Bergen Medical Products Taps State Resources to Spur Growth
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.