CEO to Highlight New Jersey Support at BIO Convention Next Week

TRENTON (June 11, 2015) – Bergen Medical Products is the epitome of an emerging biotechnology company that successfully leverages State resources to sustain and strengthen its position in the marketplace. 
The Cedar Knolls-based business, which creates products to reduce post-surgical complications, attracted more than $400,000 last year from investors who benefitted from the State’s Angel Investor Tax Credit Program.  Administered by the New Jersey Economic Development Authority (EDA), the program provides tax credits of 10 percent of a qualified investment in an emerging technology business that conducts research, manufacturing, or technology commercialization in the state. 

Bergen Medical Products has also attracted other investors, including Golden Seeds, which led the company’s recent $1.825 million Preferred Series A financing.  The Jumpstart NJ Angel Network, a member–led angel investor group, syndicated the investment.  The EDA was one of Jumpstart’s founding members.  Another investor, John Bailye, serves as Chairman of the Bergen Medical Products’ Board.  Bailye is a globally accomplished entrepreneur, responsible for developing and growing two New Jersey companies through to exit.

Bergen Medical Products, Golden Seeds and Jumpstart have all participated in the EDA’s Founders and Funders events.  Held semi-annually at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, Founders and Funders directly connects entrepreneurs and start-up companies with angel and venture capital investors, offering one-on-one sessions to discuss strategy, business models and funding opportunities.

Bergen Medical Products CEO Robert Laudadio is one of four panelists participating in the State’s “Partnering with New Jersey” panel discussion at the BIO International Convention on Tuesday, June 16 at 11:00 a.m. in Philadelphia.  During the discussion, audience members will hear how the State supports technology companies at all stages, helping them start, grow and thrive.

@NJEDATech spoke with Laudadio about his company’s experience in New Jersey and its plans for the future:

What does funding provided through the Angel Investor Tax Credit Program mean to Bergen Medical Products?
The Angel Investor Tax Credit Program had a positive impact on Bergen Medical Products when attracting angel investors. Our investors viewed it as way to see value immediately. They also saw it as a good indicator of the commitment New Jersey EDA is making to medical device companies like Bergen Medical Products. We proactively assisted our investors with information from the EDA to make their application submission process easier.
 
Why did you choose to grow your company in New Jersey?
As someone who has over 20 years of experience working for medical device and pharmaceutical companies and lives in New Jersey, starting Bergen Medical Products in New Jersey was an easy choice.  We investigated other locations, but New Jersey consistently returned the highest value for readiness and talent for employees, centralization to transportation and logistics, as well as the specialized supplier network that has been optimized for serving New Jersey’s current large base of medical device, biomed and pharmaceutical companies.  
 
Can you talk about your experience with the Founders and Funders program?
The Founders and Funders event was a great experience; we had an opportunity to meet a many potential investors whose interests ranged from angel to post-commercialization investment. The “speed-dating” concept really helped maximize the number of meetings and keep both Founders and Funders focused on the key drivers, which clearly helped many get those so-hard-to get second dates.
 
What is Bergen Medical Products’ biggest success to date?
The successful approval of our patents was a big milestone, which validated years of work and research on our products. We are currently transitioning from our research and design phase to an engineering phase, in preparation for our FDA submission and commercialization.
 
What’s in store for your company in the near future?
Product launch! Bergen Medical is focused on executing all of the activities needed for FDA clearance and for our product launch.
 
For more information about resources available to New Jersey’s life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Company Will Tout Benefits of its New Jersey Location at the BIO International Convention

TRENTON (June 5, 2015) – Since arriving at the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick  just over a year ago, Aucta Pharmaceuticals has built a name for itself within New Jersey’s life sciences community.  The company has already secured multiple sources of funding and its co-founder and Chief Executive Officer Dr. Shoufeng Li is highly regarded within the industry.

The new drug product development company concentrates on novel and niche generic product development.  In addition, Aucta Pharmaceutical offers proprietary technology focusing on poor water soluble compounds, controlled release dosage forms and compliance enhancing formulations.

Aucta is the archetype of a New Jersey biotechnology company that has benefitted from a variety of State resources.  As a CCIT tenant, it has access to affordable lab and office space in the heart of New Jersey’s Route 1 research and development corridor between Rutgers and Princeton universities.  Last June, the company participated in CCIT’s inaugural Founders and Funders event.  Held semi-annually at the life sciences incubator, Founders and Funders provides entrepreneurs and start-up companies with direct access to angel and venture capital investors.  In addition, Aucta has gained invaluable insight from CCIT’s Executives-in-Residence mentoring and advising program and from the other educational and networking events offered by the incubator.

The company has also taken advantage of New Jersey Angel Investor Tax Credit Program.  Since its inception in 2013, more than 200 investments have been made through the program, representing an infusion of more than $74 million into New Jersey companies.  The program provides tax credits of 10 percent of a qualified investment in an emerging New Jersey technology business that conducts research, manufacturing, or technology commercialization in the state. 

Given the breadth of State resources Aucta has tapped into to support its growth, Chief Executive Officer Dr. Shoufeng Li will be one of four panelists participating in the State’s “Partnering with New Jersey” discussion at the BIO International Convention in Philadelphia on June 16.  The panel will highlight the array of programs and resources available to help New Jersey technology and biotechnology companies start, grow, and thrive.  More information about the BIO International Convention can be found at http://convention.bio.org.

@NJEDATech spoke to Dr. Li about his experience growing his company in New Jersey and Aucta Pharmaceutical’s plans for the future:

What does funding provided through the Angel Investor Tax Credit mean to Aucta Pharmaceuticals?
As an early stage startup, funding from the Angel Investor Tax Credit program helps us to achieve critical business deliverables.  Early funding for startup companies is very difficult to get, and this program helps us to make that money work harder for us.

How has Aucta Pharmaceuticals benefitted from locating its business at CCIT?
We have enjoyed the friendly help from EDA staff.  The Founders and Funders event was quite helpful for Aucta, as is the Executive-in-Residence program.  We love the opportunity the program provided for us to access a broad array of high quality talents.  The access and education on state wide funding opportunities are also quite useful.  

Why did you choose to grow your company in New Jersey?
I graduated from Rutgers with a PhD in Pharmaceutics in 1999.  I have been living in New Jersey for close to 20 years; New Jersey is my home so it was the natural choice for me to locate Aucta here in my home state.

What is Aucta Pharmaceutical’s biggest success to date?
In addition to partnering with pharmaceutical companies and raising VC funding, in a relatively short period of time, Aucta has developed itself into an R&D product development company with tangible assets. 

What’s in store for your company in the near future?
We are in discussion with a few generic and specialty pharmaceutical firms about our pipeline products and we are hoping to work together with them on some of these exciting opportunities.  We believe that these collaborations will be good for them, good for us, and good for the patients.

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

Life science startup companies interested in finding out more about CCIT should visit https://www.njeda.gov/ccit and contact Anne-Marie Maman at amaman@njeda.com or at CCIT’s main phone number (732) 839-1880.

The New Jersey Economic Development Authority's next public Board Meeting will take place at 10:00 a.m. on Tuesday, June 9, 2015  at the Waterfront Technology Center of Camden, 200 Federal Street, Camden, NJ. A copy of the proposed agenda can be found prior to the meeting at https://www.njeda.gov/eda_board_information/agenda. Following the Board Meeting, minutes and the full agenda will also be available at https://www.njeda.gov/eda_board_information/agenda.

The New Jersey Economic Development Authority (EDA) recently unveiled its inaugural Executive in Residence group.  These highly-qualified life sciences executives will mentor and advise emerging technology companies at the Commercialization Center for Innovative Technologies (CCIT), the EDA’s life sciences incubator.  The Executive-in-Residence program was created in collaboration with BioNJ.  

CCIT Executive-in-Residence Jean Merrill of Morristown is an internationally recognized leader, innovator and strategically-focused research and development (R&D) executive with a record of professional accomplishments in industry and academia.
 
Citing her extensive work in the biotechnology and pharmaceutical industries, the organization Mass High Tech named Jean to its 2012 list of Women to Watch in Science and Technology.  Jean’s career spans 35 years and two continents.  She’s worked on everything from basic research to drug development, from idea inception to the clinic.  Jean started her research career in academia studying the cause and treatment of Multiple Sclerosis [MS] as a professor in the Department of Neurology at UCLA School of Medicine.  In 1995, after 17 years in academia, Jean was recruited to Berlex Biosciences in the Bay area and then to Hoechst Marion Roussel (later sanofi aventis), bringing her to Bridgewater, New Jersey.  As US Head of Neurology and MS research at sanofi aventis, Jean was responsible for strategy and implementation of a neuroimmunology and regenerative medicine portfolio and management of global MS research activities of a multinational group.  She was part of the sanofi aventis team that achieved FDA approval for Aubagio, one of the first two orally-available drugs for the treatment of MS. She is considered an early innovator in the field of neuroimmunology. Most recently, Jean was the VP and Global Head of neuroimmunology at Merck Serono, where her work was focused in the area of inflammatory diseases of the nervous system.

As Executive-in-Residence – Tactical and Strategic Business Models, Jean is helping CCIT tenants set up their business plans.   Having experienced the rigors of both applying for R&D funds and being the source of such funding, Jean is using this experience to also assist CCIT companies in choosing good funding targets, preparing funding applications, and helping them present themselves and their technologies and products to various funding sources.

In addition to mentoring tenants at CCIT, Jean volunteers her time imparting knowledge on New Jersey’s greater life sciences community:  In April, Jean gave a lecture entitled “Use of Animal Models for an Integrated Multiple Sclerosis Treatment Strategy" to graduate students at Rutgers University, and she also has mentored entrepreneurs through Launch NJ’s Life Sciences Meetups.

Jean received an MBA in marketing and finance from UCLA Anderson School of Management and a PhD in Microbiology and Immunology from UCLA School of Medicine.

Why did you choose to apply to the Executive-in-Residence program?
I chose to look into the Executive-in-Residence program because it was recommended to me by a colleague, Dr. Sam Kongsamut, who had positive experiences working with CCIT. I was impressed with the effort being made at CCIT to help young companies get funding and establish a foothold in the business world with their entrepreneurial activities. My work while at Merck Serono with funding entrepreneurs through the National Multiple Sclerosis Society program called Fast Forward was a very rewarding experience and made for a good fit with the E-I-R goals. I wanted to continue along that path in my retirement by volunteering my expertise. I felt working with the EDA and CCIT, I could give back to an area of science that provides the seeds of future drugs and technologies.

What do you hope to get out of this Executive-in-Residence program?  
I hope to help companies reach their goals, from making informal and formal presentations for funding to their success in obtaining the funding.

What’s the best piece of advice you’ve heard over the years that you hope to impart on these emerging life sciences companies?
There's an old Navajo proverb that describes the struggle between the river and the rock. In this struggle, the river always wins, not through strength but through perseverance. Many of these companies have commercially viable agents and technologies. They must not give up in the effort to move them forward.

What is the next challenge you want to undertake in your career?
I am developing a drug discovery course for biology, chemistry, biochemistry, and engineering students at my undergraduate alma mater, Smith College, during their Independent Studies period. The goal is to stimulate them through hands on studies, research, and teamwork to build interest in developing medicines and treatment technologies so that they might consider jobs in the biotechnology and pharmaceutical sector.

To learn more about CCIT’s Executive-in-Residence program, please visit https://www.njeda.gov/eir and follow @NJEDATech on Twitter and LinkedIn.

A Camden Economic Recovery Board Meeting will take place at 1:00 p.m. on Friday, May 29, 2015  at the Waterfront Technology Center, 200 Federal Street, Camden, NJ 08102. A copy of the proposed agenda can be found prior to the meeting at https://www.njeda.gov/public_information/erb/agenda. Following the Board Meeting, minutes will be available at https://www.njeda.gov/public_information/erb/minutes.

TRENTON (May 29, 2015) – Angel Medical Systems in Shrewsbury realizes that many people do not recognize the symptoms of heart attacks or do not take the warning signs seriously enough.  The growing technology company also knows that every minute counts when dealing with a heart attack.  With these factors in mind, Angel Medical Systems developed an implantable device that monitors an individual’s heart, alerting to changes often seen before, or at the onset of, a heart attack.  The company’s signature product, AngelMed Guardian® System, is designed to identify changes in the heart rhythm, alert patients to seek medical attention and store electrocardiogram (ECG) traces for later analysis. 

“The device monitors your heart's electrical signal 24 hours a day, 7 days a week looking for changes that may indicate that your heart is not getting enough oxygen and that you might soon experience a heart attack,” Angel Medical Systems President and Chief Financial Officer Andrew Taylor explained.  “The system may potentially detect heart attacks in high-risk patients who have no symptoms or have symptoms that are not typical.”

While the AngelMed Guardian® System is commercially available in Brazil and is CE Marked in Europe, it recently completed its pivotal clinical study and is currently under final FDA review in the United States. 

Angel Medical System was one of 44 companies approved to share a total of $54 million in funding in Fiscal Year 2015 through the state’s Technology Business Tax Certificate Transfer (NOL) Program.  The program allows qualified technology and biotechnology companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations to raise cash to finance their growth and operations.  Up to $60 million dollars is available annually for the selected companies to share.  Applications for the state’s Fiscal Year 2016 allocation are currently being accepted and can be found at https://www.njeda.gov/nol.  The deadline to apply is June 30, 2015.  

Angel Medical Systems will also participate in the State’s “Partnering with New Jersey” panel discussion at the BIO International Convention on Tuesday, June 16 at 11:00 a.m. in Philadelphia.  During the discussion, audience members will hear how the State supports technology companies at all stages, helping them start, grow and thrive. The discussion will highlight the array of programs and resources available to the industry, including the NOL and Angel Investor Tax Credit programs.

@NJEDATech spoke with Angel Medical Systems President and Chief Financial Officer Andrew Taylor about the company’s experience in New Jersey and what’s on the horizon:

How has Angel Medical Systems benefited from funding it received through the NOL program?
NOL funding we have received in the past six years has positively and materially affected our Research & Development (R&D) programs and innovation in the state, and has afforded us the opportunity to create jobs and increase our workforce.

Why did you choose to grow the company in New Jersey?
Growing our company in New Jersey has allowed us to employ workers with an expertise in software development and life sciences. 

What is Angel Medical System’s biggest success to date?
We have developed the breakthrough medical device AngelMed Guardian® System for those at high-risk for heart attacks.  We have now completed clinical studies and are under final FDA review.

What’s in store for your company in the near future?
We hope to have FDA approval for the AngelMed Guardian® System within the next year, at which point we will commercialize our product in the U.S. and around the world.  We also plan to continue our R&D efforts for a next-generation heart attack detector and early warning device.

To learn about programs and initiatives to support the technology industry, including the state’s NOL Program, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

A special New Jersey Economic Development Authority Board Meeting will take place at 10:00 a.m. on Friday, May 29, 2015  at 36 West State St., Trenton, NJ 08625. A copy of the proposed agenda can be found prior to the meeting at https://www.njeda.gov/eda_board_information/agenda. Following the Board Meeting, minutes and the full agenda will also be available at https://www.njeda.gov/eda_board_information/agenda.

Kamat Pharmatech employees working to development and manufacturing of novel injectable products and processes. From the viewer's left to the right: Amit Sen (Pharmaceutical Development Technician), Shridhar Kamat (Pharmaceutical Development Associate), Vikram Katragadda (Associate Director).

TRENTON (May 21, 2015) – As part of its ongoing commitment to support New Jersey’s technology and life sciences industry, the New Jersey Economic Development Authority hosted the latest in a series of Lunch & Learn discussions at its Commercialization Center for Innovative Technologies (CCIT) last week.  

Tim O’Rourke and Gina De Tata of the accounting and advising firm EisnerAmper LLP moderated the program – “Choosing a Corporate Entity and Saving Taxes.” The discussion focused on questions facing New Jersey’s emerging technology companies, including: What type of entity should I establish?  What are the benefits and drawbacks to alternatives such as LLCs and C Corporations?  How does my entity structure impact my company’s (and my personal) taxes?  

When the topic of how to sell research and development credits came up, conversation turned to the state’s Technology Business Tax Certificate Transfer (NOL) Program.  The program allows qualified technology and biotechnology companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations to raise cash to finance their growth and operations.  In Fiscal Year 2015, 44 companies, including CCIT graduate Advaxis Immunotherapies, received an average of $1.2 million through the program, which is currently accepting applications for the state’s Fiscal Year 2016 allocation.  

CCIT tenant company Kamat Pharmatech LLC attended the Lunch & Learn; the technology-based pharmaceutical company specializes in the development, manufacturing, and approval of novel injectable products and processes, with a particular focus on biologics and oncology.

Shridhar Kamat, a pharmaceutical development associate at Kamat Pharmatech and son of the company’s Founder and CEO Madhav Kamat, explained to @NJEDATech what he gained from the session.

"I was introduced to the different business entity types and learned how the corporate structure determines the business' tax footprint,” he said. “The concepts we discussed were complicated relative to my personal involvement in business administration/operation, but with the introduction I gained at the Lunch & Learn, I feel comfortable being able to explore the topic on my own and feel confident with my ability to be conversant with the topic if /when we consider a corporate restructuring down the road."  

Since arriving at CCIT in 2013, Kamat Pharmatech has outgrown its space and plans to rent an additional lab, doubling the size of its footprint to 2,000 square feet at the North Brunswick-based facility.  Over the past two years, Kamat Pharmatech has taken advantage of many of the resources available to CCIT tenants.  The life sciences incubator offers affordable lab and office space, as well as help identifying funding sources, access to small business development resources, and a newly-implemented Executive-in-Residence program through which highly qualified life sciences professionals advise and mentor tenants.  Executive-in-Residence Dana Darst has a background in oncology and has been talking about strategic options with Kamat.

@NJEDATech also spoke with Shridhar Kamat about the company’s experience at CCIT and its plans for the future:

What have you found most helpful during your time at CCIT?
Establishing ourselves at CCIT has been one of our best business decisions. We have benefited greatly from the well-recognized name and have observed that broadcasting ourselves as part of CCIT’s umbrella establishes an immediate sense of familiarity and reputation with our clients. Among the many things CCIT has to offer, the most helpful has been the availability of all the amenities. Not only do we have state-of-the-art laboratories, we also have access to well-equipped conference rooms, friendly administrative staff, scientific resources such as autoclave and other analytical instruments. Furthermore, we particularly appreciate that constant efforts made by CCIT to connect my company with organizations and resources that can help grow our business.

What is Kamat Pharmatech’s biggest success to date?
Our biggest success to date has been that we have proven our business model. We have leveraged our expertise and experience in the field to successfully provide R&D services to our clients and are confident to continue doing so in the future.   

What’s on the horizon for Kamat Pharmatech?
We will be exhibiting at BIO 2015 in Philadelphia, Pennsylvania and we hope to market ourselves competitively at this venue to generate more business for the months ahead. With our recent expansion into a second lab at CCIT, we plan on hiring additional scientists and are looking to grow our laboratory capabilities with some investments in new instruments and technologies.

For more information about the resources that CCIT offers, visit https://www.njeda.gov/ccit and follow @NJEDATech on Twitter and LinkedIn.  

Life science startup companies interested in finding out more about CCIT should contact Anne-Marie Maman at amaman@njeda.com or at CCIT’s main phone number (732) 839-1880.

The Camden ERB Meeting originally scheduled for Thursday, May 21, 2015 has been postponed to a future date, to be determined.