Annie D'Agostino, Author at NJEDA

Yusheng Xiong (left) and Christopher Newton turn to CCIT's amenities and resources in quest to grow their drug-discovery companies.

North Brunswick (November 22, 2016) – Citing a wide array of resources and networking opportunities available to tenants at the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT), entrepreneurs with ties to the Garden State’s technology community this month signed leases for lab space at the State’s leading life sciences incubator.

These early-stage drug discovery companies, Quixgen and API Pharma Tech, join nearly two dozen other life sciences businesses that currently call CCIT home.

“CCIT has welcomed over 40 emerging life sciences companies since 2010,” EDA Chief Executive Officer Melissa Orsen said. “CCIT provides the tools, support and connections that growing companies need to thrive in the Garden State, and we are pleased to welcome Quixgen and API Pharma Tech.”

Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT offers the most wet labs of any incubator in New Jersey. The incubator includes both small and large labs, as well as offices. CCIT also offers discounted first-year rent for university spinouts. Additionally, CCIT provides tenant companies with educational programs and a host of supporting resources, including help to identify funding sources and providing access to small business development resources, networking opportunities and administrative support.

Quixgen founders Yusheng Xiong and Hong-Ping Guan spent over two decades at New Jersey-based pharmaceutical giant Merck before launching their company. They leased an 800-square-foot lab at CCIT, where Quixgen will focus on finding a niche in the drug discovery/infectious diseases market. When

@NJEDATech spoke with Xiong about his arrival at CCIT, he spoke highly about the infrastructure of the lab and was already impressed with the atmosphere of the tenants and the opportunities he will have to engage with founders of other tenant companies.

Christopher Newton, founder of API Pharma Tech, moved to New Jersey from India in 2003 and became a partner and the chief scientific operator at Navinta LLC, a pharmaceutical company based in Ewing. In 2011, Newton founded Dr Newtons Pharma Solutions, an independent pharmaceutical consulting company based in Plainsboro, before establishing API Pharma Tech earlier this year. API Pharma Tech is a research-based pharmaceutical company that aims to help clients reduce research and development costs and deliver medicine to treat unmet needs. The company will develop and deliver products that are expected to meet the needs of people suffering from iron-dependent Anemia, chronic kidney disease, Wilson’s disease, cystine urea kidney stones, and rheumatoid arthritis. Newton noted that his company, which will be leasing 800 square feet of lab space, will focus on generic as well new drugs in the coming years, and plans to invest and expand operations into pharmaceutical manufacturing.

@NJEDATech spoke with Xiong and Newton about their plans to grow their companies in New Jersey:

Why did you choose to grow your company in New Jersey?
Xiong: Having spent over 20 years in New Jersey’s pharmaceutical industry, we knew about the State’s legacy of large pharma, and its many highly-qualified individuals. Establishing ourselves here in New Jersey allows us to draw from that talent pool and at the same time, lets us collaborate with the many small pharmaceutical companies located here.

Newton: API Pharma Tech will be developing products at CCIT, having them manufactured at a contract manufacturing organization CMO site, and marketing the products in association with bigger known companies most of them having their offices in New Jersey. Having my lab in New Jersey makes my job easier to connect with CMOs and marketing companies. Also, having my lab in New Jersey, especially a centralized location like North Brunswick, will make it easier for me to connect with CMOs and marketing companies.

I’ve been looking for some time for a laboratory to experiment and transform my ideas to make niche products. In addition to the fact that CCIT is close to my home, the amenities it offers, combined with the professional staff and educational programs, will help my team and me as we continue to build out our product.

What CCIT resources do you plan to use as you expand your company?
Xiong: In our short time here, Hong-Ping and I have already been impressed with the assistance provided by the CCIT staff. Since we are scientist, not businessmen, by trade, we need business development expertise. Headed by Lenzie Harcum, the CCIT staff has continuously worked with us in a variety of ways, including connecting us with a chief financial officer.

Newton: While I have not yet used any state resources yet, other than moving into CCIT, I am exploring resources that help startup research labs with tax credits, as well as ways to participate in State sponsored development projects.

To learn more about resources available to New Jersey’s emerging technology and life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

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TRENTON, N.J. (November 17, 2016) – Reaffirming the State’s commitment to supporting small businesses and not-for-profits, the New Jersey Economic Development Authority (EDA) today announced the approval of financing to encourage the growth of several organizations. From a Morris County agency that trains guide dogs, to a designer and printer of advertising in Camden County, and an installer of hardwood floors in Monmouth County, entities in a variety of sectors are taking advantage of EDA programs.

“Projects presented at today’s meeting underscore the diverse nature of the State’s small businesses and the spectrum of support offered by the State,” EDA Chief Executive Officer Melissa Orsen said.

The EDA Board today approved The Seeing Eye, Inc., a 501 (c)(3) not-for-profit organization and longtime EDA customer, for two tax-exempt bonds totaling $27.3 million. Headquartered in Morristown, The Seeing Eye, a pioneer and innovator in guide dog services, has paired more than 16,500 specially bred and trained dogs with blind people throughout the United States and Canada, and employs more than 150 people at three Morris County facilities. The Seeing Eye plans to use some of the funding approved today to construct an 11,744-square-foot addition to its kennels, which will provide housing for up to an additional 80 dogs in training.

“We are grateful to the EDA for its support as we continue our mission to enhance the independence, dignity and self-confidence of people who are blind,” said Jim Kutsch, President & CEO of The Seeing Eye. “This funding will enable us to improve the environment for our dogs and continue to make a profound impact in people’s lives.”

In addition to the bonds approved by the Board today, several other companies benefitted from the approval of EDA financing.

The EDA approved two direct loans totaling $1.9 million for Edison Lithography to help it expand to Pennsauken. The company, which will maintain its headquarters in Bergen County, prints and designs advertisements and cardboard displays for globally recognized brands. Edison Lithography will use the loan to purchase a property in Pennsauken and support the purchase of new printing equipment. TD Bank will also provide two tax-exempt bonds to support the project. Edison Lithography was previously approved for a Grow New Jersey award to encourage the company to remain in New Jersey and set up its operations at its new Camden County location. The company plans to create 95 new positions in the State.

TD Bank is one of more than two dozen banks that are designated as EDA Premier Lenders. Businesses can benefit from low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt. The following loans were recently approved through the Premier Lender Program:

Persian Area Rugs, LLC, located in Piscataway, was approved for a $250,000 line of credit from Provident Bank with a one year, 50 percent EDA guarantee. Established in 2013, the company, which offers interior and exterior area rugs, sells and distributes merchandise via its online subsidiary Adorablerugs.com and through other websites. Persian Area Rugs plans to use the line of credit as working capital. The company currently has 13 employees and expects to create five new jobs over the next two years.

A $432,000 Ocean First Bank loan, with a 16.67 percent EDA participation, was approved to help Gorsegner Brothers & Company, Inc. establish a permanent home in New Jersey. The family-owned and operated installer of hardwood floors since 1951 will relocate to a new property in Holmdel. The company currently employs 28 people and plans to create three new jobs within the next two years.

Tetrus Corporation of East Brunswick will use a $300,000 Provident Bank line of credit for working capital purposes. The loan has a one year, 50 percent EDA guarantee. Tetrus Corporation provides information sharing and analysis products and services for the public safety, homeland security, justice, corrections, and other industries. The company currently has 20 employees and plans to create 15 new jobs within the next two years.

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 about EDA resources for small businesses and not-for-profits, visit www.njeda.gov/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn.

The EDA is part of the state’s results-driven Partnership for Action. Led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

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 (866) 534-7789.

TRENTON (November 16, 2016) – Boasting views of the Philadelphia skyline and approximately 8.75 acres of prime developable land, the New Jersey Economic Development Authority (EDA) today released a Request for Qualifications (RFQ) seeking eligible respondents for the purchase and development of the former Riverfront Prison site on the Camden Waterfront. The RFQ, 2016-RED-RFQ-DEV-061, can be found on the EDA’s website at www.njeda.gov/bidding.

“The RFQ represents an opportunity to create a mixed-use development on the most valuable piece of real estate in North Camden,” said EDA Chief Executive Officer Melissa Orsen. “As a key part of North Camden’s redevelopment plan, the completed project will serve to revitalize the neighborhood, bring additional private investment to the City, and contribute to Camden’s ongoing renaissance.”

In addition to the approximately 8.75 acres of developable land, the site also will benefit from a newly established public park and roadway improvements, both expected to be completed by the end of the first quarter of 2017. Due to the site’s location in the City of Camden, development of the property may also be eligible for the highest amount of incentives, as well as property tax abatements, available through the New Jersey Economic Opportunity Act of 2013.

The sale is governed by P.L. 2013 c. 22, as well as the New Jersey State House Commission-approved Procedures for the Disposition of the Riverfront State Prison Property. This includes a two-step RFQ/Sealed Bid process:

Step 1 –EDA will accept qualifications through March 1, 2017 at 2 p.m. Based on the criteria outlined in the RFQ, the EDA will establish a shortlist of eligible respondents.
Step 2 – EDA will issue a bid package to eligible respondents and accept sealed bids.

If necessary, the EDA will issue and accept best and final offers. The final sale and development will be subject to various approvals, including the Review Committee designated for this purpose, the New Jersey Department of the Treasury, the EDA Board, and the State House Commission.

The sale and development of the property must also be consistent with the North Camden Waterfront Study Area Redevelopment Plan. The Plan’s vision is to create a vibrant, mixed-use district that provides new opportunities for riverfront recreation and attracts sustainable development while connecting existing residential neighborhoods to the waterfront. The former prison site accounts for roughly one third of the North Camden Waterfront Study Area. In 2006, the Delaware River Port Authority Commissioned the Riverfront State Prison Reuse Study to analyze the reuse potential of the North Camden Riverfront. In 2010, demolition of the prison was completed, paving the way for future redevelopment.

Qualifications must be received by 2 p.m. on March 1, 2017 in a securely SEALED envelope or carton.

Qualifications should be shipped or delivered to:

New Jersey Economic Development Authority
Real Estate Division
REF # 2016-RED-RFQ-DEV-061
Due Date: March 1, 2017 at 2 p.m.
36 West State Street
Trenton, NJ 08625-0990

Submissions will be publicly opened on March 1, 2017 at the 36 West State Street location at 2 p.m.

For a complete list of qualification submission requirements and other information pertinent to this RFQ, visit https://www.njeda.gov/bidding.

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John_Michel-(002).jpg

Serial Entrepreneur John Michel launched CircleBlack in January 2014 to help financial advisors better connect clients with their investments.

TRENTON (November 15, 2016) – With an extensive background in finance, including a dozen years as a senior executive at Merrill Lynch and three years as the president of Bloomberg Personal Wealth, serial entrepreneur John Michel launched Jersey City-based CircleBlack in January 2014 to help financial advisors better connect clients with their investments.

CircleBlack’s cloud-based platform provides advisors and investors with a clear investment portfolio snapshot – in real time. The technology helps financial advisors provide their clients with modern, mobile technology including a highly-rated mobile app, while providing advisors with an integrated platform that seamlessly aggregates data and moves it between the advisors’ other technology applications and gives them total visibility into the investments they are managing. For investors, CircleBlack’s technology delivers up-to-date information on all of an investor’s financial relationships, including investment performance, potential pitfalls, and progress toward goals. It also sends proactive, portfolio-specific alerts and content straight to their mobile devices when their investments are impacted, giving them the knowledge needed to take action.

“Our mission is to bring innovative next generation wealth services to key industry players and investors with the goal of solving today’s trust gap and helping busy online consumers better manage their wealth, and life,” said Michel, who is the Chief Executive Officer of CircleBlack. “The support we’ve received from the State has not only helped us grow, but has enabled us to enhance our platform, thereby helping more advisors and investors.”

Michel noted that CircleBlack, which also has an office in Princeton, received more than $3 million in investments that qualified for the State’s Angel Investor Tax Credit Program. Administered by the New Jersey Economic Development Authority (EDA) in consultation with the New Jersey Division of Taxation, the 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. Any investor wishing to apply for the Angel Investor Tax Credit Program must submit a completed application, with all required documentation, by 11:59 p.m. tonight, November 15, 2016, to be considered for approval of a 2016 tax credit certificate.

CircleBlack was also one of several New Jersey emerging companies to participate 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 Division of Taxation, the competitive 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. Since the program’s inception in 1999, more than 500 unique businesses have been approved for awards totaling over $905 million.

In October 2015, CircleBlack was one of more than two-dozen companies to attend New Jersey Founders & Funders. Hosted by the EDA, the semi-annual event connects entrepreneurs with potential investors in 10-minute, one-on-one “speed-dating” sessions to discuss strategy and potential funding opportunities.

“We encourage New Jersey entrepreneurs like John Michel to continue taking advantage of the variety of financial and networking programs that we offer,” EDA Chief Executive Officer Melissa Orsen said.

@NJEDATech asked Michel 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?
The team was all from the New York area and felt proximity to the greater New York technology community made New Jersey an excellent choice. The State’s Angel Investor Tax Credit Program was also a consideration in the decision-making process.

Was the Angel Investor Tax Credit Program beneficial in attracting investors to CircleBlack?
Yes! CircleBlack has received numerous investments from investors who were able to benefit from the New Jersey Angel Investor Tax Credit Program. Investors definitely took the program into account when evaluating the potential return on their investment.

What is your company’s biggest success to date?
Our biggest success to date has been the great acceptance of our product. We’ve seen a continuing stream of new contracts being signed since going commercial in January of this year.

What’s on the horizon for CircleBlack?
In the months and years ahead, CircleBlack looks forward to continuing to grow here in New Jersey, to building up our platform, and to bringing our product to even more people.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, November 17, 2016 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.

Kiswe Mobile Co-Founder & CEO Wim Sweldens

TRENTON (November 10, 2016) – Union County-based Kiswe Mobile is devoted to providing sports enthusiasts with an innovative way of watching their favorite games. The Murray Hill technology company’s mobile app lets users customize their viewing experience through a variety of features including real-time sporting events, multiple camera angles and player-tracking technology. The app, which is available on both iOS and Android products, also enables sports fans to share their favorite clips via email or social media, live chat with other users, create customized television channels, and watch archives of completed games.

This summer, Kiswe partnered with Univision, the largest broadcast audience of any Spanish language television network in the world, to be the exclusive web-streaming broadcaster of the COPA America soccer tournament. Kiswe Co-Founder Wim Sweldens noted that the tournament, which culminated in the final at MetLife Stadium in East Rutherford, was a success, and Kiswe drove substantial traffic to Univision's web platform. Kiswe also partners with such organizations as the Women’s National Basketball Association’s Washington Mystics, the National Hockey League, and Steven’s Institute of Technology to bring a range of sporting events to app users.

Along with Swelden’s and Kiswe Chairman Jeong Kim’s leadership, the company has benefitted from more than $13 million in investments made through the State’s Angel Investor Tax Credit Program. Administered by the New Jersey Economic Development Authority (EDA) in consultation with the New Jersey Division of Taxation, the 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. Any investor wishing to apply for the Angel Investor Tax Credit Program must submit a completed application, with all required documentation submitted by November 15, 2016 to be considered for approval for a 2016 tax credit certificate.

“When entrepreneurs like Jeong Kim and Wim Sweldens pitch to investors, they can point to the State’s Angel Investor Tax Credit Program as an added incentive to obtain funding,” EDA Chief Executive Officer Melissa Orsen said. “In just over three years since the program was established, investors have already pumped more than $142 million into New Jersey-based life sciences and technology companies like Kiswe.”

Sweldens and Kim bring extensive knowledge of the telecommunications industry and strong ties to New Jersey’s vibrant technology community to their position at the helm of the company. Kim served as President of Bell Labs and Sweldens served as President of Alcatel-Lucent’s wireless division.

“Founding Kiswe in New Jersey was a very natural decision made by the team, especially given the fact that we mostly hail from Bell Labs, located just around the corner from our first office,” Sweldens said. “We were already well acquainted with the incredible local talent pool as well as the wonderful quality of life this area offers.”

Kiswe recently hired its 22^nd employee at its New Jersey headquarters and currently has satellite offices in New York, Maryland, Belgium and South Korea.

@NJEDATech asked Sweldens about Kiswe’s experience in New Jersey and its plans for the future.

What does funding provided through the Angel Investor Tax Credit mean to Kiswe Mobile?
Funding provided by investors that participated in the Angel Investor Tax Credit Program has benefited Kiswe in every part of our business. Kiswe competes in the next big area of consumer and business technology — live streaming. Because of the large opportunity ahead of us, competition is steep, so speed is key. The funding we received through this program has allowed us to grow at a faster pace than we ever imagined. Our technology has been at the forefront, surpassing some of the technology we see from today's largest players such as Facebook and Twitter.

What is your company’s biggest success to date?
We recently launched our consumer app on iOS and Android, bringing the technology right to the everyday worldwide user. For the COPA America games, we leveraged our consumer app to drive engaging fan content produced by top soccer players. With the Kiswe app, approved producers are able to stream live, anytime, anywhere. In just a few short months, Kiswe has on-boarded a variety of top content providers from professional mixed martial arts leagues to top sports commentators. Our app users simply love using Kiswe to get insider access to live events.

What’s in store for Kiswe Mobile in the near future?
With our innovative technology in-hand, the future for Kiswe is about growth in both our business and consumer tracks. If you are a broadcaster, content producer or advertiser looking to access the engaged mobile audience at Kiswe, please reach out to us at info@kiswe.com. If you are a consumer looking for engaging live and interactive content, please download the Kiswe app in the iOS or Android store.

To learn more about the Angel Tax Credit Program and other resources available to New Jersey’s emerging technology and life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

VectraCor President and Chief Executive Officer Brad S. Schreck

TRENTON (November 3, 2016) – New Jersey is known for its long history of innovation, and emerging companies like VectraCor are continuing that legacy. Based in Totowa, VectraCor has developed what it describes as the world’s first cardiac electrical biomarker (CEB®) that can help nurses and doctors more accurately detect and diagnose heart attacks, recognized as the number one killer in the world.

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. Additionally, because VectraplexECG System with CEB® uses only five electrodes, both patient preparation time and the potential for inaccurate placement of electrodes by nurses or technicians are greatly reduced. 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 is currently being used in Jersey City Medical Center, RWJBarnabas Health, Summit Medical Group and numerous urgent care centers throughout the State. VectraplexECG System with CEB is one of numerous products for which VectraCor has either patents or patents-pending in 12 countries.

“When patients are experiencing a heart attack, medical personnel need answers immediately,” VectraCor President and Chief Executive Officer Brad S. Schreck said. “That’s why hospitals and urgent care centers around New Jersey and throughout the world turn to VectraCor for fast and accurate reports.”

Schreck had an opportunity to pitch VectraCor and its technology to potential investors at the most recent New Jersey Founders & Funders event on Oct. 26. Hosted by the New Jersey Economic Development Authority (EDA), the semi-annual event enabled VectraCor and more than two dozen other companies to meet angel and venture capital investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.

Schreck also touted the fact that many of the company’s existing 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 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. Any investor wishing to apply for the Angel Investor Tax Credit Program must submit a completed application, with all required documentation, by November 15, 2016 to be considered for approval of a 2016 tax credit certificate.

“VectraCor’s use of State resources to impact the global marketplace reinforces the positive effect New Jersey’s support has on growing technology companies,” EDA Chief Executive Officer Melissa Orsen said. “Groundbreaking technologies provided by companies like VectraCor are a testament to the pioneering companies that call New Jersey home, and the supportive ecosystem we offer to these innovative companies in all phases of their growth.”

Schreck and his brother Dr. David Schreck founded VectraCor after extensive education from New Jersey schools. Both attended Stevens Institute of Technology, completing Bachelor of Science degrees in organic chemistry and Master of Engineering degrees in biomedical engineering. Brad also earned an MBA in marketing from Fairleigh Dickinson University.

@NJEDATech spoke with Brad Schreck about VectraCor’s experience in New Jersey and upcoming plans:

Why did you choose to grow your company here in New Jersey?
David and I knew about the State’s long history of innovation and felt it appropriate to start VectraCor here. We were both born and raised in New Jersey and, although I have been relocated and have lived in many states, I feel right at home here and knew this was the perfect location to build our business. Additionally, the quality of the talent pool in New Jersey, particularly in the medical technology space, is very high, and that is important to the future success of our company.

What’s the best piece of advice you received at New Jersey Founders & Funders?
Investors were very encouraging about our business model and our product. They provided positive feedback and suggested we continue pitching to a wide array of investors to find the perfect match.

What is your company’s biggest success to date?
The fact that we have potentially saved lives is one of our biggest accomplishments. I’m also proud of the fact that we took an idea from scratch and developed it into a product that received United States Food and Drug Administration approval and a Conformité Européenne (CE) Mark. A CE Mark is necessary for marketing products in Europe. I’m also extremely pleased that we have been able to generate revenue.

What’s on the horizon for VectraCor?
We are in a growth phase and are looking to hire sales representatives across the country and throughout the world, as well as more support staff in New Jersey. The emergence of mobile health technology is very exciting to us and we are in the process of developing products in the mobile health sphere that will be used to save lives.

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.

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CytoSorbents CFO Kathy Bloch was recently named as NJBIZ Public Company CFO of the Year.

TRENTON (October 27, 2016) – When patients in the intensive care unit (ICU) develop severe deadly inflammation from life-threatening conditions, time is of the essence. Uncontrolled inflammation can rapidly lead to organ failure and death. This is when doctors turn to companies like Middlesex County-based CytoSorbents Corporation.

CytoSorbents, a Monmouth Junction medical device company focused on critical care immunotherapy, is commercializing a blood purification technology called CytoSorb® to reduce deadly inflammation common to many lethal conditions in the ICU such as sepsis and infection, trauma, liver failure, and complications of open heart surgery.

“CytoSorb® acts as a filter for your blood to remove a wide range of inflammatory substances from blood that fuel the fire of severe, body-wide inflammation,” CytoSorbents Chief Financial Officer Kathleen Bloch said. “Without treatment, patients often develop dangerous complications such as multiple organ failure, where the risk of death is extremely high. CytoSorb® is also being used to control severe inflammation generated during complex open heart surgery.”

CytoSorb®, which is reported to have been used safely in more than 14,000 human treatments to date, is currently approved in the European Union, and is being distributed in 40 countries around the world. Through a series of high-profile partnerships and agreements, CytoSorbents recently increased the global reach of its life-saving technology. In September, the company entered into a strategic partnership with Terumo Cardiovascular Group, a global leader in medical devices for cardiac and vascular surgery and subsidiary of Japan-based Terumo Corporation, to commercialize CytoSorb® for cardiac surgery applications in six countries in Europe. Terumo joins the list of existing strategic partners which include Fresenius Medical Care, the world’s largest dialysis company, and Biocon, the largest biopharmaceutical company in India. Most recently, the company announced that it had signed an agreement with medical device distributor Foxx Medical Chile SpA to distribute CytoSorb® in Chile, marking the first entry of CytoSorb® into the Americas.

CytoSorbents is currently conducting clinical trials to seek approval from the United States Food and Drug Administration (FDA) for use of CytoSorb® in cardiac surgery. The company recently completed a 40-patient feasibility and safety study called REFRESH (REduction in FREe Hemoglobin) I, demonstrating that intra-operative use of CytoSorb® in high risk cardiac surgery patients was safe, and plans to begin a pivotal registration trial in early 2017, designed to support U.S. regulatory approval by 2019.

CytoSorbents assembles and conducts all quality assurance and quality control on the CytoSorb® cartridge at their facility in New Jersey. The company employs approximately 70 people, with roughly two-thirds located at the Monmouth Junction facility.

“CytoSorbents is another example of a New Jersey company positively impacting critical care on the global stage,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “Supporting these types of emerging businesses through all stages of growth remains at the core of the EDA’s mission.”

CytoSorbents has benefited significantly from EDA support. The company is a multi-year participant in the State’s Technology Business Tax Certificate Transfer (NOL) Program and was among 40 businesses recently approved to participate in this year’s program. 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.

Additionally, CytoSorbents was one of two dozen New Jersey companies to receive funding from the New Jersey Technology Council’s (NJTC) NJTC Fund 1, in which the EDA invested $7.15 million in a limited partnership investment. The EDA’s investment to the $70 million fund resulted in a public/private leverage multiplier of 51.76 times for the total $370 million of third party partner capital into New Jersey-based businesses. Earlier this month, the EDA announced approval for investment in Tech Council Ventures II, the NJTC’s newest venture fund.

Last week, NJBIZ announced that Bloch was named as NJBIZ Public Company CFO of the Year.

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

Why did CytoSorbents choose to locate in New Jersey?
We chose to move to New Jersey in 2001 to take advantage of available laboratory space and New Jersey’s excellent workforce. Being a research and development company, it was important to be able to attract top scientific talent and Monmouth Junction was ideal.

How does CytoSorbents benefit from State resources like the NOL Program?
The NOL program has provided CytoSorbents with more than $2 million in total funding during the past five years. This program has enabled us to turn our operating losses into cash, and that cash was critical to our growth initiatives.

What’s on the horizon for CytoSorbents?
We plan to continue growing our product sales in Europe and throughout the world, and expect to achieve operating profitability within approximately two years. Meanwhile, we plan to run our pivotal clinical trial here in the United States in cardiac surgery and, if successful, achieve FDA approval of CytoSorb® in the 2018 or 2019 timeframe, depending on the clinical path. We look forward to bringing the story to life here at home and helping to improve clinical outcomes in cardiac surgery and critical illnesses in the United States.

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.
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Investors and entrepreneurs at EDA's Founders & Funders event listen to presentations in preparation for one-on-one meetings.

TRENTON (October 26, 2016) – The New Jersey Economic Development Authority (EDA) today provided more than two dozen emerging technology and life sciences companies the opportunity to meet with angel and venture capital investors as it hosted its sixth New Jersey Founders & Funders event.

Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, New Jersey Founders & Funders enables early-stage New Jersey businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities. To date, New Jersey Founders & Funders has provided more than 175 entrepreneurs with opportunities to meet with investors on a variety of topics and gain critical insight on how best to position their startups within the Garden State’s vibrant technology ecosystem.

“New Jersey Founders & Funders offers the dual benefit of connecting entrepreneurs one-on-one with investors while, giving the investors a chance to see the types of budding companies that are born out of the State’s innovation community,” EDA Chief Executive Officer Melissa Orsen said.

Today’s event featured 18 participating venture and angel investors from around the region, including Newark Venture Partners, Edison Partners and Tech Council Ventures.

Investors met with technology and biotechnology companies representing a variety of sectors. The following were among the 26 companies that participated in today’s event:

Invessence in Morris County provides digital wealth management technology (including robo advisory services) to global asset managers, broker-dealers, and advisors, simplifying the investing process;

Middlesex County-based Visikol, develops a versatile biological clearing agent that penetrates tissue and renders it transparent for optical analysis. Visikol is a CCIT tenant;

Impactivate in Atlantic County is an information technology company that maintains and operates the one-hundred digital displays along the Atlantic City Boardwalk, informing visitors of upcoming events and providing advertisers access to millions of Boardwalk visitors via full motion video and sound.

The EDA hosts New Jersey Founders & Funders events semi-annually. The next event is scheduled for the spring of 2017 and registration can be accessed via https://application.njeda.com/tls/.

To stimulate growth of New Jersey’s innovation economy and drive commercialization of pioneering technology within the state, the EDA offers a continuum of assistance specifically designed to help technology and biotechnology companies at every stage of growth. From networking and mentoring opportunities, such as New Jersey Founders and Funders, to financial assistance such as loans and tax credits, hundreds of entrepreneurs, emerging businesses and established companies benefit from EDA support each year. Examples of this support include the New Jersey Angel Investor Tax Credit Program, the State’s Technology Business Tax Certificate Transfer (NOL) Program and resources available through CCIT.

The event also gave participants the chance to visit CCIT, New Jersey’s only life sciences incubator. Home to nearly two dozen businesses, CCIT is ideal for emerging companies looking to grow in the Garden State. The 46,000-square-foot CCIT has 27 wet labs and offers tenants access to offices, conference rooms, a supportive staff and a variety of additional resources. The incubator is located within the Technology Centre of New Jersey, a 75-acre research park that houses such companies as Chromocell and Orthobond (both of which are CCIT graduates), Allergan, and Merial. Companies interested in touring CCIT should visit www.njeda.gov/CCIT or contact Lenzie Harcum at lharcum@njeda.com.

The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Chris Christie and led by Lt. Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

To learn about the various programs available to support the technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

To learn about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call 1-866-534-7789.

Fusar Co-Founder Ryan Shearman credits the State's technology ecosystem with helping to build his company.

TRENTON (October 20, 2016) – Linking his enthusiasm for motorcycle riding with a desire to ensure the safety of fellow riders, New Jersey entrepreneur Ryan Shearman co-founded Fusar Technologies in 2013. Fusar develops technology that can turn regular helmets into smart helmets for cyclists, motorcyclists, skaters, skiers and snowboarders to use during their adventures.

Fusar describes its Universal Smart Helmet System as “an action camera, communication system, navigation unit, black box and emergency response system all wrapped into one.” 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 HD video with a push of a button during their adventures and share them through social or traditional media via the FUSAR app, which is now available on both iOS and Android. The technology also allows up to 12 people to chat via Bluetooth, no matter how far apart they are.

This summer, Fusar gained national exposure when it appeared on CNBC’s series premiere of “Adventure Capitalists,” in which adventure-related companies seek funding in a “Shark Tank” style show. Shearman, who is also Fusar’s Chief Executive Officer (CEO), made sure that the show promoted the fact that the company hailed from New Jersey.

“The New Jersey technology community has been part of our narrative since day one,” Shearman told @NJEDATech. “We wouldn’t be where we are today without the ample support from so many facets of the state’s technology sector.”

Fusar has benefited from multiple resources available to New Jersey’s emerging technology innovators through the State and other organizations invested in the industry’s success.

“New Jersey’s innovation ecosystem is built on the backs of those entrepreneurs who combine a personal passion with a desire to fill a gap in the marketplace,” New Jersey Economic Development Authority (EDA) CEO Melissa Orsen said. “In less than three years, Jersey City-based Fusar has grown into a company that exemplifies how small businesses can leverage public and private resources to grow and thrive in the Garden State.”

The company is one of 40 businesses that the EDA approved to share $35 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2017. 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.

Fusar also participated in a New Jersey Founders & Funders event in 2014. Held at the EDA’s Commercialization Center for Innovative Technologies in North Brunswick, the event enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.

Fusar is also a graduate of the TechLaunch accelerator’s third cohort. An added avenue for emerging technology companies as they grow, accelerators like TechLaunch can provide early-stage technology companies with capital, mentorship, business training, key services and exposure to qualified investors, which will increase their value as an enterprise and the likelihood of follow-on funding.

Additionally, the team’s first two rounds of funding were led by JumpStart New Jersey Angel Network, an active group of investors in early-stage technology ventures in the region and frequent New Jersey Founders & Funders participant. The EDA provided seed capital for both TechLaunch and JumpStart.

@NJEDATech spoke with Shearman about Fusar’s experience in New Jersey and its plans for the future:

Why did you choose to grow Fusar in New Jersey?
My co-founders and I all grew up in Bergen County, so the obvious choice for us was to make a go at starting a company here in our home state. When we learned about all of the great programs New Jersey has in place to help foster innovation, it made so much sense to us to stay on this side of the river instead of building our company in New York City.

What was the best piece of advice you received at NJ Founders and Funders?
We attended the New Jersey Founders & Funders event when we were still very young and hadn’t solidified our go-to-market strategy. One of the best takeaways from that day was that it was ok that our plan was still in flux and that we didn’t need to have answers for every single question at that early stage. It’s better to tell an investor that you don’t have all of the answers, as long as you know where to find them and can demonstrate that successfully.

What do you consider your company’s biggest success to date?
Shipping product. I’ve commercialized over one hundred consumer products for other companies during my career, but I will never forget the day that my co-founder and I dropped off our first batch of hardware products at the post office. We only shipped out a few dozen units that day, but it was the culmination of over two years of hard work, determination, and a lot of ramen noodles.

What’s on the horizon for Fusar?
We’re gearing up to put the FUSAR Camera in production, while at the same time trying to handle increasing demand from distributors and retailers both here in the U.S. and abroad. More and more people are learning about our products on a daily basis, which is fundamentally great, but that also brings new challenges. We’re going to have to raise our Series A financing in the not-so-distant future in order to support continued growth right here in the Garden 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.

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