CityWorks has helped to ensure this project reflects the needs and desires of local residents.”

“This has been a long time coming,” said MURC President Gail Oliver, “and this $20 million loan is really crystallizing this whole redevelopment project. It makes me very excited to know that the money is coming through, and we’re ready to go.”

TRENTON, N.J. (September 14, 2006) – Revenue Allocation District (RAD) financing provides New Jersey communities with a powerful mechanism to spur the development of targeted areas and stimulate investment in underutilized properties. Developers, public officials and service providers in New Jersey can gain a better understanding of this tool and discuss its applications with national experts and fellow practitioners from across the state by attending an RAD Financing Seminar on Oct. 6 at the Trenton Marriott Lafayette Yard.

“RAD financing offers a largely untapped opportunity for New Jersey municipalities and developers to work together to advance needed redevelopment projects that bring new jobs and economic opportunity into a community,” said EDA Chief Executive Officer Caren S. Franzini. “Consistent with Gov. Corzine’s newly released Economic Growth Strategy, the purpose of this workshop is to create greater awareness of this financing tool and initiate a dialogue with potential users on crafting a successful investment strategy.”

The all-day seminar will be presented by the New Jersey Economic Development Authority (EDA) in partnership with the national Council of Development Finance Agencies. The program is sponsored by Public Service Electric & Gas Company.

Program sessions will focus on the principles for implementing district-based redevelopment financing, options for bond issuance and financing structure, using RAD financing with other financing tools, strategies for building community partnerships and RAD examples from New Jersey and other states. Speakers will include industry experts and practitioners from New Jersey and across the country. Lunch will be provided.

Cost for the seminar is $100 for public sector/nonprofit representatives and $125 for private sector attendees. For more information about the RAD Financing Seminar and to register online (through Sept. 29), visit http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/njedatifseminar.html Registration will also be available at the door.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

CAMDEN, N.J. (September 14, 2006) – The New Jersey Urban Enterprise Zone Administration has awarded a $325,000 grant to the Rutgers Camden Technology Campus, Inc., to support the growth of new businesses in the Rutgers-Camden Business Incubator.

The grant will be used to construct high-quality incubator office space for new businesses in the Rutgers-Camden Business Incubator, with an emphasis on maintaining confidentiality for clients as they develop their products and services. The business space will be housed within the Waterfront Technology Center at Camden, a state-of-the-art facility where the Rutgers incubator will become the primary tenant later this year.

“This will allow Rutgers to provide the absolute best space for business incubation in the region,” says Peter Gold, CEO of the Rutgers Camden Technology Campus, which has approximately 35 on-site and 15 virtual client tenant businesses that generate more than 155 jobs in the City of Camden. The combined payroll of these jobs is approximately $6 million. Four RCTC companies have received private sector capital and other investment, and now are employers located in the metro Philadelphia region.

The RCTC currently is located in a facility on the Virtua-Camden campus.

“The progress and success to date of the Waterfront Technology Center can be attributed to the innovative partnership between the State of New Jersey, the City of Camden, and our state research universities,” says Caren S. Franzini, chief executive officer of the New Jersey Economic Development Authority (EDA), the agency which constructed, owns and manages the WTCC, located in the Camden Innovation Zone. “This additional funding resource through the UEZ initiative reflects the State’s strong commitment to supporting technology research in collaboration with Rutgers University and other research institutions in Camden.”

Franzini noted that such collaboration is a key element of Governor Jon S. Corzine’s recently announced Strategic Economic Growth Plan, which aims to support technology growth in New Jersey by leveraging state and business partnerships with New Jersey’s research universities.

TRENTON, N.J. (September 7, 2006) – Governor Jon S. Corzine today unveiled a comprehensive economic growth strategy to strengthen and grow New Jersey’s economy while creating well-paying private sector jobs. The strategy is designed to ensure that economic growth benefits all cities and regions of the state creating new economic opportunities for all New Jersey citizens.

“Today I am unveiling a strategy to support the growth of companies that will make New Jersey the best place to live, work and raise a family,” Governor Corzine said. “Through the intelligent management of our state resources, we will create a stronger and more stable business environment for businesses to grow, prosper and create jobs.”

Following the first meeting with his newly appointed Economic Growth Council, the Governor called for a new partnership between the state and its corporate community. He said that New Jersey will be better coordinated, more proactive and more responsive to business needs in order to create a vibrant business climate.

The Governor identified six priorities for growth and has detailed specific action steps to implement them in partnership with business, labor, education and community leaders. In summary the six priorities are:

• Priority 1: Market New Jersey for economic growth by partnering with the state’s businesses and helping them to grow and prosper;


• Priority 2: Develop a world-class workforce by assisting the state’s students and job seekers to obtain the skills and education needed in a competitive global economy;


• Priority 3: Promote sustainable growth with a particular emphasis on the state’s cities and make strategic infrastructure investments to support economic growth while protecting the environment;


• Priority 4: Nurture the development of new technologies, and ensure that the state continues to be a leader in innovation;


• Priority 5: Encourage entrepreneurship and the growth of small, minority-owned, and women owned businesses; and


• Priority 6: Enhance the global competitiveness of New Jersey’s businesses.

The strategy addresses the need to encourage innovation and urban revitalization by focusing the efforts of the state’s departments and authorities on economic growth. Among the important programs and initiatives announced today are the Edison Innovation Fund and the New Jersey Urban Fund.

The Edison Innovation Fund builds on New Jersey’s tradition of private sector creativity and ingenuity. It will be used to support and promote both basic and applied research. Furthermore, the Edison Innovation Fund will stimulate the creation and growth of high-tech businesses in the state.

With an initial capital commitment of $150 million from the state, the Edison Innovation Fund is designed to leverage $350 million in private capital. The resources of the fund will be used to support research and commercialization in several growth sectors including the life sciences, nanotechnology, communications, renewable energies and expansion of stem cell research.

Another major initiative of the strategy unveiled today is the New Jersey Urban Fund. The fund is the centerpiece of the strategy’s urban revitalization plans, and will have an initial capital commitment of $185 million to make investments in enterprises in cities. Leveraged with investment from private sources the fund expects to generate $555 million in total investment in New Jersey cities over the next year.

In keeping with the Governor’s commitment to fiscal responsibility the plan presented today does not require any additional state operating funds. All resources for executing this strategy are redirected from existing sources. Furthermore, the state will ensure that existing resources are focused and coordinated to provide efficient and effective support for business and job growth.

Governor Corzine also announced a new website to simplify information for businesses, www.nj.gov/njbusiness. The site is the first step in improving access to information and simplifying how small businesses in particular get the information they need. The website will include guidance on acquiring financial assistance, information for businesses looking to expand or relocate and comprehensive listings of commercial development site listings, to name a few.

The new strategy’s implementation will be led by the Governor’s Office of Economic Growth and will build on the state’s existing competitive advantages. These include an educated and talented workforce, a location in the heart of vibrant global marketplace, a high quality of life and an existing base of innovative businesses.

While the Office of Economic Growth will take the lead on the implementation of the overall strategy, each action step has been assigned to a state department, authority or commission that will be responsible for its implementation.

A copy of the Governor’s Economic Growth Strategy can be viewed online at www.nj.gov/njbusiness.