TRENTON (April 23, 2015) – Tapping into the State’s broad pool of talented life sciences professionals, the New Jersey Economic Development Authority (EDA) today announced the appointment of the inaugural group of six highly-qualified professionals to its Executive-in-Residence program.  Developed in collaboration with BioNJ, these professionals will mentor and advise the emerging growth companies located at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. 

The selected Executives, who have high level business experience and skills in life sciences, will mentor and coach CCIT’s promising companies through weekly office hours. CCIT tenants will also be able to seek advice on non-scientific business topics from the Executives as they grow their companies.  Additionally, the Executives will offer lectures on topics of interest and relevance.

“With more than 175 years of combined experience between them, these highly qualified Executives-in-Residence will provide invaluable guidance to the emerging companies at CCIT,” EDA Chief Executive Officer Melissa Orsen said.  “The areas of expertise represented in this particular group of Executives run the gamut from commercialization to financial planning, all critical skills as companies look to grow and thrive in New Jersey.”

CCIT’s first group of Executives-in-Residence includes Jean E. Merrill, PhD, of Morristown; Joseph DePinto of Skillman; Catherine Abbadie, PhD, of Princeton; Dana Darst, MSJ, of Pennington; Paul Jeffrey of Ortley Beach; and Neil R. Milano of Montclair.  A summary of the Executives-in-Residence biographies is included below and photos of each are available upon request.

Designed for life sciences executives in transition, the Executive-in-Residence program offers many benefits to those individuals participating, including: an office suite at CCIT; the title of Executive-in-Residence; exposure on the EDA’s website; and, access to multiple technology networks in the state, including BioNJ. 

The application process is highly competitive, and rolling, with appointments of new Executives made on a quarterly basis.  To be eligible, Executives must be full-time residents of New Jersey with legal working status in the United States.  Qualified individuals must also be willing to work at CCIT at least one day a week to advise and mentor tenants. More information about the program, including eligibility, can be found at www.njeda.gov/EIR.

The Executive-in-Residence Program is the latest in a series of programs based at CCIT designed to connect emerging life sciences companies with local resources.  Last month, CCIT hosted the EDA’s third “Founders and Funders” event, which provides entrepreneurs and start-up companies with access to angel and venture capital investors.

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

Catherine Abbadie of Princeton (Executive–in-Residence – Business Development, Strategic Alliances and Partnering) brings a wealth of experience in strategic alliances to the Executive-in-Residence position.  She has vast knowledge of initiating, negotiating and managing partnerships with academia, biotech, pharmaceutical and medical device companies.  Among her prior positions, she was a Director in the R&D Alliances group at Alcon, a division of Novartis.  Abbadie was an integral member of the Licensing/Business Development teams, where she led project evaluation, due diligence, deal parameters, and negotiation processes for pharmaceuticals and medical devices.  She identified, negotiated and closed deals, which brought innovative products and development opportunities to the Alcon/Novartis portfolio. She also led alliance management responsibilities with contract research organizations, pharma and medical device companies and universities.  Abbadie holds a PhD in Neuropharmacology from René Descartes University (Paris, France) and was a Research Fellow at the University of California in San Francisco and the Sloan Kettering Cancer Center in New York.

Dana Darst of Pennington (Executive-in-Residence – Licensing, Commercial Operations and Strategic Planning) has extensive experience leading partnership development and contracting with companies in the health and life sciences industry.  His career, in both large and small Life Sciences companies, has largely been about creating partnerships that drive healthcare innovation.  Additionally, he has strong experience in negotiating and managing complex agreements and contracts.  He has held executive-level business development positions with several early-stage start-up companies, including Navigating Cancer and Theranos.  He also has deep experience in business-to-business contracting, in managed care markets, pharma services markets and in large hospital systems. Additionally, he has experience in both corporate compliance and regulatory work for life sciences.  Darst has a dual MS degree in Jurisprudence, with joint concentrations in Health Law and Intellectual Property Law, from Seton Hall Law School.

Joseph DePinto of Skillman (Executive-in-Residence – Commercialization) has spent more than 25 years working in oncology at both big pharma and small biotech companies.  As a strategic-thinking executive, he has an exemplary record of leading strategy, business development, global commercialization and investor relations for both large and small companies.  He has led strategic initiatives in both disease areas and in drug development.  He has held executive board level positions in several companies, and is considered a strong strategic-thinking executive.  DePinto’s core leadership competencies include leading all aspects of strategy, drug development, investor relations, and commercialization.  He has been responsible for multiple global launches. Prior to accepting the Executive in Residence role, DePinto was the Executive Vice-President, Chief Commercial Officer at Sunesis Pharmaceuticals, the EVP Global Commercial Operations at Dendreon, and the VP Global Commercial Operations at ImClone.  He also spent 15 years at Johnson & Johnson in various commercial roles.  DePinto's education includes a BS in Marketing and an MBA in Pharmaceutical Chemical Studies Fairleigh Dickinson University.

Paul Jeffrey of Ortley Beach (Executive-in-Residence – Valuation and Business Planning) is a business advisor and consultant with over 30 years of pharmaceutical development experience.  Jeffrey uses his talent and broad knowledge of pharmaceutical development and deal making to assist small biotech companies in maximizing their value to potential partners.  Prior to consulting, Jeffrey was with Pfizer for more than 25 years, most recently as Vice President of Early Commercial Development for all prescription products in their Primary Care Business Unit.  During his tenure at Pfizer, Jeffrey held many roles in the company, including product development, marketing and new business strategy.  He was the Global Marketing Lead for the cardiovascular and metabolic/diabetes products including Lipitor, Caduet and Eliquis.  Jeffrey has led many cross-functional teams across diverse disease areas including infectious disease, HIV, oncology and neuroscience.  Jeffrey has a BS from Carnegie Mellon, an MS in organic chemistry from the Massachusetts Institute of Technology and an MBA from New York University. 

Jean Merrill of Morristown (Executive-in-Residence – Tactical and Strategic Business Models) 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.  With more than 35 year of experience, Merrill’s expertise spans from basic research to drug development, from idea inception to the clinic.  Most recently, Merrill was the VP and Global Head of Neuroimmunology at Merck Serono.  Her career includes work in the area of inflammatory diseases of the nervous system; she was an early innovator in the field of Neuroimmunology.  As US Head of Neurology and Multiple Sclerosis [MS] research at Sanofi aventis, Merrill was responsible for strategy and implementation of a neuroimmunology and regenerative medicine portfolio, management of CNS division’s administrative activities in the US, and management of global MS research activities of a multinational group. Merrill received an MBA and a PhD in Microbiology and Immunology from UCLA.

Neil R. Milano of Montclair, (Executive in Residence – CFO) has more than 30 years of financial and operational experience, including the last 15 years with start-up company management teams.  As the Chief Financial Officer for Nautilus Neurosciences, Inc., Milano launched Cambia®, an FDA approved product for migraine headaches. While he was with them, he grew the company from two to 65 employees.  In his career, he has been recruited by private equity groups Tailwind Capital and Warburg Pincus, to be the CFO of many of their portfolio companies both in the US and in Brazil.  Milano was also an Operating Executive at Tailwind Capital and has deep operational experience, having been responsible for building out commercial operations, managing sales operations, and overseeing trade and sales analytics. He also has deep corporate financial experience, including leading companies through an Initial Public Offering (IPO), raising growth capital, managing preferred equity deals and debt financings, and being brought in to lead a company through Chapter 11 filings and restructurings. Milano received both a BS and an MBA from Fairleigh Dickinson University.

OCEANPORT (April 16, 2015) – The Fort Monmouth Economic Revitalization Authority (FMERA), the agency charged with advancing the redevelopment of the former Fort Monmouth, today launched a new and improved, more user-friendly website to better showcase the broad array of redevelopment opportunities available at the Fort and strengthen communication with stakeholders.

“In a digital age in which consumers go online to view merchandise before they purchase it, www.FortMonmouthNJ.com is an essential avenue to highlight the multitude of assets that make Fort Monmouth attractive to investors and developers and an ideal location to live, learn, work and play,” FMERA Executive Director Bruce Steadman said.  “Along with our new logo and tagline – ‘Discover – Innovate – Transform’ – the new site captures both the history and future potential that Fort Monmouth represents.”

The website includes enhanced accessibility for developers and other stakeholders, including the ability to browse available properties on the Fort, get detailed information about those properties, and view current and closed Requests for Offers to Purchase. Users can also access information about agencies such as the New Jersey Economic Development Authority and the New Jersey Business Action Center, both of which provide assistance to businesses in the Garden State.  The website gives stakeholders quick access to other resources, including the Fort Monmouth Reuse and Redevelopment Plan, Board agendas and minutes, and FMERA newsletters.

The new website also invites users to learn about Fort Monmouth’s deep history of innovation, including the launch of the first radio-equipped meteorological balloon and the development of aircraft detection radar. 

“Building upon that rich history, FMERA hopes to bring a technology cluster to the region in the coming years,” Steadman said, noting that technology-giant CommVault has already constructed an approximately 275,000-square-foot facility to serve as its worldwide corporate headquarters at the Fort.  At full build-out, the company anticipates up to 650,000 square feet of new high-tech office/research space in one or more buildings on the site.

In August 2010, Governor Chris Christie signed into law the "Fort Monmouth Economic Revitalization Authority Act,” creating FMERA and charging it with advancing the Reuse and Redevelopment Plan authored by FMERA’s predecessor agency, the Fort Monmouth Economic Revitalization Planning Authority. 

To explore the new website and learn more about FMERA, visit http://www.FortMonmouthNJ.com.

Businesses of All Sizes Approved for Assistance

TRENTON, N.J. (April 14, 2015) –The Board of the New Jersey Economic Development Authority (EDA) today took action on several projects that would help to further boost the momentum of redevelopment  in New Jersey cities.

“The assistance approved at today’s meeting illustrates the breadth of programs EDA offers to support the revitalization of our cities,” said EDA CEO Melissa Orsen.   “From small business loans to tax credits, this assistance is helping to breathe new life into our cities by generating new employment opportunities and growing the local tax base.”  

In Newark, residential Economic Redevelopment and Growth (ERG) grants were approved for two projects that will improve and add to existing housing options in the city.  Carrino Plaza Apartments, LLC was approved to support the development of a 60-unit residential building on Broadway that will also include retail and a community room for tenants. Lincoln Towers Urban Renewal, L.P. expects to renovate a property on Court Street into a residential complex featuring 208 one-bedroom units. Also in Newark, Community Asset Preservation Corporation (CAPC) was approved for an EDA loan to help the non-profit organization purchase the Halsey Street building it had previously leased.  

An EDA loan was approved for Cooperative Business Assistance Corporation (CBAC), a Camden-based microlender that provides financial and technical assistance to businesses in New Jersey’s six southern counties.  In the past five years, CBAC has made 382 loans which have created and retained more than 2,750 jobs; 61-percent of these loans have gone to support minority-owned businesses. The Camden Coalition of Healthcare Providers (CCHP), a non-profit dedicated to improving the quality and accessibility of healthcare in Camden, was approved for a Business Lease Incentive Grant to support its continued operations in the City.

Also in Camden, Volunteers of America Delaware Valley, Inc. (VOADV) was approved for tax credits under the Grow New Jersey Assistance program to encourage the not-for-profit human service organization to consolidate administrative offices into one facility in Camden rather than a location in Pennsylvania. VOADV would expand its presence in Camden, bringing 65 new jobs to the City.

Brown Brothers Harriman & Co., the oldest and largest privately held bank in the United States, is exploring the possibility of maintaining and expanding its current Jersey City location or relocating to existing facilities in New York, Boston, or Poland.  If the New Jersey location is chosen, the company would create over 100 new jobs and retain 435 jobs.  New York Life is also considering an expansion of its operations in New Jersey, which would involve the creation of 300 new jobs in Jersey City, as well as the retention of 325 employees that are at risk of being relocated to a New York location.

Grow NJ tax credits were also approved to encourage LMT Mercer Group to construct a 90,000-square-foot manufacturing facility in Trenton to accommodate its growth.  The company, which manufactures accessories for the fence, deck and railing industries, would create 60 new jobs and retain 88 New Jersey jobs that are at risk of being relocated to a manufacturing facility in Ohio.

Applications submitted to the legislatively-created Grow NJ and ERG programs are evaluated to determine eligibility as defined within the New Jersey Economic Opportunity Act.  As performance-based programs, approved projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive the approved benefits.  In addition to satisfying statutorily-established job and capital investment requirements, applications undergo a material factor review to verify that the tax credits are material to the project advancing in New Jersey.  Applications are also subject to a net benefit analysis to verify that the anticipated revenue resulting from the proposed project will be greater than the incentive amount. 

The EDA is part of the State’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership 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 more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

Building to be Cornerstone of HHG’s Roebling Complex Redevelopment

TRENTON, N.J. (March 12, 2015) – Building on the Christie Administration’s commitment to expand opportunity and revival in the state’s cities, the New Jersey Economic Development Authority (EDA) today approved an award under the Economic Redevelopment and Growth (ERG) Program to help the Roebling Complex redevelopment in Trenton move forward. The Wire Rope Lofts project, being advanced by HHG Development Associates, involves the redevelopment of an old Roebling Steel building into rental loft apartments.

“By transforming a long vacant warehouse into new residential opportunities, this project exemplifies HHG’s deep-rooted commitment to making the City of Trenton a live-work-play community,” said EDA President and Chief Operating Officer Tim Lizura.  “Each project that breaks ground and every dollar that is invested in Trenton increases the City’s vitality and its appeal to residents and businesses.”

The $42 million project was approved for a residential ERG of up to $16.1 million over ten years.  Lizura noted that the New Jersey Economic Opportunity Act placed extra emphasis on spurring development in “Garden State Growth Zones,” which includes Camden, Trenton, Passaic City, Paterson, and Atlantic City. Under the Act, projects in these cities can receive up to 40 percent of project costs through ERG. Additionally, of the $600 million authorized for qualified residential projects, $250 million is available for developments in these cities.

Located on Clark Street, the Wire Rope Lofts will be constructed in a vacant warehouse, previously used for manufacturing wire rope. Closed since the mid-1970’s, the structure represents the first of four John A. Roebling’s Sons buildings planned for rehabilitation by HHG.  The Wire Rope Lofts will include one-bedroom and two-bedroom duplex units, all featuring high ceilings and large industrial windows.  Future plans for the complex include an additional building consisting of loft-style units and restaurant/retail space to be built from the ground up. Other residential projects developed by HHG in Trenton include Everett Corner, The Cracker Factory, and scattered site row house restorations. 

“As City residents, we have a deep understanding of Trenton and how it is ideally poised to attract the millennials who seek diverse, authentic communities where they can live, work and play in close proximity,” said W. David Henderson, Principal, HHG.  “As this development and other projects underway in Trenton move forward, we foresee this City becoming an increasingly vibrant destination and sought after place to live and work.”

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton.  The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov.  All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

The EDA is part of the State’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership 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 more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

TRENTON, N.J. (March 12, 2015) – Continuing the state’s commitment to support technology companies at every stage of growth, the Board of the New Jersey Economic Development Authority (EDA) today took action on several projects under the Grow New Jersey Assistance program. Strengthened through the Economic Opportunity Act, Grow NJ offers enhanced benefits to companies in targeted industries, including technology, life sciences, energy and health. 

“New Jersey has long been a leader in innovation, and the state is committed to supporting the attraction and expansion of businesses in the technology sector,” said EDA President and Chief Operating Officer Tim Lizura.   “New Jersey is highly educated and perfected located – a natural fit for emerging and established technology companies.” 

Through the Grow NJ program, the EDA approved four businesses in the greater technology industry with tax credits totaling more than $26 million.  This assistance is expected to leverage over $37 million in private investment and the creation of 458 new jobs.  To date, nearly 30 percent of tax credits approved under Grow NJ have supported this sector, accounting for the creation of over 2,600 new jobs and the retention of 2,700 “at risk” jobs.

Businesses approved today include Advanced Accelerator Applications, USA, which is considering an existing facility in Millburn or new construction in Missouri to house its US headquarters.  The company develops, produces and commercializes diagnostic and therapeutic products for use in treating cancer and other diseases.  Advanced Plasma Therapies, Inc., a medical device and drug manufacturer, is weighing a move to a multi-tenant office building in West Windsor to support its expansion.  

Also in Middlesex County, iCIMS, a software and services company, is contemplating an expansion in Old Bridge rather than relocating some of its operations to Colorado.

Grow NJ represents one element of the continuum of assistance the state offers to support the technology industry. Just this week, the EDA hosted its third Founders and Funders event, which directly connects entrepreneurs and start-up companies with investors.  During the three events held to date, more than 90 businesses have participated in a “speed dating” match up with 60 investors.

In response to another marketplace need, the EDA also recently approved $1 million to support the expansion of three co-working spaces in Hoboken, Jersey City and Asbury Park. Co-working space is of particular value to those in the technology sector as it helps to foster a collaborative environment and offer flexible, expandable infrastructure, without long-term commitments as a company grows.

Other programs available to support the industry include the Angel Investor Tax Credit Program, which provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state; and, the Technology Business Tax Certificate Transfer Program, which allows unprofitable technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. 

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and 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. 

To learn about programs and initiatives to support the technology industry, visit www.njeda.gov and follow us on Twitter and LinkedIn @NJEDATech.

TRENTON, N.J. (March 10, 2015) – Furthering the State’s commitment to bolster the Garden State’s technology industry, the New Jersey Economic Development Authority (EDA) today hosted its third Founders and Funders event, providing 30 emerging companies with access to angel and venture capital investors.

Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the event introduced the startup companies to more than 20 prospective investors.  Early-stage businesses met with investors in 10-minute, one-on-one sessions to discuss strategy, business models and funding opportunities.  The event also featured EDA President and Chief Operating Officer Tim Lizura and Don Newman, Director of Small Business Advocacy at the New Jersey Business Action Center, who both provided presentations on available state resources.

“Because funding and support is vital to growing technology companies, the EDA continues to look for ways to connect these early-stage businesses with the resources they need to thrive,” Lizura said.  “More than 400 meetings have taken place as a result of the first two Founders and Funders events, and we look forward to additional results in the months and years ahead.”

Today’s Founders and Funders event featured more than 20 participating venture and angel investors, including Edison Partners; NJIT Highlanders Angel Network; and Rostra Capital.

Investors met with a variety of tech and biotech companies, including Gold Mobile, a Clark-based company that provides a cloud-based platform to enhance a business’s mobile ordering, payment, and loyalty programs; NeedMe of Red Bank, which is developing a website where people can meet others with similar medical diagnosis, medications and procedures; Arkay Therapeutics, a life sciences company located in East Windsor focused on developing drugs to treat diabetes; and CCIT tenant BioAegis Therapeutics, which creates products that restore depleted levels of plasma gelsolin.

The EDA plans to host Founders & Funders events semi-annually.  The next event is scheduled for September and registration can be accessed via https://application.njeda.com/tls/.   

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 the EDA on Twitter and LinkedIn @NJEDATech. To learn about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.