BERGEN COUNTY-BASED MEDTECH COMPANY SECURES CAPITAL FROM EDA TO FUEL GROWTH
TRENTON (December 4, 2014) – Continuing the Christie Administration’s commitment to growing the state’s vibrant technology industry, the New Jersey Economic Development Authority (EDA) announced today that it has closed on a $1 million loan to support Bergen County-based Ivy Sports Medicine.
Located in Montvale, Ivy Sports Medicine manufactures and markets innovative tissue growth and repair products. The EDA approved the loan through the Edison Innovation VC Growth Fund in July and closed the transaction in late November. The company plans to use the funding for growth capital, and anticipates adding employees to its New Jersey workforce within the coming years.
“We encourage emerging and established technology companies in New Jersey to take advantage of the broad array of programs the State offers to support this important industry,” EDA CEO Michele Brown said.
Created in 2011 to enhance support of early stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum trailing 12 month commercial revenues of $500,000. There is a 1:1 VC match funding requirement.
The EDA recently announced that Ivy Sports Medicine is one of 44 companies that will receive funding through the state’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2015. These 44 recipients will share a total of $54 million through the program. Ivy Sports Medicine also received funding through the program last year. Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxation, this competitive program enables tech and biotech companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.
For more information on Edison Innovation VC Growth Fund, the NOL Program and other support for the technology industry, visit www.njeda.gov and follow us on Twitter and LinkedIn @NJEDATech.