A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Tuesday, August 6, 2019 at 10:00 am at Stevens Institute of Technology, 1 Castle Point Terrace, Hoboken, NJ.
A copy of the proposed agenda can be found at www.njeda.gov/csit
TRENTON, N.J. (August 1, 2019) – Grant applications for the New Jersey Economic Development Authority (NJEDA) Opportunity Zone Challenge Program are now live at https://www.njeda.gov/financing_incentives/large_business/Opportunity-Zone-Challenge-Program. Proposals are due September 16, 2019 at 4:30 p.m.
The Opportunity Zone Challenge is a competitive grant program aimed at supporting community efforts to attract investment and build capacity around economic development in Opportunity Zone communities across New Jersey. It is open to all 75 New Jersey municipalities and 21 counties that contain either the whole or part of an Opportunity Zone census tract.
Applicants must prepare a proposal for a Strategic Plan that includes steps they will take to attract Opportunity Zone investments and build community capacity around economic development. Some examples include: preparing a financial or marketing prospectus to showcase an Opportunity Zone’s benefits to investors; engaging in feasibility planning for Opportunity Zone-focused development; or considering zoning, code, and regulatory reforms to streamline the approvals process in Opportunity Zones. Proposals must also include specific deliverables that can be fully completed within six calendar months of the grant’s execution.
Municipalities may apply on their own or submit a joint proposal as a municipal partnership – two to five Opportunity Zone municipalities partnering together around a common Opportunity Zone goal. Applicants must also designate at least one strategic partner whose external expertise they will use to best achieve the Challenge’s goals.
Proposals are due September 16, 2019 at 4:30 p.m. Applications and grant documents are available at: https://www.njeda.gov/financing_incentives/large_business/Opportunity-Zone-Challenge-Program.
Please forward any questions to njozchallenge@njeda.com.
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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TRENTON, N.J. (July 23, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced a survey of businesses that have been approved for tax credits under the Grow New Jersey (Grow NJ) Assistance Program in an attempt to gather demographic information regarding the jobs that have been created under the program. The voluntary survey is designed to provide greater insight into the impact of the program, including to what extent specific demographic groups, particularly women and minorities, have benefited from the program, and if the program has incentivized local hiring.
The survey was sent to nearly 130 companies, which were chosen on the basis of having certified completion of their projects in New Jersey. This certification is a required step that companies must complete in order to be issued the tax credits for which they were approved. While there are no specific hiring requirements stipulated under the rules of the Grow NJ program, the goal of the survey is to gain insight that will help the NJEDA and policymakers determine how to address diversity, inclusion, and local hiring in the next generation of incentives programs.
“The companies that have received surveys have all committed to creating and/or retaining jobs in New Jersey,” said NJEDA CEO Tim Sullivan. “We appreciate the effort of these businesses to respond to the survey so that we can have access to information that will help inform standards for fairness and equity in future programs.”
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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TRENTON, N.J. (July 18, 2019) – In support of Governor Phil Murphy’s plan for building a stronger and fairer economy by better supporting small business, the New Jersey Economic Development Authority (NJEDA) today announced a new pilot program aimed at making financing available to organizations that provide loans to micro-enterprises and other small businesses that are not yet able to qualify for traditional bank financing. Under the Community Development Financial Institution (CDFI) Initiative, the NJEDA will make up to $15 million available to CDFIs to expand their capacity to provide financing to New Jersey small businesses. Applications for the program are expected to be available in September 2019.
Through the CDFI Initiative, financing is made available to small businesses in two ways. The first is through the Loans to Lenders component of the CDFI Initiative, in which the NJEDA will provide direct loans of up to $1.5 million to experienced CDFIs with demonstrated lending and portfolio management history. The CDFIs will then use the NJEDA financing to administer term loans or lines of credit to qualified New Jersey small businesses.
The second component of the CDFI Initiative is the Premier CDFI Program, in which NJEDA will provide participations and guarantees of up to $500,000 on CDFI term loans or working capital lines of credit for qualified New Jersey small businesses. NJEDA’s participation provides more flexibility to CDFIs and the borrowing business by reducing the CDFI’s overall exposure in the transaction.
“Building a stronger and fairer economy starts with connecting small businesses with the resources they need to grow and expand,” said NJEDA Chief Executive Officer Tim Sullivan. “CDFIs provide an important function of lending to small businesses that are not yet ready for bank financing, and the CDFI Initiative will enhance the ability of CDFIs to provide micro-enterprises and main street small businesses with capital they need to grow into thriving enterprises.”
The CDFI Initiative is the direct result of feedback the NJEDA has received from CDFI leaders and other organizations that support small businesses in New Jersey. Through those discussions, a need was identified for an expanded partnership between the NJEDA and CDFIs, and a way for CDFIs to work with the NJEDA in a role similar to traditional banks.
“One of the most common challenges we at the NJEDA hear from business owners is that there are not enough resources for businesses that are looking to expand but are not able to qualify for financing from traditional banks,” said NJEDA Director of Small Business Services Christina Fuentes. “The CDFI Initiative fills an important gap and will play a crucial role in helping community-based lending organizations make the necessary investments into small businesses so they can grow and prosper.”
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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Business Energy is one of 16 collaborative workspaces
currently approved to offer rent support through NJ Ignite.
TRENTON, N.J. (July 18, 2019) – More than a dozen startup companies have moved to Business Energy since the coworking space opened its doors in October 2018. Now, thanks to the New Jersey Economic Development Authority’s (NJEDA’s) NJ Ignite program, the collaborative workspace in downtown Westfield has an added tool to attract even more companies.
NJ Ignite helps technology and life sciences startup companies realize the benefits of collaborative workspaces – incubators, accelerators, and coworking spaces – by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace.
Business Energy is one of 16 collaborative workspaces currently approved to offer rent support through NJ Ignite. The program is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA covering up to six months’ rent and the workspace covering rent for half the length of NJEDA’s commitment.
“Entrepreneurial talent is one of New Jersey’s most precious commodities and collaborative workspaces like Business Energy offer environments where this talent can thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Through NJ Ignite, we are investing in founders, their startups, and the future of New Jersey’s innovation ecosystem.”
Launched by partners Matt and Beth Jarecki, and Steve Silverman, Business Energy is a coworking and networking community for business professionals. Located on Lennox Avenue, Business Energy is steps away from Westfield’s train station, post office, and numerous shops and restaurants. The modern, bright, and newly-renovated space includes individual work stations, private offices, a professional conference room available with daily or monthly rates, and a venue for networking events and educational gatherings.
Current tenants include a startup that helps people get organized, as well as a technology company, a media services consulting firm, attorneys-at-law, and several other businesses. The team at Business Energy believe the participation in NJ Ignite will encourage technology and life sciences companies to consider moving to the coworking space.
“In the short time that Business Energy has been in Westfield, we’ve already created an atmosphere that brings together small business owners and entrepreneurs from within the community and it created an environment for sharing, learning and inspiration,” Steve Silverman said. “We see NJ Ignite as instrumental to our continued growth and look forward to adding companies from new sectors to our community of entrepreneurs.”
“Business Energy is a motivating place for local entrepreneurs to grow their businesses, right here in downtown Westfield,” said Matt Jarecki. “We’re so excited to support growing leaders to give them a place to focus, connect and thrive.”
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for life sciences companies, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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TRENTON, N.J. (July 18, 2019) – The New Jersey Economic Development Authority (NJEDA) announced today that it has requested clarifying information from three additional companies across the state regarding their Grow New Jersey (Grow NJ) tax credits. This outreach follows a similar request sent to six companies in late June.
Letters were sent this week to GoBrands Inc. and Sandoz Inc., and NJEDA staff has reached out to Express Scripts Pharmacy Inc. to afford the companies the opportunity to respond to a range of questions, including discrepancies in their applications and related legal questionnaire. Letters may be sent to additional companies as needed.
Any significant change to a company's Grow NJ award, including a reduction in the amount of the award, a suspension, or termination may require an action of the NJEDA Board. This outreach is the first step in a process that will to allow NJEDA staff to make informed decisions, which may include recommendations to the Board for any potential actions, if warranted.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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Grants Available to Support Municipal, County Plans to Attract Investment in Underserved Communities
TRENTON, N.J. (July 16, 2019) – The New Jersey Economic Development Authority (NJEDA) today launched the Opportunity Zone Challenge Program, a competitive grant program aimed at supporting community efforts to attract investments in Opportunity Zones. Grants awarded through the program will fund municipal and county-level financial and technical planning around Opportunity Zone economic development.
“New Jersey’s Opportunity Zones have the potential to transform struggling communities that investors have overlooked for years into thriving centers of employment, economic growth, and development,” said Lieutenant Governor Sheila Oliver, who also serves as Commissioner of the Department of Community Affairs (DCA). “The Opportunity Zone Challenge Program is a key component of Governor Murphy’s plan to empower municipal and county governments with the resources and tools they need to attract the right investors to their communities.”
The Opportunity Zone program is a federal incentive for investors to re-invest unrealized capital gains into dedicated Opportunity Funds. Capital in these Funds must be invested in Opportunity Zone businesses or real estate projects for a fixed period of time in order for investors to access the full tax benefit. New Jersey contains 169 Opportunity Zones, which span 75 municipalities across all 21 counties.
While the Opportunity Zone program was designed to focus capital flows and economic investment into communities that have historically faced economic challenges, long-term investment scarcity and strained local governments have made it difficult for many of the communities most in need to develop and capitalize critical projects. The Opportunity Zone Challenge Program is designed to address this problem by encouraging communities to develop specific plans to guide their pursuit of Opportunity Zone-based investments.
“The Federal Opportunity Zone program is a unique tool that communities can use to drive long-term, transformative investment in the most underserved areas of our state, and the NJEDA is committed to helping municipalities and counties benefit from the opportunities it provides,” said NJEDA Chief Executive Officer Tim Sullivan. “The Opportunity Zone Challenge Program will jumpstart community-led revitalization in these areas by providing the resources communities need to catalyze investment in their Opportunity Zones.”
To achieve this goal, the Opportunity Zone Challenge Program will award five grants of up to $100,000 each—for a total of $500,000—to select municipal or county governments or municipal partnerships of two to five New Jersey municipalities whose applications demonstrate a clear strategic plan to build investment capacity in their Opportunity Zones.
The Challenge is open to all 75 New Jersey municipalities and 21 counties that contain either the whole or part of an Opportunity Zone census tract. As part of the grant application, applicants must prepare a proposal that includes steps they will take to attract Opportunity Zone investments. Some examples include: preparing a financial or marketing prospectus to showcase an Opportunity Zone’s benefits to investors; engaging in feasibility planning for Opportunity Zone-focused development; or considering zoning, code, and regulatory reforms to streamline the approvals process in Opportunity Zones. Proposals must include specific deliverables that can be fully completed within six calendar months of the date the NJEDA and the recipient execute a grant agreement. As part of the application, applicants must also designate at least one strategic partner whose external expertise they will use to best achieve the Challenge’s goals.
The final plans that are developed using the Opportunity Zone Challenge grant funding are expected to be detailed strategic plans that will guide a community’s approach for attracting Opportunity Zone investments. With the benefit of these plans being completed, local government entities will be better positioned to implement their strategies based on the community’s unique needs and vision for long-term, socially responsible growth.
“The federal Opportunity Zone program is a chance for communities that have been overlooked to finally attract the types of investments they need to unlock their full potentials,” said Leslie A. Anderson, President and CEO of the New Jersey Redevelopment Authority. “The Opportunity Zone Challenge Program is important because it will not only incentivize these communities to take a proactive approach to attracting investments through the Opportunity Zone program, but it will also provide the resources they need to execute their plans.”
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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TRENTON, N.J. (July 16, 2019) – First Lady Tammy Murphy and the New Jersey Economic Development Authority today announced that the NJEDA Board of Directors approved a proposal to organize a New Jersey chapter of Golden Seeds, a national angel investor network dedicated to investing in women-led startup companies. The collaboration between First Lady Murphy’s Office, the Economic Development Authority, and Golden Seeds will advance Governor Phil Murphy’s efforts to make New Jersey the “State of Innovation” by providing new funding sources and mentorship opportunities for female entrepreneurs.
“The partnership that we have created with Golden Seeds is a critical step toward building a robust New Jersey innovation economy that reflects and supports our state’s diverse workforce,” said First Lady Tammy Snyder Murphy. “Repeated studies show companies that include women in top management positions increase their margins and produce more patents than teams with solely male leaders. Creating new opportunities for women entrepreneurs to connect with mentors and receive funding will lead to outsize economic growth that creates good jobs and benefits communities throughout the Garden State.”
Founded in 2005, Golden Seeds has a 14-year track record of successfully supporting women-led businesses. Nationally, it has more than 275 members that include credentialed investors from various locations, sectors, and backgrounds. The New Jersey chapter of the organization will be the seventh, joining established Golden Seeds chapters in Atlanta, Boston, Dallas, Houston, New York City, and Silicon Valley.
“New Jersey’s highly skilled workforce and strong network of investors and entrepreneurs makes it an ideal place for a new Golden Seeds chapter,” said Loretta McCarthy, Managing Partner at Golden Seeds. “We are excited to partner with Governor Murphy and the NJEDA to provide capital and mentoring for women-led businesses that will play a key role in revitalizing and growing New Jersey’s innovation economy.”
The NJEDA’s partnership with Golden Seeds supports Governor Murphy’s efforts to create a diverse innovation ecosystem in New Jersey by increasing the availability of angel capital for women-led businesses and mentoring opportunities for women businesses leaders. It will also foster a strong, cohesive angel investing community in New Jersey by bringing members together to identify investment opportunities, conduct due diligence, and support companies in which they choose to invest. The partnership builds on the NJEDA’s long history of partnering with funding groups such as Jumpstart NJ Angel Network and Tech Launch to bring more capital to New Jersey’s Innovation economy.
The chapter’s establishment coincides with a recent expansion of the New Jersey Angel Investor Tax Credit, which provides refundable tax credits against the New Jersey corporation business or gross income tax for qualified investments in emerging technology businesses with a physical presence in New Jersey and that conduct research, manufacturing, or technology commercialization in the state. The recently-enacted legislation increases the base tax credit available through this program from 10 percent to 20 percent, with an additional 5 percent credit available for investments in businesses located in qualified opportunity zones or low-income communities or that are certified minority- or women-owned businesses. This second provision will be particularly important in attracting investors to the New Jersey Golden Seeds chapter and supporting women-owned startups in the state.
Throughout the process of forming the New Jersey Golden Seeds Chapter, the NJEDA will coordinate with the New York City chapter of the organization to reach out to potential members, host training sessions on a series of angel investing topics, and organize monthly office hours at sites around the state where female entrepreneurs will be able to get advice from investors. Once the chapter is established, the NJEDA will transition leadership to group members. Investors interested in getting more information about the NJ Chapter of Golden Seeds should contact GoldenSeeds@njeda.com.
“Focusing on equality and fairness as we grow New Jersey’s innovation economy is both good policy and the right thing to do,” said NJEDA Chief Executive Officer Tim Sullivan. “Establishing a New Jersey chapter of Golden Seeds will send a powerful message to entrepreneurs and investors that we are committed to cultivating a thriving innovation economy that embraces and celebrates diversity.”
Angel investors interested in joining New Jersey’s Golden Seeds chapter are encouraged to reach out via goldenseeds@njeda.com.
To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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Support through NJEDA's Small Business Lease Assistance Program enabled small business owner Prestina Ray to open Haleemah Islamic Fashions in downtown Trenton.
TRENTON, N.J. (July 15, 2019) – Representatives from the New Jersey Economic Development Authority (NJEDA) and the City of Trenton visited Haleemah Islamic Fashions in Trenton on Friday to raise awareness of funding available through the NJEDA’s Small Business Lease Assistance Program. Haleemah Islamic Fashions was approved to participate in the program, which reimburses small businesses a portion of annual lease payments for new or additional space leased in targeted cities around the state, including Trenton.
Haleemah Islamic Fashions owner Prestina Ray started selling Islamic garb at the Trenton Farmers Market in 2010. In 2016, she leased a storefront in Trenton and has moved twice within the city to accommodate her business’s continued growth. Last month, Ray opened the doors of her business at 102 East State Street, where she continues to cater to the Islamic community in Trenton and the surrounding areas. The business is expected to receive $4,500 in rent support over a two-year period through the Small Business Lease Assistance Program.
“As a resident of Trenton, I’ve always wanted to do something positive for the residents of my city and sharing my passion for Islamic clothing with the men, women, and children who live here is a dream come true,” Ray said. “I’m extremely grateful to the NJEDA and the Small Business Lease Assistance Program for this incredible opportunity, which will enable me to use the money I am saving on rent to hire employees.”
Haleemah Islamic Fashions expects to create seven part- and full-time jobs for local residents.
The Small Business Lease Assistance Program supports small businesses in designated commercial corridors within 13 municipalities throughout New Jersey: Atlantic City, Bridgeton, Camden, Jersey City, Millville, Mt. Holly, Passaic, Paterson, Phillipsburg, Plainfield, Salem, Trenton, and Vineland.
“Haleemah Islamic Fashions is a great example of how the NJEDA is investing in local small businesses owners to revitalize downtowns,” said NJEDA Director of Small Business Services Christina Fuentes. “Since taking office last year, Governor Phil Murphy has emphasized the importance of supporting small businesses and investing in communities, and the Small Business Lease Assistance Program is geared toward providing these businesses with the tools they need to grow within their communities.”
Today’s visit also highlights the NJEDA’s partnership with the City of Trenton, as they work together to further economic development opportunities for Trenton small business owners.
“I am proud to have a great small business like Haleemah Islamic Fashions relocate to downtown Trenton,” said Mayor Reed Gusciora. “Supporting quality small businesses is an important part of developing vibrant and walkable commercial areas within the city.”
Fuentes was joined on today’s visit by Trenton Economic Development Specialist Eric Maywar, who attended on behalf of Mayor Gusciora.
“Diverse, signature businesses like Haleemah, that offer products that you can’t find anywhere else, is what makes downtown Trenton a unique place to eat and to shop,” said Eric Maywar, Economic Development Specialist for the City of Trenton.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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NJEDA's Step-Out Labs is home to China-based Adlai Nortye's U.S. headquarters and global clinical development center.
North Brunswick, N.J. (July 12, 2019) – When China-based Adlai Nortye chose to expand into the United States last year, it selected the New Jersey Economic Development Authority’s (NJEDA’s) New Jersey Bioscience Center (NJBC) – Step-Out Labs at North Brunswick for its national headquarters and global clinical development center. The company was one of the first tenants to move to the facility shortly after it opened in June 2018.
The Step-Out Labs at North Brunswick provides a life sciences workplace environment for post-incubation and rapidly-growing biopharmaceutical companies, including businesses graduating out of the NJBC – Incubator at North Brunswick. The facility is within the 50-acre NJBC research park, which includes almost 300,000 square feet of lab and office space, with over $70 million invested in facilities and improvements. NJBC is located in the heart of the State's "Bioscience Cluster" between Rutgers and Princeton Universities and includes several "build-to-suit” sites. The research park was recently rebranded to more accurately reflect the campus’s life sciences focus and the spectrum of companies located there.
Adlai Nortye is dedicated to discovering, developing, and commercializing novel oncology drugs for the global markets. The company is about to initiate a global Phase 3 clinical trial of its lead product, AN2025 (Buparlisib), an oral PI3K inhibitor designed for use in patients with cancer of the head and neck. The drug has received fast-track designation from the United States Food and Drug Administration (FDA).
Since opening its doors last August, Adlai Nortye has grown its New Jersey presence from one employee to 18 workers.
Lars Birgerson, President and Chief Executive Officer of Adlai Nortye USA, said that the biopharmaceutical company’s decision to run its US operations out of New Jersey was based on a combination of factors: access to more than a dozen of the world’s 20 largest pharmaceutical companies, the Garden State’s talented workforce, and the State’s focus on fostering its biotechnology industry.
“We’ve been fortunate to experience exponential growth and attribute it, in large part, to New Jersey’s pharmaceutical infrastructure and its culture of innovation, which stems from Governor Murphy’s commitment to supporting early-stage companies like ours,” said Birgerson. “Additionally, the state-of-the-art equipment at the Step-Out Labs, combined with the proximity to top universities such as Rutgers and Princeton, puts us at a great advantage as we seek to advance our products.”
New Jersey is home to 13 of the 20 largest pharmaceutical companies and over 3,200 life sciences establishments. It also boasts the highest concentration of scientists in the country and engineers per square mile – 225,000. New Jersey’s academic institutions turn out more than 27,000 life sciences graduates annually and the life sciences sector accounts for more than 200,000 direct and indirect jobs in the Garden State.
“New Jersey has a long history as home to pharma, with so much to offer international pharmaceutical companies expanding into the United States,” said NJEDA Chief Executive Officer Tim Sullivan said. “Businesses like Adlai Nortye are benefitting from the many advantages New Jersey has to offer including our state’s prime location, first-rate amenities, and impressive talent pool – all of which provide a solid foundation for the continued growth of this critical sector, which is key to Governor Phil Murphy’s vision to reclaim New Jersey’s role as a leader in innovation.”
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for life sciences companies, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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