The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, February 14, 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.

The American Heart Association (AHA) notes that heart disease is the leading cause of death in the world, killing more than 370,000 Americans a year. The AHA also states that heart disease strikes someone in the United States about once every 42 seconds. National Wear Red Day® highlights heart disease as the number one cause of death in women.

“While the statistics coming from the AHA are foreboding, it’s encouraging that medical devices created by New Jersey innovators are being used by doctors worldwide in their fight against the deadly epidemic of heart disease,” EDA Chief Executive Officer Melissa Orsen said.

CytoSorbents Corporation (@CytoSorbents), a Monmouth Junction, NASDAQ-traded (CTSO) medical device company focused on critical care immunotherapy, is commercializing a blood purification technology called CytoSorb® to reduce deadly inflammation common to open heart surgery (e.g. coronary artery bypass graft surgery, valve replacement, and heart-lung transplant) and many lethal conditions in the intensive care unit, such as complications from cardiac surgery, as well as sepsis and infection, trauma, and liver failure.

Highlighting the far-reaching effects New Jersey companies have on the global scene, CytoSorb®, which is reported to have been used safely in more than 20,000 human treatments to date, is currently approved in the European Union, and is being distributed in 42 countries around the world. CytoSorbents recently pre-announced 2016 CytoSorb sales of $8.2 million, doubling from $4.0 million in 2015. The company also recently announced the extension of a strategic partnership agreement with Fresenius Medical Care (FMC), the world's largest dialysis company, to extend FMC's exclusive distributorship of CytoSorb for critical care applications in France, Poland, Denmark, Sweden, Norway and Finland through 2019, as well as a co-marketing agreement across all of the countries in which CytoSorb® is sold, where possible.

CytoSorbents has participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, the NOL 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. In addition, CytoSorbents received funding from the New Jersey Technology Council’s (NJTC) inaugural venture fund, NJTC Fund 1, in which the EDA invested $7.15 million as a limited partner.

With the tagline, “Diagnosing Better Care,” Totowa-based VectraCor (@VectraCor) has developed what it describes as the world’s first cardiac electrical biomarker (CEB®) that can help nurses and doctors detect, in real time, a potential heart attack. Traditional electrocardiograms (ECG) are used to monitor a patient’s heart and generate complex reports for a doctor’s analysis using 10 wires, or electrodes, to get 12 leads, or pictures of the heart. VectraCor’s proprietary product, VectraplexECG System with CEB®, provides 15 leads in the United States and 22 leads in Europe, giving nurses and doctors a more in-depth view of the patient’s heart utilizing only five electrodes. The technology also provides a report from which doctors and nurses can easily and quickly interpret whether a patient is having a heart attack, enabling them to get critical care that much faster.

VectraplexECG System with CEB®
 

VectraplexECG System with CEB® is currently being used by the Jersey City Medical Center, RWJBarnabas Health, Summit Medical Group, and numerous urgent care centers throughout New Jersey. It is one of numerous products for which VectraCor has either patents or patents-pending in 12 countries. VectraCor CEO Brad Schreck told @NJEDATech that Michigan’s Henry Ford Hospital is presenting positive results related to VectraplexECG System with CEB® response time in a prospective study in the cath lab to the American College of Cardiology in March.

VectraCor participated in the EDA’s New Jersey Founders and Funders event in October. Held semi-annually at the EDA’s Commercialization Center for Innovative Technologies, New Jersey Founders & Funders events introduce entrepreneurs to investors in 10-minute one-on-one “speed dating” match ups, paving the way for emerging companies to attain the funding they need to grow in the state. In addition, several of VectraCor’s current investors have benefited from the State’s Angel Investor Tax Credit Program. Administered by the EDA in consultation with the New Jersey Division of Taxation, the Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Beginning Friday evening, February 3, at 6:00 p.m., EDA will be performing scheduled maintenance that will impact the web servers that host www.njeda.gov, fortmonmouthnj.com, affirmative action and the online application web sites. The impacted sites and applications will be down completely during this time.  These areas should be working normally following the maintenance period, which is expected to end by Sunday afternoon.  We apologize for any inconvenience this may cause.

A Special Meeting of the New Jersey Economic Development Authority has been scheduled for Wednesday, February 1, 2017 at 12:00 Noon in our offices at 36 West State Street, Trenton NJ. The Members will meet to discuss and act upon a request to approve two bond requests under the 2017 Qualified School Construction Bond allocation. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/Board

The EDA is mourning the passing of its former CEO, Caren Franzini.

Those of us who knew Caren Franzini already recognize the magnitude of this loss.  Caren was a personal hero to so many of us, and a true friend to those who had the privilege of knowing her.  Her legacy lives on in the culture she built at the EDA over two decades; a culture she inspired with kindness, loyalty, enthusiasm and integrity.

As longtime EDA CEO (1994-2012), Caren’s mark at the EDA will be everlasting, as will her impact on economic development across the State of New Jersey.  The resurgence of cities like Camden, Trenton and Newark; the fostering of innovation, through the development of the Technology Centre of New Jersey, the Commercialization Center for Innovative Technologies and the Waterfront Technology Center at Camden; and her focus on small business and entrepreneurship, are all significant landmarks that will pass from this generation of New Jerseyans to the next.

Caren’s career and influence were truly outstanding, but we will miss her most in far less quantifiable ways.  She never forgot a birthday or to ask how your kids were doing. She was the first to say thank you and to give her staff credit. She was the State’s and the EDA's greatest cheerleader and advocate, and a champion for doing the right thing, always. We all are better people, personally and professionally, for having known her and there is no doubt that the State of New Jersey is a better place because of her.

On many occasions, Caren shared quotes from her favorite poet, Maya Angelou, with EDA staff.  Caren’s life has inspired all who knew her to value people above all else, to recognize what is truly important, and to live life with meaningful purpose.  By every imaginable measure of a person, Caren was a remarkable success.

“My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” – Maya Angelou

A meeting of the Economic Recovery Board for Camden has been scheduled for Monday, January 23, 2017 at 10:00 a.m. at EDA Headquarters, 36 West State Street, Trenton, NJ. The agenda can be found at our website: www.njeda.gov/camdenerb.

Several New Jersey entrepreneurs tout the many benefits of BioNJ membership.

TRENTON, N.J. (January 19, 2017) – Representatives from the New Jersey Economic Development Authority (EDA) will join more than 750 biotechnology and pharmaceutical professionals, other government officials, academic leaders, and service providers on Feb. 2 at BioNJ's 24th Annual Gateway Gala & Innovation Celebration.

Entrepreneurs from three EDA-supported companies are among those who will be recognized during the gala. Celator Pharmaceuticals former Chief Executive Officer (CEO) Scott Jackson, Amicus Therapeutics Chairman of the Board & CEO John Crowley, and Chromocell CEO Christian Kopfli will receive BioNJ’s Innovator Award in the leadership category.

The gala will also highlight New Jersey’s many success stories of 2016 and give trade organization BioNJ the opportunity to tout why innovators choose to grow their companies in New Jersey. According to BioNJ:

> The Garden State boasts the world’s highest concentration of scientists and engineers per square mile – more than 225,000 statewide.

> New Jersey is home to 14 of the world’s 20 largest biopharmaceutical companies, including Merck, Johnson & Johnson, and Pfizer, and 12 of the world’s top 22 research and development companies.

> The annual economic impact of the industry in New Jersey is estimated to be $36 billion.

> More than 64,210 individuals are employed in New Jersey’s life sciences industry.

BioNJ’s mission is to propel New Jersey’s robust life sciences ecosystem forward to accelerate the discovery, development and commercialization of therapies and cures for the patients who need them. With more than 400 member companies, ranging from startups to large corporations, BioNJ has been an advocate for New Jersey’s life science community for over 20 years.

“As New Jersey’s life sciences presence continues to grow, BioNJ works to advance economic development through leadership and lobbying to develop programs and financial resources that will enrich an already vibrant life sciences landscape,” BioNJ President and CEO Debbie Hart said.

Member companies can take advantage of a multitude of BioNJ resources:

BioNJ’s Talent Services connects entrepreneurs with capable employees who can fit their staffing needs. The service offers candidate sourcing, human resources expertise, and career coaching and training.
BioNJ also offers an array of services and resources aimed at supporting member companies throughout their lifecycle. These include increased visibility on BioNJ’s website, LinkedIn page and weekly BioLines Weekender newsletter, as well as emerging company spotlight profiles and sponsorship opportunities.

Peer-to-peer networking and educational events such as exclusive forums, roundtable discussions, and participation in various BioNJ committees enable entrepreneurs to learn more about themselves, their community, and their industry. BioNJ also holds an annual CEO Summit, which brings together the heads of innovator companies to discuss topics relevant to leaders in the life sciences sector.

“New Jersey has a dynamic life sciences community through which emerging entrepreneurs receive invaluable guidance from established entities, more-seasoned innovators, and giants in the pharmaceutical world,” EDA CEO Melissa Orsen. “It’s through organizations like BioNJ that these relationships are cultivated and strengthened.”

To register for BioNJ's 24th Annual Gateway Gala & Innovation Celebration, of which the EDA is a sponsor, visit http://bionj.org/event/2017-annual-gateway-gala-dinner.

The CEOs of two EDA-supported companies weighed in on the benefits of BioNJ membership:

TAXIS Pharmaceuticals, a Rutgers University spinout that graduated from CCIT, is developing drugs to reduce and possibly eliminate the threat to societal health of multidrug-resistant (MDR) bacterial infections. Gregory Mario, whose company also participated in the State’s Angel Investor Tax Credit Program, had this to say about BioNJ:
 
“Membership in BioNJ has provided TAXIS with access to tremendous resources,” Mario said. “At different stages of our maturation, we were afforded access to people and programs that assisted us with our growth.  Initially BioNJ membership helped me build the company through networking events where I met professionals that provided advice and counsel; some of which became trusted advisors and others who became employees at TAXIS.  Over the years, TAXIS has benefited from BioNJ membership in the form of fund raising facilitated by the State’s Angel Investor Tax Credit Program, cost reduction tools such as the discounted chemical and supplies program and direct, non-dilutive financing via the State’s NOL transfer program.”
 

Agile Therapeutics is a specialty pharmaceutical company in Princeton that focuses on the development of innovative women’s healthcare products. The company has repeatedly benefited from the State’s Technology Business Tax Certificate Transfer (NOL) Program. Agile Therapeutics President and CEO Al Altomari touts the many benefits that the organization provides.

“First, on an ongoing basis we get a lot of programming and introductions, things like the CEO Summit where we get a chance to collaborate with our peers,” Altomari said. “In the long time that BioNJ has been our advocate, my company has received a lot of funding through the State’s NOL Program. In short, we’ve received a ton of benefits from our relationship with BioNJ and the State of New Jersey.”

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

TRENTON, N.J. (January 12, 2017) – As the number of businesses storing information in the cloud skyrockets, and access to analytical data is becoming more critical, companies like Holmdel-based Avlino, Inc. find themselves in growing demand.

“Avlino was established with a mission to simplify data analytics for businesses of all sizes by tying together all the intricacies of the data analytics process into one comprehensive, easy-to-use, interactive platform,” Avlino Founder, President, and Chief Executive Officer (CEO) Ramana Jampala said.

Avlino’s innovative analytics platform, Alenza, brought Jampala’s vision of the “Citizen Data Scientist” to fruition, in that any business can now play with its data to generate insights – without having a PhD in computer science and math. This is possible by Avlino’s complete automation of the process of data collection, analytics, and visualization. The platform’s inbuilt text analytics automatically summarize and visualize consumer behavior, while the predictive models quantify the business impact of the insights generated. Among its many components, Alenza offers advanced social media learning features such as customer-experience measurement, digital influencer analysis and customer demographic analysis.

Avlino was founded in 2013 by a team with over 100 years of collective experience and has quickly gained national recognition for its capabilities. Avlino was named to CIOReview Magazine’s Top 100 Big Data Solutions Providers of 2015.

“With support from the New Jersey Economic Development Authority (EDA), we’ve been able to expand from a small startup to a leader in big data solutions,” Jampala said.

Avlino has benefited from multiple EDA programs designed to support emerging technology companies at all stages of growth. At its earliest stage, Avlino participated in the EDA’s inaugural New Jersey Founders & Funders event. Hosted at the EDA’s Commercialization Center for Innovative Technologies, New Jersey Founders & Funders events introduce entrepreneurs to investors in 10-minute one-on-one “speed dating” match ups, paving the way for emerging companies to attain the funding they need to grow in the state. As it grew, Avlino secured funding from investors who participated in the State’s Angel Investor Tax Credit Program, and was approved to sell unused New Jersey net operating losses and research and development (R&D) tax credits through the New Jersey Technology Business Tax Certificate Transfer (NOL) Program. This current fiscal year marks the first time that Avlino is participating in the NOL Program.

“Entrepreneurs and companies that know how to leverage resources, find a niche in the marketplace, and position themselves within that realm, are the businesses that will ultimately be successful,” EDA CEO Melissa Orsen said. “We are excited to see what the future holds for Avlino as they continue to grow in New Jersey.” 

@NJEDATech asked Jampala about his company’s experience in New Jersey and its plans for the future:

Why did you choose to grow your company here in New Jersey?
New Jersey is home to some of the most-groundbreaking technological innovations in history and Holmdel was a hotspot for entrepreneurial talent. As both an investor and an entrepreneur, I have invested in numerous New Jersey-based companies and am committed to supporting the high-tech community in the Garden State. There is a tremendous amount of talent remaining from the Bell Labs days and many entrepreneurs are emerging from the top-notch universities in the tri-state area, who are ready to be part of startups and be an active part of the growth engine.

In addition, many large organizations are headquartered in New Jersey, New York, Philadelphia, and Boston. The demand among these organizations to incorporate a big data analytics strategy is increasing and many of them are just a drive away from our corporate headquarters, so in-person meetings and networking events are easy to plan and to attend.

How have EDA programs helped Avlino?
The EDA offers several relevant programs that help startups like Avlino grow and thrive in New Jersey. The New Jersey Founders & Funders event exposed Avlino to several investment groups that resulted in follow-on conversations. We have established ongoing relationships with several venture capital firms and angel investor groups, whose feedback and expertise have proven useful throughout our start-up journey. As Avlino progresses through many milestones, we can rekindle many of these relationships for future investments. The Angel Investor Tax Credit program helped Avlino to incentivize Angel and Angel Investor syndicate groups to invest by presenting the program as a way to mitigate their risk in investing by 10 percent. We introduced the program in our pitch decks, explaining the tax credit and how easy it is to apply.

However, the EDA resource from which Avlino Inc. has benefited the most was the NOL Program, which allowed Avlino to sell back its net-operating losses and R&D tax credits to profitable companies. Under this program, Avlino was able to reinvest those dollars back into product development and staff augmentation, ALL of which are New Jersey-based employees. 

What’s on the horizon for Avlino? 
Avlino is on the cusp of exponential growth. As the market demand for the concept of “citizen data scientists” grows, the Alenza solution fills the gap in data analytics. In 2017 and 2018, Avlino will offer Alenza platform-based tailored data analytics solutions to consumer centric industries in retail, hospitality, consumer goods, financial services, and healthcare. Rolling out these solutions to diverse industries will require numerous key hires in data science, big data programming, and business analysis, and Avlino is looking forward to growing its team in New Jersey!