NORTH BRUNSWICK, N.J. (December 11, 2017) – The New Jersey Economic Development Authority (EDA) last week hosted the inaugural meeting of the New Jersey Biotechnology Task Force at its Commercialization Center for Innovative Technologies (CCIT) on the Technology Centre of New Jersey campus in North Brunswick.  In recognition of the vital role the biotechnology industry serves in support of the State’s economy, the Task Force was established pursuant to P.L. 2016, Joint Resolution No. 5, to develop policy recommendations to retain and attract new biotechnology companies to New Jersey.
 
The Task Force is comprised of six legislative members, including Senator Linda Greenstein (Legislative District 14), Senator Robert Gordon (Legislative District 38), Senator Robert Singer (Legislative District 30), Assemblyman Andrew Zwicker (Legislative District 16), Assemblyman Jack Ciattarelli (Legislative District 16), and Assemblyman Gary Schaer (Legislative District 36); two public members appointed by the Governor, including Debbie Hart, President and CEO of BioNJ, and Daniel O'Connor, Chief Executive Officer of OncoSec Medical Incorporated; and, Timothy Lizura, President and Chief Executive Officer of the EDA, serving in an ex-officio capacity.  At the meeting, the Task Force voted to elect Debbie Hart as Chair and Assemblyman Zwicker as Vice Chair.  The EDA will serve as staff to the Task Force. 
 
“I can think of no greater place to host the first meeting of this Task Force than CCIT, a hub of collaboration and innovation that perfectly illustrates the opportunity the biotechnology industry presents as we seek to grow New Jersey’s economy and create 21^st century jobs,” Lizura said.  “With the expertise of Debbie Hart and BioNJ, the industry and entrepreneurial insight of Daniel O’Connor, and the committed members of the Legislature who are focused on keeping New Jersey at the forefront of this evolving industry, we look forward to lively discussions and testimony, and ultimately, a plan of action to spur continued growth.”
 
The meeting included a presentation from Dr. James W. Hughes of the Edward J. Bloustein School of Planning & Public Policy focused on the State’s economy; remarks from BioNJ Vice President of Government Affairs Rebecca Perkins on challenges and opportunities related to New Jersey’s biotechnology industry; and a presentation from EDA Vice President of Technology and Life Science Investment Kathleen Coviello on the EDA’s current portfolio of initiatives designed to grow the innovation economy. 
 
At the meeting, Debbie Hart noted that the genesis of the Biotechnology Task Force stems from the successful role that the Joint Legislative Task Force on Biotechnology and the Biotechnology Development Task Force played in the early 1990s, fostering increased communication between state government and industry, and recommending initiatives that served to greatly bolster the biotechnology sector. 
 
“Our intent is that the new Task Force will capitalize and build on New Jersey’s strengths and result in more startups, increased venture capital investment and New Jersey’s bolstered leadership as an innovative biotechnology hub,” Hart said.
 
The Task Force expects to hold additional meetings at CCIT to hear testimony from academic and industry representatives, with the goal of submitting a report of recommendations to the Governor and Legislature by the first quarter of 2018.
 
To learn about the resources available to New Jersey’s emerging technology and life sciences companies through the EDA, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

  

New Jersey Research Asset Database Set to Launch Early Next Year

North Brunswick, N.J. – The State today hosted the inaugural meeting of the New Jersey Research Asset Database (RAD) Board of Advisors, formally announcing it has selected Elsevier to create an online portal that will facilitate access to research expertise and other assets at the State’s higher education institutions.  The RAD, which is currently under development and is expected to launch early next year, will serve to increase innovation exchange, establish greater collaboration between academia and industry, aid universities in managing research enterprise, and help to market New Jersey as a center of innovation.
 
The genesis of the RAD initiative stems from a 2010 report issued by the New Jersey Policy and Research Organization, which included key recommendations to advance collaborative opportunities between academia and industry.  The Legislature and Governor subsequently authorized $1.5 million in the Fiscal Year 2017 state budget to support development of the RAD. In July 2017, Elsevier, a global information and analytics company, was selected to create the database following a competitive Request for Proposal process led by the New Jersey Office of the Secretary of Higher Education (OSHE) and the New Jersey Economic Development Authority (EDA). 
 
“As Chair of the Council on Innovation, which has been focused on aligning businesses and academic institutions to grow New Jersey’s economy, I am thrilled to announce the creation of the New Jersey Research Asset Database – a comprehensive online portal that will serve to strengthen the ability of our institutions to compete on a national and global scale,” said Secretary of Higher Education Rochelle Hendricks.  “The RAD will serve as a gateway to innovation, allowing us to better market commercial ideas and products and attract more federal funds to ensure groundbreaking research can continue at our world-class institutions.” 
 
The RAD Board of Advisors convened for the first time today at the EDA’s Commercialization Center for Innovative Technologies (CCIT) on the Technology Centre of New Jersey campus in North Brunswick. The Advisory Board is charged with providing oversight and recommendations to ensure successful implementation of the RAD and the advancement of a sustainable business model.  Advisory Board members include representatives from the five research universities selected to participate in the initial pilot version of the database – Princeton University, Rutgers, The State University of New Jersey, the New Jersey Institute of Technology, Rowan University, and Stevens Institute of Technology; and, industry representatives from the New Jersey Business & Industry Association, Choose New Jersey, BioNJ, the Healthcare Institute of New Jersey, the Research and Development Council of New Jersey, and the New Jersey Tech Council.  OSHE and EDA will serve as staff to the Board.  
 
“The RAD will allow New Jersey’s diverse and thriving industry sectors to better meet their strategic and research needs by providing a direct pathway to the research, experts, and facilities at the State’s renowned academic institutions, which will stimulate technology-led economic development,” said EDA Chief Executive Officer Melissa Orsen.  “Elsevier has demonstrable success and expertise in advancing similar information systems and we are confident that the New Jersey Research Asset Database will set a new standard for innovation exchange.”
 
Combining state-of-the-art technology and a vast repository of research data, Pure has been building information systems for academic institutions for almost two decades.  Utilizing Elsevier’s Pure software platform and through the integration of existing databases at the university level, the RAD will showcase New Jersey’s leading research experts and facilities, enhancing the visibility of research output and increasing opportunities for collaboration. Businesses will be able to easily gain access to relevant areas of expertise, facilitating the transfer of technology to the marketplace.  The publicly available, online portal will showcase 5,000 researchers from the five participating universities and allow users to access information related to literature reviews; grant applications; intellectual property; physical university assets, including lab space and equipment; funding sources; and, job, internship and professional development opportunities.
 
“We are very pleased to be supporting research and innovation in the State of New Jersey,” said JC Heyneke, Senior Vice President for Elsevier’s Pure. “By leveraging Elsevier’s data in Scopus, and technology in our Pure solution, we will help New Jersey researchers, universities and State offices showcase the incredible depth and breadth of research assets in New Jersey.”
 
About Pure
Pure is part of Elsevier's Research Intelligence portfolio, an offering of solutions that supports the three primary pillars of strategic research management workflow: enable research, conduct research, and share research. Other solutions include: Scopus, SciVal and Analytical Services. 
 
About Elsevier
Elsevier is a global information analytics business that helps institutions and professionals progress science, advance healthcare and improve performance for the benefit of humanity. Elsevier provides digital solutions and tools in the areas of strategic research management, R&D performance, clinical decision support, and professional education; including ScienceDirect, Scopus, SciVal, ClinicalKey and Sherpath. Elsevier publishes over 2,500 digitized journals, including The Lancet and Cell, more than 35,000 e-book titles and many iconic reference works, including Gray’s Anatomy. Elsevier is part of RELX Group, a global provider of information and analytics for professionals and business customers across industries. www.elsevier.com
 
 
 
Media Contacts:
Alan Guenther, Office of the Secretary of Higher Education
alan.guenther@oshe.nj.gov
(609) 984-2804
 
Erin Gold, New Jersey Economic Development Authority
egold@njeda.com
(609) 858-6718
 
Sacha Boucherie, Elsevier
s.boucherie@elsevier.com
+31 20 4853564

Funding Provided to Promising Technology Startup
 

  

TRENTON, N.J. (December 1, 2017) – The New Jersey Economic Development Authority (EDA) joined Federal Reserve Bank of New York President William Dudley on Wednesday to tour Port Newark Container Terminal (PNCT), which is undertaking one of the largest infrastructure projects in the State with support from the EDA.  President Dudley routinely meets with local community and business leaders to gain a deeper understanding of regional economic conditions and inform the policy making process.
 
Located in Port Newark, PNCT occupies 267 acres and handles 750,000 containers annually. PNCT is in the midst of a $500 million expansion to increase its container-handling capacity from a current annual lift total of 700,000 to a 1.2 million annual lift total by 2019. The facility is capable of handling ultra-large container vessels and significantly improving road and rail capabilities.  PNCT already has doubled its on-dock rail capacity and purchased three new super-post-Panamax ship-to-shore cranes in anticipation of the ultra-large container vessels, which the new Bayonne Bridge now is able to accommodate. 
 
“Building on recent infrastructure investments in the State, including the raising of the Bayonne Bridge and the Turnpike expansion, PNCT is in a position to aggressively invest in and expand its operations, creating high-paying jobs and demand for industrial real estate throughout New Jersey,” said EDA President and Chief Operating Officer Tim Lizura. “It was great to tour PNCT’s operations and we are thrilled that this impressive company calls New Jersey home.”
 
EDA recently approved $155 million in tax-exempt and taxable bonds to support PNCT’s large-scale expansion project, which is expected to result in over 290 new permanent jobs and 410 construction jobs. EDA also approved $145 million in refunding bonds, which were initially issued in 2003 to allow PNCT to redevelop the terminal. Through a federally authorized program, the EDA issues conduit tax-exempt private activity bonds, the proceeds of which are used to provide financing to support qualified projects, including manufacturers, not-for-profit organizations and exempt public facilities.  PNCT has secured a long-term extension of its lease agreement with the Port Authority of New York/New Jersey, with options through 2050.
 
PNCT’s expansion plans include the development of 74 additional acres, a new gate facility, additional berth deepening and upgraded container handling equipment including additional super-post-Panamax ship-to-shore cranes.
 
“Our expansion will double the container capacity capable of moving through the terminal, creating significant economic growth within the region,” said Jim Pelliccio, PNCT President and Chief Executive Officer. “We remain committed to growing and investing in Port Newark, and we were pleased to showcase our facility to the EDA and Federal Reserve Bank of New York.”
 
The Federal Reserve Bank of New York oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. It is the largest Reserve Bank in terms of assets and volume of activity. Regional visits facilitate direct engagement with various stakeholders and allow President Dudley to better identify ways for the Federal Reserve Bank to support the Second District.
 
In addition to touring PNCT, EDA also joined President Dudley on a visit to Kearny Point, Hugo Neu’s redevelopment of the historic 130-acre ship-making and dismantling facility in Kearny. In one of the most economically-significant adaptive reuse initiatives in the region, Hugo Neu is reinventing the site as a modern workplace home to a diverse community of pioneering businesses. Building 78, the first building to be redeveloped under its ambitious multiphase redevelopment plan – and now more than 95-percent leased – features creative flex office spaces, co-working, a rooftop event space, and a nouveau American bar and grill. Notably, more than 70-percent of the businesses located in Building 78 are minority- or women-owned.
 
In total, Kearny Point will reactivate more than three million square feet of industrial space and create more than 5,000 jobs. Through its next phase, Hugo Neu will redevelop the former craneway, Building 100, into a technologically-advanced creative office environment geared toward larger companies. Building 100 will be complemented by over 25 acres of new open and civic space, including restored native habitat, a public waterfront promenade, and a living shoreline. 
 
To learn more about bond financing and other EDA resources, visit www.njeda.gov or call 609-858-6767, and follow @NJEDAWasHere on Twitter and LinkedIn.

Manufacturer and Distributor of Better-for-You Snacks Creates Jobs at New Piscataway Headquarters

TRENTON, N.J. (November 30, 2017) –  Family-owned Snack Innovations, a manufacturer, distributor, and wholesaler of healthy snack foods, has relocated to a new home in Middlesex County, supported by financing received from the New Jersey Economic Development Authority (EDA) and Provident Bank.  Through the EDA’s Premier Lender Program, the company received a Provident Bank loan with a 35 percent EDA participation to acquire a new facility in Piscataway that better meets its operational needs, after it had outgrown the antiquated three-story building it had occupied in Brooklyn since the company was founded in 2009.

Snack Innovations manufactures chips, popcorn, Smart Fries, and Drizzilicious™ whole grain snacks for clients throughout the country, including national retailers, club stores, and convenience stores.   The company’s new, 35,000-square-foot facility in Piscataway preserves the logistical advantages of a New York metropolitan area location while providing the company with operational efficiencies and access to major highways. Since its move, Snack Innovations has grown from 30 to 75 employees.

According to Snack Innovations’ leadership, locating in Piscataway helps to position the company for continued growth and affords the flexibility to configure and expand to suit its unique operational needs.  The company cites the support it has received from the partnership between Provident Bank and the EDA as a key factor in its ability to continue to grow and create innovative, healthy products that shoppers can feel good about feeding their families.

Through the Premier Lender Program, EDA partners with banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and EDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.  Provident Bank is one of EDA’s approximately two dozen Premier Lender partners.

EDA President and Chief Operating Officer Tim Lizura visited Snack Innovations today to raise awareness of the Premier Lender Program and the range of other low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. Lizura was joined by Provident Bank executives John Falco, Senior Vice President, and Tejinder Gill, Vice President, Business Banking.

“Companies in many industries are recognizing all that New Jersey has to offer in terms of its location and skilled workforce,” said Lizura.  “We welcome the addition of Snack Innovations to the State’s already thriving food and agricultural sector, and are excited to have helped the company advance to an exciting new phase.”

To learn more about EDA resources for small businesses, visit www.njeda.gov/lookherefirst  and follow @NJEDAWasHere on Twitter and LinkedIn.

ABOUT SNACK INNOVATIONS

Snack Innovations Inc is a family operated business specializing in the production of innovative snack foods, which are Better-For-You. The company manufactures and distributes its own line of branded snack products to the retail trade; and specializes in Private Label manufacturing providing a wide range of custom Co-Packing services and Contract Manufacturing for the industry. Snack Innovations is an all-natural healthier gourmet snack food producer. The distinctively delicious and pioneering snack products it creates are testimony to their snack obsession and dedication to producing snacks using only the finest ingredients. Snack Innovations is committed to providing a healthy alternative to traditional snacks while maintaining taste rich in flavor. Snack Innovations employs a sophisticated R&D team; their food scientists are incessantly developing Better-For-You snacks to meet the demands of today's ever-growing health conscious generation. For more information about Snack Innovations, visit www.snackinnovations.com.