Star Supplies Maintenance wholesales building management and cleaning supplies, such as the ones pictured above, from its newly-purchased warehouse in Passaic.

Wholesaler Expects to Nearly Double Workforce within Two Years

TRENTON, N.J. (January 18, 2019) – Cleaning and building management supplies wholesaler Star Supplies Maintenance (Star Supplies) recently expanded its footprint into New Jersey and plans to move the bulk of its operations from Brooklyn to a recently-purchased warehouse in Passaic. Company owner Jack Stern and his wife Susan Stern say they are eager to begin hiring New Jersey workers to fill jobs within the facility.

Family-owned-and-operated Star Supplies used funding from a $281,000 direct loan from the New Jersey Economic Development Authority (NJEDA) to support the purchase of the nearly 11,000-square-foot facility.
The Passaic facility, a permanent home for Star Supplies, provides more than double the space the company had been leasing in Brooklyn. The move has already enabled Star Supplies to create 10 new jobs, and the company plans to create eight more within two years. The purchase was also supported by a $1.1 million commercial mortgage loan from Columbia Bank.

Star Supplies wholesales a variety of cleaning products, such as mops, brooms, and soaps, as well as items needed for renovations, including paints, doors, gardening tools, and an array of tiles.

“We’ve always had a customer-first approach to our business, and we strive for 100 percent satisfaction,” Jack Stern said. “Thanks to support from the NJEDA and Columbia Bank, we are now able to reach a whole new market. We are also excited to be contributing to the local community by hiring area residents to fill jobs in our warehouse.”

Low-interest direct loans from the NJEDA can provide eligible businesses with up to $2 million for fixed assets and up to $750,000 for working capital. In addition, through the Premier Lender Program, the NJEDA partners with banks to offer low-interest financing through loans, loan participations and guarantees, and line of credit guarantees.

“One of the many benefits that customers experience when they come to the NJEDA is that we work closely with dozens of banks to develop a customized solution tailored to meet each business’s unique financing needs,” said Lori Matheus, NJEDA Senior Vice President, Finance & Development.

In line with Governor Murphy’s vision for a stronger and fairer New Jersey, the NJEDA has recently enhanced its focus on increasing access to growth capital for historically underrepresented businesses. In November, the NJEDA created a new small business unit that is charged with providing robust financial, workforce, and technical support to the State’s small business community, with a focus on historically underrepresented firms, including women, minority, veteran, disability, and LGBTQ-owned enterprises. That same month, the NJEDA unveiled Access, which offers small businesses more flexible access to capital by placing greater emphasis on cash-flow with less reliance on hard collateral.

@NewJerseyEDA asked Jack Stern about his company’s experience so far in New Jersey and its plans for the future:

Why did you choose to grow in New Jersey?
We see a lot of potential for growth by expanding into New Jersey, including reaching a whole new customer base. While the new location creates an opportunity for growth, its proximity to our existing location in Brooklyn will enable us to maintain our previously-established client base. 

What do you consider Star Supplies’ biggest success to date?
The purchase of this new, larger warehouse is a major milestone for us, and one that positions us to more effectively meet our customers’ needs.

What’s on the horizon for Star Supplies?
We look forward to reaching higher levels in the business industry, attracting new customers and offering new inventory to customers.

To learn more about EDA resources for small businesses, call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/small_midsize_business and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Dr. Marco Taglietti relocated SCYNEXIS to New Jersey to leverage the state's many resources, including its highly-talented workforce.

TRENTON, N.J. (January 16, 2019) – When Dr. Marco Taglietti became Chief Executive Officer of SCYNEXIS, Inc. (NASDAQ: SCYX) in April 2015, he knew that he wanted to move the publicly-traded biopharmaceutical company from North Carolina to a hub of biotechnology activity along the Northeast Corridor. He selected Jersey City because of the Garden State’s connectivity, deep talent pool, and collaborative ecosystem.

SCYNEXIS recently realized another benefit of relocating to the state: New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss, or NOL, Program. Earlier this month, the company announced it had received $6.7 million through the NOL Program. It plans to use the funding to bring its novel antifungal agent to market.

Jointly administered by the New Jersey Economic Development Authority (NJEDA) and the State’s Department of Treasury’s Division of Taxation, the NOL Program enables eligible technology and life-sciences companies to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. SCYNEXIS was one of 14 companies to participate in the NOL Program for the first time in 2018 and was among a total of 48 companies that were approved to share $60 million through the program last year.

Since moving to Jersey City from North Carolina, SCYNEXIS has more than quadrupled its staff – from six to 25. Leveraging New Jersey’s highly-skilled workforce and other resources such as NOL funding, SCYNEXIS is nearing its goal of commercializing Ibrexafungerp, an oral therapy designed to treat patients with difficult-to-treat and often life-threatening hospital-based invasive fungal infections, and women with vaginal yeast infections. Buoyed by a fast-track designation by the U.S. Food and Drug Administration and successful Phase 2 clinical trials of Ibrexafungerp, SCYNEXIS is ramping up Phase 3 trials and plans to file its first New Drug Application in the second half of 2020.

“Our objective in relocating to New Jersey was to be right in the middle of the action, where we could easily connect with, and recruit, top researchers and scientists and also provide an excellent location for our employees to raise their families,” Dr. Taglietti said. “To us, moving here was an easy decision and one that has already proven beneficial. In addition, the funding we received through the NOL Program will go a long way to helping us develop these life-saving and life-enhancing medications.”

Dr. Taglietti’s familiarity with New Jersey’s innovation ecosystem goes back more than two decades. He immigrated to the United States from Italy in 1992 and spent a dozen years as Vice President of Clinical Development for Schering-Plough in Kenilworth before becoming Senior Vice President of Research & Development for Stiefel Laboratories from 2004 to 2007. He then served as Executive Vice President of Research and Development and Chief Medical Officer of Forest Laboratories, Inc. and as President of the Forest Research Institute until its acquisition by Actavis in 2014. This experience showed Dr. Taglietti the potential of the Garden State’s innovation ecosystem. He currently serves on BioNJ’s Board of Directors.

“New Jersey’s life sciences community has a long history of disrupting the marketplace and bringing cutting-edge therapies to patients throughout the world,” said Brian Sabina, NJEDA Senior Vice President – Office of Economic Transformation. “Entrepreneurs like Dr. Taglietti, who see the value in bringing their companies here and investing in New Jersey’s highly-talented workforce, are key to Governor Phil Murphy’s vision for reclaiming the Garden State’s role as a leader in innovation. We encourage any company considering locating or expanding in New Jersey to explore the many resources offered by the state to help them grow.”

@NewJerseyEDA spoke with Dr. Taglietti about his company’s experience in New Jersey:

What would you say is the single greatest benefit you have found in bringing your company here?
Connections, connections, connections! Connection to a large and diverse workforce, connection to Manhattan’s vibrant financial community, and connection to the world through a transportation network that includes three airports, train stations, and a subway system.  

What do you consider SCYNEXIS’s biggest success to date?
We’re proud of our continued growth. We’ve hired approximately 20 people in just over three years and are still hiring and growing!

What’s on the horizon for your company?
2020 will be a transformative year for SCYNEXIS. We anticipate top-line Phase 3 data in the first half of 2020 for our lead indication – vulvovaginal candidiasis – and a potential first NDA filing in the second half of 2020 that may allow us to become a full-fledged, commercial company by 2021!

To learn more about EDA resources for technology and life sciences businesses, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Miles Technologies is dedicated to creating a culture of creativity among its employees. Evidence of this can be seen throughout the company's newly-purchased and renovated headquarters in Burlington County.

New Lumberton Facility Supports IT Service Provider’s Growing Employee Base

TRENTON, N.J. (January 10, 2019) – When Burlington County native Chris Miles launched technology-based business solutions provider Miles Technologies from his Shamong basement in 1997, he did so with the goal of helping people accomplish more. Today, Miles is still at the helm of his company and remains more committed than ever to providing top-notch information technology (IT) services for customers, while at the same time creating job opportunities and educational programs for people interested in a technology career.

One year after closing on a TD Bank loan through the New Jersey Economic Development Authority’s (NJEDA’s) Premier Lender Program to purchase a 160,000-square-foot facility in Lumberton, Miles Technologies is thriving at its new headquarters. The company had outgrown its previous location and decided to make the move to accommodate its rapid growth to more than 200 headquarters employees. A $5.5 million TD Bank commercial mortgage loan with a $1.5 million NJEDA participation supported the purchase of the office/warehouse property the company now calls home.  

Miles Technologies’ Lumberton facility embodies its founder/chief executive officer’s philosophy of having fun and cultivating creativity at work by offering pickleball and basketball courts, ping pong tables, and a fully-stocked break room that seats over 100 people. Employees built their own desks with large, colorful building blocks.

“We’ve been fortunate to experience continued growth over the past two decades, including expanding our presence into 11 additional states and Washington, DC, as well as Europe and Asia,” Miles said. “We have seen the value of New Jersey’s ideal location and talented labor pool over the past two decades and are grateful to TD Bank and the NJEDA for helping to position us to continue to grow here in Burlington County.”

After completing significant renovations, Miles Technologies formally moved into the property in July and spent the latter half of 2018 providing information technology, digital marketing, software, and web design services to its clients from its new location. Miles Technologies’ customers represent a wide range of sectors, including the construction and contracting, manufacturing, healthcare and medical, education, entertainment, and hospitality industries.

Miles Technologies, which currently employs more than 250 people worldwide, has always been committed to creating opportunities for the next generation of innovators. The company provides training not only to current staff, but also to individuals who apply but might not have the skills necessary to qualify for a job at Miles Technologies. Approximately 50 people per quarter go through the business’s training program and, upon completion, receive certificates that can help them land jobs within the industry. Miles Technologies also offers internships to 10 local college students per year.

“Technology businesses like Miles Technologies, which not only provide services to their customers but also create attractive employment and career development opportunities for local residents, are core to Governor Phil Murphy’s vision for making New Jersey the State of Innovation,” said Brian Sabina, NJEDA Senior Vice President – Office of Economic Transformation. “We encourage other companies in all industries looking to set down roots or expand in the Garden State to check out the many resources the NJEDA offers to help businesses grow.”

Through the Premier Lender Program, the NJEDA can guarantee or participate in a portion of a Premier Lender’s commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital. EDA’s involvement in the transaction provides access to lower cost financing for businesses and offers lenders greater flexibility by reducing their overall exposure.

The Premier Lender Program offers loans with up to a $2 million EDA participation or $1.5 million guarantee for fixed assets or term working capital, and up to $750,000 participation or line of credit guarantee. The list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender.

@NewJerseyEDA spoke with Miles about his company’s experience in New Jersey:

Why did you choose to grow Miles Technologies in New Jersey?
I was born here, so I know first-hand the many benefits that New Jersey offers small business owners like me. Being located along the northeast corridor allows us to easily reach our customers from Washington DC through Boston. And we are able to benefit from the state’s first-rate pool of talented workers.

What is your biggest success to date?
Definitely the fact that our staff loves to work at our company, and I do too! We have created a culture where people genuinely enjoy working here. We have found that if our staff loves what they do, they will actively want to get better at their jobs. That, in turn, will benefit the customers.

What’s on the horizon for Miles Technologies?
The nature of our industry is ever-evolving, meaning that we must be adaptable. Our staff really drives the direction of our company by always thinking about how we can best help our clients. Change is built into our culture because we listen and adjust our offerings to best suit clients’ needs.

To learn more about EDA resources for small businesses, call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/small_midsize_business and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Michael Tardugno cites New Jersey's talented biopharmaceutical workforce as the main reason he relocated Celsion Corporation from Maryland to New Jersey.

TRENTON, N.J. (January 3, 2019) – Celsion Corporation (NASDAQ: CLSN) Chairman, Chief Executive Officer and President Michael H. Tardugno relocated his biopharmaceutical company to Lawrenceville from Maryland in 2011 with one main goal in mind: developing and commercializing life-saving chemotherapies and immunotherapies by recruiting top talent from within New Jersey’s vast pool of pharmaceutical experts.  

Now Celsion has an added weapon in its fight against cancer. The company recently announced it had been approved to receive $10.6 million through the State’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss, or NOL, Program.

Jointly administered by the New Jersey Economic Development Authority (NJEDA) and the State’s Department of Treasury’s Division of Taxation, the NOL Program enables eligible technology and life-sciences companies to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. Celsion was one of 14 companies to participate in the NOL Program for the first time in 2018 and was among a total of 48 companies that were approved to share $60 million through the program last year.

Celsion is developing products that could combat liver and ovarian cancer. ThermoDox®, Celsion’s lead product candidate, is in Phase III clinical trials for use in liver cancer patients who have not previously undergone treatment. The therapy, which is delivered by intravenous infusion, is used in combination with heat-based treatments to target the cancerous cells. Additionally, Celsion’s immunotherapy drug, GEN-1, is in Phase I/II clinical trials for newly-diagnosed patients with ovarian cancer.

“New Jersey is the cradle of civilization for the pharmaceutical industry,” Tardugno said. “Locating here gives us the best opportunity to recruit top talent, the goal of which is to complete our global development programs and to commercialize our products. Both liver and ovarian cancer take far too many lives each year, making the work we are doing essential to the global marketplace.”

Tardugno, who previously served as Senior Vice President of Technical Operations Worldwide for a division of Bristol-Myers Squibb, knows the many benefits of bringing his company to the Garden State. The move puts Celsion closer to 13 of the world’s 20 largest biopharmaceutical companies that have a presence in New Jersey. The state is also home to 12 of the top 22 R&D companies. In addition, New Jersey boasts numerous world-renowned research institutions, over 400 biotechnology companies, and the highest concentration of scientists and engineers per square mile than any other state.

“Reclaiming New Jersey’s role as a leader in innovation starts with ensuring that companies like Celsion have the resources they need to do industry-leading work,” said Brian Sabina, NJEDA Senior Vice President – Office of Economic Transformation. “Through programs like NOL, we are investing not only in these emerging companies but also in New Jersey’s economic future.”

@NewJerseyEDA spoke with Tardugno about his company's experience in New Jersey:

How did Celsion benefit from funding it received through the NOL Program?
Raising capital to support clinical research through the sale of equity is always challenging for a biotechnology company, and particularly now given the recent volatility that we have seen in the capital markets. New Jersey’s NOL Program affords Celsion access to a unique, non-dilutive alternative financing structure that not only assures continuity of our research, it also reinforces the stability of our workforce and shareholder base. We could not be more pleased with the commitment that New Jersey has made to our company.

What do you consider Celsion’s biggest success to date?
Celsion has completed enrollment of the OPTIMA Study, a 550-patient global Phase III pivotal trial of ThermoDox to treat patients with primary liver cancer, the largest unmet medical need remaining in oncology. Our small company, based right here in central New Jersey, is conducting this study in 14 companies, across 17 time zones, in nine languages. A challenging study by any standard or measure, it is made more achievable by our location, giving us immediate access to world-class contract research organizations and experienced talent, as well as easy access to the Wall St. investment community. We are deeply proud of this accomplishment since it represents an opportunity to bring a potential curative treatment to patients with a life-limiting cancer to virtually every corner of the planet. 

What’s on the horizon for your company?
We have two platform technologies at clinical stage. ThermoDox, based on our chemotherapy platform, has the potential to revolutionize the care of patients with early stage solid tumor cancers. Our second platform employs DNA segments and carries Celsion into the future of medicine. GEN-1, our gene mediated immunotherapy, brings the entire apparatus of the body’s immune defenses to bear on aggressive and deadly malignancies like ovarian cancer. Studies to date are very encouraging. If either or both of these product candidates are successful, we expect a blockbuster outcome and Celsion will enter the commercial phase of its lifecycle, fulfilling our ambition to become a fully-integrated biopharmaceutical company.

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 technology and life sciences businesses, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Executive Cuts Owner Debra Hoy plans to make renovations that will enhance her 600-square-foot salon and greater community with support from the NJEDA's BII Program.
 

TRENTON, N.J. (December 26, 2018) – Solo entrepreneur Debra Hoy opened her hair salon, Executive Cuts, in downtown Trenton in 1998. Twenty years and one expansion to her current location later, Executive Cuts is flourishing on Lafayette Street and is attracting customers from city neighborhoods and surrounding towns.

Now, with support through the New Jersey Economic Development Authority’s (NJEDA's) Business Improvement Incentive (BII) Program, Hoy is poised to make renovations that will enhance the 600-square-foot salon and greater community. These updates include replacing the flooring, painting, light fixtures, and counters, as well as making repairs to the sidewalks in front of the facility.

Together with the Business Lease Incentive (BLI) Program, the BII Program is designed to support the growth of first-floor retail and services businesses operating in eligible commercial areas of Passaic, Paterson, Atlantic City, Camden, and Trenton.

Administered by the NJEDA in collaboration with these local communities, the BII Program offers grants of up to 50 percent of total project costs for small businesses that are planning to make improvements to their property. The grant amount cannot exceed $20,000, with a minimum project cost of $5,000. The program is available to first-floor businesses in targeted commercial corridors.

As a small business owner and a resident of Trenton, Hoy has a vested interest in the Capital City’s renaissance.

“I love being part of the downtown Trenton community and am very excited that the upgrades we’re making will contribute to the overall beautification of the area,” Hoy said. “Support from the BII Program will enable me to preserve precious capital, which I will be able to use for other things, such as hiring a new stylist and assistant.”

Hoy added that she also plans to engage the services of several local contractors for the renovations.

In addition to the BII Program, the BLI Program offers reimbursement of fifteen percent of annual lease payments for two years to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term. An applicant leasing over 5,000 square feet can be eligible, but the BLI grant will only incentivize the first 5,000 square feet.

“The economic vibrancy of New Jersey cities is dependent on the sustainability of small businesses like Executive Cuts,” NJEDA Director of Small Business Services Christina Fuentes said. “We encourage entrepreneurs to discover how the BII and BLI Programs can help them prosper and contribute to economic momentum in downtown areas.”

For general program questions and more information about eligible locations in Trenton, contact Trenton Economic Development Specialist Eric Maywar at emaywar@trentonnj.org, or NJEDA Business Development Officer Ken Hart at (609) 858-6661 or khart@njeda.com.

The EDA offers a range of resources to support small business growth, including low-interest loans and bond financing. Visit www.njeda.gov/lending and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.

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.