A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, June 14, 2017 at 1:00 pm in the EDA Board Room, 36 West State Street, Trenton, NJ.
A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461
Edison Solutions cuts the ribbon on its new digital printing press. From left: Pennsauken Economic Development Director Terry Carr, New Jersey Economic Development Authority CEO Melissa Orsen, Edison Solutions Co-Owners Susan and Joseph Ostreicher, and Pennsauken Deputy Mayor Jack Killion
Trenton, N.J. (June 8, 2017) – Since opening its doors in New Jersey in the 1980s, Edison Lithography & Printing Company has been delivering cost-effective printing services, and manufacturing temporary cardboard displays, in-store décor and signage for globally recognized companies throughout the world.
In 2015, buoyed by its success, Edison Lithography acquired Compass, a display company in Georgia, and, in 2016, formed a new entity – Edison Solutions, LLC. Following the formation of the new company, Edison Solutions’ co-owners, husband and wife Joe and Susan Ostreicher, joined by Susan’s brother George Gross, opted to open a second location.
In June 2016, the New Jersey Economic Development Authority (EDA) Board approved Edison Solutions for Grow New Jersey (Grow NJ) tax credits to encourage the company to remain in New Jersey and set up its new operation in Pennsauken rather than Kennesaw, Georgia. The approval was based on the expected creation of 95 jobs in New Jersey, in addition to the retention of 60 employees that were at risk of being relocated out of state. Grow NJ is the State’s primary program for job creation and retention under the Economic Opportunity Act (EOA).
As a complement to its award of Grow NJ tax credits, Edison Solutions also leveraged traditional EDA financing programs, which included loans, as well as tax-exempt bonds, to support its expansion.
In December, Edison Solutions closed on two direct loans from the EDA totaling $2 million that will help further the company’s expansion in Pennsauken. The company, which will also maintain its headquarters in North Bergen, used the loans to support the purchase of its new 115,500-square-foot facility in Camden County, as well as new printing equipment. Also helping with the purchase of new equipment and machinery were two tax-exempt bonds totaling up to $5.6 million issued by the EDA and directly purchased by TD Bank.
“As a family-owned-and-operated business, we have been delivering the highest-quality products for the retail industry for over 55 years,” said Susan Ostreicher, who is also Edison Solutions’ chief financial officer. “With EDA and TD Bank support, we have been able to expand strategically while continuing to offer the same level of quality that our customers have enjoyed for generations.”
Through the EDA’s direct loan program, qualifying businesses are eligible for up to $2 million for fixed assets and up to $750,000 for working capital, and tax-exempt bonds of up to $10 million are available for manufacturers looking to expand in the State.
EDA Chief Executive Officer Melissa Orsen visited Edison Solutions' Pennsauken location today to showcase the company's growth and to highlight financing oppportunitiese available to small businesses throughout the Garden State. She was joined by Pennsauken Deputy Mayork Jack Killion and Terry Carr, the township's director of economic develoment.
“Edison Solutions’ expansion is a shining example of how the EDA can tailor a combination of resources to meet the unique needs of businesses as they grow,” Orsen said. “Manufacturers, in particular, are drawn to New Jersey for its ideal location and highly-skilled labor pool, and both the Grow NJ program and traditional EDA resources offer unique benefits for businesses in this sector as they expand and create skilled jobs in the State.”
Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer.
To learn more about EDA financing options available to manufacturing companies, visit https://www.njeda.gov/manufacturing or follow @NJEDAWasHere on Twitter and LinkedIn.
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) Jersey-7.
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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, June 13, 2017 at 10 a.m. at the DRPA Offices, One Port Center, Camden, NJ. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.
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Moderator & panelists will offer entrepreneurs guidance and recommendations on launching and funding new endeavors. From left: Vincent Smeraglia, Dr. Michael Johnson, Dr. Benjamin Belinka, and Christian Kopfli.
North Brunswick, N.J. (June 6, 2017) – With the goal of helping to transform technological achievements into commercial successes, the New Jersey Economic Development Authority (EDA) will host “Launching & Funding Biotech University Start-Ups” on June 15. Panelists will describe their companies’ paths to spinning off from universities, and offer entrepreneurs guidance and recommendations on launching and funding new endeavors.
“Capitalizing on the new technologies advancing in our world-class universities is key to the continued growth of New Jersey’s innovation ecosystem,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “Through programs like the upcoming university spinoff panel, we are working to establish a greater link between industry and academia and help pave the way for successful technology transfer.”
Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the discussion will begin at 5:00 p.m. and is open to the public. The event is co-sponsored by BioNJ, the New Jersey Technology Council, and Rutgers University. Those interested in attending should register online at www.njeda.gov/academicspinoffpanel.
Panelists include Visikol® Founder & CEO Dr. Michael Johnson, Actinobac Biomed, Inc. President and CEO Dr. Dr. Benjamin Belinka, and Chromocell Corporation Co-Founder and CEO Christian Kopfli. The panel will be moderated by Vincent Smeraglia, Executive Director, Strategic Alliances at Rutgers University.
The panelists hail from companies that are either current CCIT tenants or graduates. CCIT is a 46,000-square-foot life sciences incubator that is currently home to nearly 20 businesses. With 27 wet labs and access to offices, conference rooms, a supportive staff and a variety of additional resources, CCIT is ideal for emerging companies looking to grow in the Garden State, and offers discounted space for academic spin-off companies.
CCIT is located within the Technology Centre of New Jersey, a 75-acre research park that houses such companies as Chromocell and Orthobond (another CCIT graduate), Allergan, and Merial.
Companies interested in touring CCIT or the Technology Centre should visit www.njeda.gov/CCIT or contact Lenzie Harcum at lharcum@njeda.com.
About the panelists:
Dr. Michael Johnson started working on Visikol® while he was pursuing a doctorate in applied microbiology at Rutgers University. Working with an advisory team of Dr. James Simon and Dr. Adolfina Koroch, Visikol® was conceived in the plant biology labs at Rutgers University as a safe and easy-to-use clearing agent for plant biology research. The technology has now expanded into a platform that is used for a wide-range of applications from cancer biology to understanding human fetal development. Visikol arrived at CCIT in March 2016. Johnson was recently named to Forbes Magazine’s “30 Under 30” list for science.
Rutgers University spinoff Actinobac Biomed develops therapeutics for multiple indications, including blood cancers, autoimmune/inflammatory diseases, and HIV. The company graduated CCIT in 2013. Before joining Actinobac, Dr. Benjamin Belinka was employed as Executive Vice President at Virium, Inc., Vice President of Chemistry at VectraMed, Inc., Director of Preclinical Research at Cytogen Corporation and supervisor of Process Research Laboratories at Sandoz, Inc. (now Novartis). Dr. Belinka obtained his Ph.D. in Chemistry from the State University of New York at Binghamton and a B.S. degree in Chemistry from King’s College.
Christian Kopfli has grown Chromocell from its beginnings in 2002 as a spinoff from New York’s Rockefeller University, into an innovative biotechnology company that now employees over 120 people. The company is focused on discovering new drugs to manage pain and develops and commercializes novel technologies beneficial to the average consumer – including new flavors, nutritional ingredients and therapeutics. After co-founding Chromocell, Kopfli initially served as the company’s general counsel before becoming CEO in 2005. Kopfli is a Board Member of BioNJ and was admitted to the Bar in New York and Switzerland.
About the moderator:
Vincent (Vince) Smeraglia works on behalf of Rutgers University to develop collaborative biomedical relationships with universities, foundations and corporate partners. He was previously the Executive Director of the Rutgers Office of Technology Commercialization, overseeing patenting and licensing of Rutgers-born inventions. He was also the Executive Director of the University of Medicine and Dentistry of New Jersey (UMDNJ) Office of Technology Transfer & Business Development before UMDNJ and Rutgers merged. Before joining UMDNJ/Rutgers, Smeraglia conducted biomedical research at Cytogen Corporation, developing antibody conjugates for diagnostic and therapeutic clinical uses.
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Creative Space in Garwood Offers Art Studios, Classes, and Summer Camps
From left: Maureen Tinen, President, UCEDC; Melissa Orsen, CEO, EDA; Sharon Reed, Owner, South Avenue Arts
TRENTON, N.J. (May 31, 2017) – The former Veterans of Foreign Wars (VFW) Hall in Garwood is nearly unrecognizable since its transformation into a 3,000-square-foot creative, cooperative community art space. Founded by Sharon Reed, an award-winning oil painter and daughter of an art teacher, South Avenue Arts, which opened in September 2016, includes two semi-private studios and a large shared co-working studio to rent, art classes for all ages – adults and kids, summer camp for kids, and a gallery selling local art, jewelry and gifts.
Reed, who has been drawing and painting for as long as she can remember, did not initially pursue a career in art, but instead followed a more conventional career in business. After she earned her MBA from Rutgers and launched her career, Reed realized she longed for more fulfilling pursuits. She left her job, and while studying at the New York School of Interior Design, returned to her creative endeavors and began painting professionally.
When Reed enrolled in Entrepreneurship 101, a six-week workshop for small business startups available through a partnership between the New Jersey Economic Development Authority (EDA) and UCEDC, a nonprofit economic development corporation, she was already well on her way toward realizing her dream of starting a creative art space. Armed with a vision of a community-oriented location where she could offer art lessons, studio rentals and exhibitions, but struggling with a detailed plan for operating a sustainable business, Reed attended Entrepreneurship 101 in the fall of 2015.
In less than a year, South Avenue Arts has grown to employ five instructors in addition to Reed, and has expanded its offerings to include classes in anime and manga, a Japanese style of cartooning popular with teens and children.
“The Entrepreneurship 101 workshop and ongoing coaching with my UCEDC business mentor have really helped me turn my vision into a viable business,” said Reed. “It’s very rewarding to be able to offer budding artists a collaborative, supportive environment, and to see the community so whole-heartedly embracing South Avenue Arts.”
Entrepreneurship 101 guides business owners, sometimes those with just an idea in their heads, through the early stages of the entrepreneurial process, with the goal of providing the tools needed to give a business idea the best possible chance of survival.
“Almost everyone has had the idea of starting their own business at some point,” said UCEDC President Maureen Tinen. “What separates the successful ideas from the ones that fail is the due diligence performed in the early stages to realistically determine if the business can succeed.”
The EDA has a strategic partnership with UCEDC to increase the array of training and technical assistance services available to entrepreneurs and small businesses in the State.
Accompanied by Tinen, EDA Chief Executive Officer Melissa Orsen visited South Avenue Arts today, to raise awareness of resources available to small businesses throughout the state. The EDA offers a range of lending programs to provide access to low-cost financing for small and mid-sized businesses in New Jersey, and through its partnership with UCEDC, supports entrepreneurial development by providing access to training and mentoring programs.
“It’s exciting to see firsthand how the EDA’s partnership with UCEDC is providing valuable, practical training that’s helping talented entrepreneurs become savvy business owners,” said Orsen. “New businesses mean new jobs, as well as interesting enterprises like South Avenue Arts that foster thriving communities.”
Entrepreneurship 101 participants are guided through a real-world assessment of their business idea and market feasibility, as well as their own ability to handle the demands of business ownership. The steps to opening a business in New Jersey, choosing a legal structure, developing a business plan and establishing cost, revenue and cash flow projections are addressed in a variety of interactive exercises.
In addition to Entrepreneurship 101, UCEDC offers a wide variety of free and low-cost training workshops on financial and business literacy for business owners at all stages of maturation, and also offers a range of financing vehicles. In 2016, UCEDC trained or mentored more than 2,000 entrepreneurs, conducted 123 business training workshops, and provided $3.8 million in loans to 87 small businesses, 78 percent of which were minority- or woman owned enterprises.
Information on South Avenue Arts is available at www.southavenuearts.com, or follow @southavenuearts on Instagram and Facebook.
To learn about EDA resources for small businesses and not-for-profits, visit www.njeda.gov/lending and follow @NJEDAWasHere on Twitter and LinkedIn.
For more information on UCEDC please visit www.Ucedc.com and follow @ucedc on Twitter and Linkedin, or visit UCEDC on Facebook.
TRENTON, N.J. (May 24, 2017) – For over 30 years, small business ICF Mercantile has been operating as a distributor of fiber, yarn and fabrics for a broad range of industrial, textile and apparel challenges, including flame-retardant fiber and yarn, medical devices, and heat insulating materials for the aerospace industry.
Through the New Jersey Economic Development Authority’s (EDA’s) Premier Lender Program, a $600,000 loan from TD Bank, America’s Most Convenient Bank, which included a 50 percent EDA participation, is enabling ICF to finally shift its manufacturing operations from a foreign facility to the United States.
According to ICF Chief Executive Officer (CEO) David Ronner, the loan allowed for the acquisition of volume production equipment, enabling ICF to manufacture its products at its new, 17,660-square-foot facility in Warren. As a result of moving its manufacturing into New Jersey, ICF expects to more than double its staff of eight in the coming years.
“The funding provided by TD Bank and the EDA has been pivotal to our efforts to bring our manufacturing in-house, affording us greater control over production and creating skilled jobs here in New Jersey,” Ronner said. “Our new capabilities will enable us to be more efficient and more responsive to our clients.”
The EDA partners with Premier Lender banks to provide small businesses with low cost financing that includes EDA loan participations and/or guarantees, and line of credit guarantees. Businesses can use this financing for fixed assets or term working capital. The EDA’s ability to provide guarantees or participations for a portion of these loans helps to reduce risk for lenders, and improve a business’s chance of getting approved, or of receiving a larger amount of financing.
In partnership with its 25 Premier Lenders, EDA can provide up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, up to a $750,000 loan participation or $1.5 million loan guarantee for term working capital, and up to a $750,000 line of credit guarantee. The full list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender.
“Supporting job creation and providing resources to help small companies thrive are at the core of the EDA’s mission,” EDA CEO Melissa Orsen said. “We are pleased that ICF has joined a mounting list of businesses that are establishing manufacturing operations in the United States instead of overseas, and we applaud the company’s commitment to growing and creating jobs in New Jersey.”
The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer.
“Our status as a Premier Lender enhances our ability to provide much-needed capital to New Jersey’s small and mid-sized businesses,” said TD Bank Market President Nick Miceli. “It’s a true ‘win-win’ – greater access to capital for businesses, and decreased risk for TD Bank.”
To learn more about EDA resources for small businesses, visit www.njeda.gov and follow @NJEDAWasHere on Twitter and LinkedIn.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) Jersey-7.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.
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Companies like Eventcombo (pictured above at its location in co-working space Indiegrove) hope to positively impact New Jersey's tourism and recreation sector this upcoming summer.
TRENTON (May 23, 2017) – As we shift from spring to summer and thoughts turn to the upcoming Memorial Day weekend, technology companies throughout the Garden State are gearing up for the season ahead. @NJEDATech today looks at businesses that could impact tourism and recreation plans this summer.
“New Jersey’s central location along the eastern seaboard and idyllic beaches make it the perfect place to spend time this summer,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “Whether you want to take in a show or concert at one of the Garden State’s many venues, discover a new passion, or visit the iconic Jersey Shore, several emerging New Jersey technology companies can help along the way.”
Entertainment options such as concerts, boat rides, and dance parties kick abound in the warmer weather. Eventcombo (@eventcombo), based at co-working space Indiegrove in Jersey City, offers an online ticketing platform for events in major cities all across the United States. The platform brings added value to event organizers, enabling them to “bundle” other amenities event-goers might need along with the tickets, including dinner reservations, merchandise and parking. Just in time for this year’s summer season EventCombo recently launched Uber as part of its “bundle,” so event attendees can have an even more convenient experience going to and leaving events, while event organizers can monetize more from their events, beyond just ticket sales. Read more: New Jersey Founders & Funders Event Drives Investment in Bergen County-based Eventcombo
Another activity that picks up steam in the summer is cycling – be it on a bicycle or a motorcycle. Fusar Technologies (@FUSARtech), located in Kearny, develops technology that transforms regular helmets into smart helmets for cyclists, motorcyclists, skaters, skiers and snowboarders. Among the wide variety of features available to adventure seekers, the FUSAR Camera can detect when a user has been in an accident, retroactively record the last two minutes of action before the accident, alert the person’s emergency contact and show that contact the user’s exact location through an interactive map. Users can also take high-resolution photos and high-definition video with a push of a button during their adventures and post them to social media in real-time via the FUSAR app, available for free on both iOS and Android. Read more: Combining Passion and Public and Private Resources, Fusar Technologies Arrives on National Scene
The multitude of New Jerseyans and out-of-state tourists planning to visit Atlantic City this summer can learn about upcoming events via the one-hundred digital displays along the city’s boardwalk. Information technology company Impactivate in Atlantic County maintains and operates the displays, which inform visitors of events and provide advertisers access to millions of Boardwalk visitors each year via full motion video and sound.
For those interested in growing their own produce this summer, Egg Harbor City-based Alfrea, Inc. has developed a platform that creates a virtual community among farmers and food gardeners. Alfrea’s website helps connects people throughout southern New Jersey, the Greater Philadelphia area, and Frederick, Maryland who want to grow food or participate in the local food movement with resources they need to succeed. The Alfrea community includes apartment-dwellers in need of access to a yard for a vegetable garden, small farmers selling their produce, restaurants seeking last-minute fresh ingredients, or homeowners with gardens trading the fruits of their labor for extra cash, and corporations that care about their employees’ health and sustainability.
Each of these four companies has participated in previous New Jersey Founders & Funders events. Hosted by the EDA, New Jersey Founders & Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, “speed dating” sessions to discuss strategy, business models and funding opportunities. Eventcombo became the first company to obtain funding as a direct result of networking that occurred at New Jersey Founders & Funders, when it received an investment from NJIT Highlanders Angel Network last year.
In addition to New Jersey Founders & Funders, Fusar Technologies was also one of 40 businesses that the EDA approved to share $35 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in 2016. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise non-dilutive cash to finance their growth and operations. Applications for the 2017 NOL Program are available online at https://www.njeda.gov/nol. The deadline to apply is June 30.
The EDA offers a multitude of resources to help technology and biotechnology companies grow and thrive in New Jersey. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
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Under the leadership CEO Robert Freedman (far right), Hurel Corporation is thriving at its location on the Technology Centre of New Jersey.
NORTH BRUNSWICK, N.J. (May 17, 2017) – When Hurel Corporation outgrew its wet lab at the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT) last year, it took advantage of intermediate space also offered on the Technology Centre of New Jersey’s 75-acre campus in North Brunswick.
In February 2016, the biotechnology company entered into a lease with the EDA for just over 5,000 square feet of wet lab space at the Biotechnology Development Center II (BDC) on the Technology Centre. Considered in-between space, the BDC is ideal for companies that have outgrown an incubator but are not ready to move into a much larger facility.
“Hurel’s transition from CCIT to the larger graduate space illustrates how the concept of wet labs was designed to work,” said EDA Chief Executive Officer (CEO) Melissa Orsen. “With the availability of incubator, intermediate, and larger stand-alone space, the Technology Centre campus can support the facility needs of companies at all stages of growth, helping to ensure we are able to keep these innovative companies in New Jersey.”
Intermediate space on the Technology Centre offers growing businesses an abundance of resources, including customizable laboratory and production facilities at affordable rates, a prime location between Princeton and Rutgers universities, and easy access to both New York City and Philadelphia. As a whole, the Technology Centre offers 325,000 square feet of lab, production and office space, as well as approximately 560,000 square feet of build-to-suit sites. Stand-alone facilities from 5,000 to 60,000 square feet can accommodate state-of-the-art clean rooms and wet labs.
Hurel, which develops assays (testing) platforms and provides advanced artificial tissue constructs for scientists worldwide, moved to its new location after spending nearly five years growing at CCIT. During its time at CCIT, Hurel grew from one to two laboratories and had access to affordable “plug and play” ready lab and office space, educational programs, and a wealth of supporting resources. At CCIT, the company also found a synergetic environment ripe for networking and collaborating. Additionally, CCIT’s advisory board includes representation from pharmaceutical and biotechnology businesses and academia to coach companies into the future. Hurel is one of more than 40 companies to graduate CCIT since the incubator opened in 2002. High-profile graduates include Advaxis, Chromocell and Amicus Therapeutics.
“We’ve been fortunate to have had access to a variety of EDA resources as we’ve grown into a global leader of microfluidic and microliver assay platforms,” said Hurel CEO Robert Freedman. “From affordable lab space to networking opportunities and the collaborative culture at both the Technology Centre and CCIT, Hurel has experienced incredible support here in New Jersey.”
Since its expansion into BDC II, Hurel has continued its mission to provide the national and international pharmaceutical and biotechnology industry with high-functioning, long-enduring in vitro liver models and microfluidic assay platforms that improve the predictive reliability of pre-clinical drug development and help reduce costly late-stage attrition in drug-makers' pipelines.
In October 2016, Hurel announced the launch of HurelfluxTM, an assay the company ships to laboratories throughout the world. The product includes Hurel’s patented microliver models, combined with the various proprietary media needed to perform the assay. HurelfluxTM is the latest in the company’s line of assays that will help Hurel’s customers streamline the workflow and reduce the costs of their transporter studies.
Taking advantage of another EDA resource, Hurel Corporation participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program for the first time in 2016. Administered by the EDA and the New Jersey Department of the Treasury's Division of Taxation, the NOL Program allows eligible technology and life sciences companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations. To date, more than 500 businesses have shared over $905 million through the NOL Program. The EDA launched the 2017 NOL application earlier this month. Eligible companies are encouraged to apply online at www.njeda.gov/nol.
@NJEDATech spoke with Freedman about his company’s experience and its plans for the future:
Why did you choose to grow Hurel here in New Jersey?
Hurel was funded and physically incubated by pharmaceutical giant Schering-Plough in Kenilworth from 2007 to 2010. We also benefited from the academic resources at Rutgers.
What did Hurel find most useful about the NOL Program?
We are grateful for the ability to monetize tax resources, which has been very valuable to Hurel.
What is Hurel’s biggest success to date?
We have created the world’s best advanced liver tissue construct, with “best” defined in terms of cellular functionality, stability and endurance over time combined with laboratory practicality and convenience (including the ability to air-ship our primary co-cultures “warm” anywhere in the world, so that they arrive ready for immediate use.
What’s on the horizon for Hurel?
Among other initiatives, we are now focusing our efforts on creating a Hepatitis B virus (HBV) “disease model” co-culture that will enable researchers to measure the impact of potential HBV drugs directly on viral DNA. Proof-of-concept studies, undertaken in collaboration with Princeton, have demonstrated stable, high levels of HBV infection for 40 days and longer.
The EDA offers a multitude of resources to help technology and biotechnology companies grow and thrive in New Jersey. To learn about these resources, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
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The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, May 11, 2017 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.