TRENTON, N.J. (June 26, 2019) – Today, the New Jersey Economic Development Authority (NJEDA) announced that it has issued a formal request for additional information to six companies across the state regarding their Grow New Jersey (Grow NJ) tax credits.

The letters are being sent to Conner Strong & Buckelew Companies, LLC; Cooper Health System; Holtec International; NFl, L.P.; Teva Pharmaceuticals USA, Inc.; and The Michaels Organization, LLC; to afford the companies the opportunity to respond in writing to a range of recent developments, including last week’s report from the Task Force on NJEDA Incentives and a recent legal settlement. Letters may be sent to additional companies as needed.

Any significant change to a company's Grow NJ award, including a reduction in the amount of the award, a suspension, or termination may require an action of the NJEDA Board. Today's letters will initiate a process to allow NJEDA staff to make informed decisions, which may include recommendations to the Board for any potential actions, if warranted.

"We have no higher obligation than to serve as stewards of taxpayer dollars, and the process we are initiating today will enable our team to make a determination of appropriate next steps with regard to these specific companies," NJEDA CEO Tim Sullivan said. “Transparency and accountability should be the hallmark of any public investment program, and we take any allegations of wrongdoing very seriously."
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Thursday, June 27, 2019 at 10:00 am in the EDA Board Room, 36 West State Street, Trenton, NJ.
 
A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461

Under the leadership of CEO Jeff Kozloff, TrialScope supports 
pharmaceutical companies conducting clinical trials around the world.

TRENTON, N.J. (June 24, 2019) – A combination of resources from the New Jersey Economic Development Authority (NJEDA), a growth equity investment from three venture capital firms including Edison Partners, and proximity to numerous global pharmaceutical giants has helped Hudson County-based TrialScope support pharmaceutical companies conducting clinical trials around the world.

Operating out of an office in Jersey City, TrialScope helps pharmaceutical companies through the clinical-trial regulatory approvals process. The company’s proprietary software provides clients with proven solutions designed to optimize the efficiency of clinical trial disclosure activities, maximize trial data transparency, and foster more informed patients through open research sharing by repurposing clinical study results into engaging narratives. TrialScope also routinely collaborates with its clients to spread the word about the importance of patient participation in clinical trials and the benefits that the data can have on future generations.

“With over 50 different registries for clinical trials being conducted in more than 90 countries worldwide, TrialScope’s services and expertise guide scientists as they strive to discover breakthrough therapies and develop life-saving cures,” Chief Executive Officer Jeff Kozloff said. “Leveraging the NOL Program and an influx of capital from the Edison Partners investment has enabled us to offer a trifecta of services to our clients.”

In addition to benefitting from close proximity to the 13 top pharmaceutical companies located in New Jersey and the Garden State’s 3,200 life sciences facilities, TrialScope’s location in New Jersey also allows it to benefit from the State’s Technology Business Tax Certificate Transfer Program, also known as the Net Operating Loss (NOL Program). Kozloff said the program has been instrumental in his company’s growth this past year, helping TrialScope expand from 35 to 40 employees in New Jersey.

Heralded as a lifeline for companies to raise funding before they reach profitability, the NOL Program enables eligible technology and life sciences companies to sell New Jersey net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The NOL program is jointly administered by the NJEDA and the New Jersey Department of Treasury’s Division of Taxation. Emerging technology and life sciences companies in the Garden State have until the June 30 deadline to apply to this year’s program. The application can be found at https://www.njeda.gov/nol.

In addition to supporting TrialScope through the NOL program, the NJEDA also made a strategic investment in the company through Edison VII, a fund of the growth equity firm Edison Partners. Princeton-based Edison Partners’ family of funds has a longstanding history of combining strong fund performance with significant job creation in New Jersey. Through its nine funds, 47 investments have been made in New Jersey-based companies totaling more than $200 million and resulting in the creation of over 3,400 jobs. The NJEDA has invested in six of Edison Partners’ funds. 

“New Jersey has long been an epicenter of the pharmaceutical world, but we cannot take our leadership in this growing sector for granted,” NJEDA Chief Executive Officer Tim Sullivan said. “Providing the resources innovative young companies like TrialScope need to grow is critical to building a stronger innovation economy in New Jersey and supporting long-term, equitable growth.”

To learn more about NJEDA resources for life sciences companies, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

Under the direction of CEO Khoso Baluch, CorMedix Inc. is scaling up development of Neutrolin® with support from the NOL Program.

TRENTON, N.J. (June 13, 2019) – Berkeley Heights-based CorMedix Inc. (NYSE American: CRMD) rang the closing bell at the New York Stock Exchange on Monday, June 10 in celebration of the successful Phase 3 results of its lead investigational product, Neutrolin®, for use in hemodialysis patients requiring central venous catheters. The biotechnology company credits New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, with providing growth capital necessary to continue development of Neutrolin®.

Jointly administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of Treasury’s Division of Taxation, the NOL Program enables eligible technology and life-sciences companies to sell New Jersey net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. Emerging technology and life sciences companies in the Garden State have less than three weeks left to apply before the June 30 deadline for this year’s program. The application can be found at https://www.njeda.gov/nol.

For more than two decades, the NOL Program has been heralded as a lifeline for companies that have not yet reached profitability.

“The funding that we received through the NOL Program is non-dilutive, which means that this working capital allows us to continue to work toward commercialization without issuing stock in return for the funding,” CorMedix Chief Executive Officer Khoso Baluch said.

Khoso describes Neutrolin® as a novel, non-antibiotic antimicrobial solution designed to prevent costly and dangerous bloodstream infections associated with the use of central venous catheters. The U.S. Food and Drug Administration (FDA) has designed both a Fast-Track designation and a Qualified Infectious Disease Product Designation (QIDP) as recognition of Neutrolin®’s potential to fulfill an unmet need for medical care. With QIDP, Neutrolin® will have five years of market exclusivity in addition to the five years of exclusivity it will obtain upon approval as a new chemical entity. CorMedix currently has 10 employees in New Jersey but expects a significant increase in the next several years.

When asked why CorMedix chose to grow in New Jersey, Baluch pointed to the state’s ecosystem of large pharmaceutical companies and smaller biotechnology businesses. He also stressed that New Jersey offers his company “the right talent pool of people” to further develop its pipeline of products, as well as the abundance of resources, such as the NOL Program. 

“The NOL Program is often cited by early-stage companies as a highly useful resource and one of the biggest advantages of locating in the Garden State,” NJEDA CEO Tim Sullivan said. “Through existing and proven resources like the NOL Program, coupled with new programs and initiatives currently being developed for emerging technology and life sciences companies, NJEDA continues to work in support of Governor Murphy’s vision of reclaiming New Jersey’s role as a leader in innovation.”

CorMedix was one of 49 companies to participate in the NOL Program in 2018.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, June 11, 2019 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.
 
NJEDA offers the public the opportunity to offer public comments during the Open portion of its Board Meetings. Pursuant to provisions of the Open Public Meetings Act, N.J.S.A. 10:4-12, NJEDA is entitled to permit, regulate or prohibit public participation in its meetings.  Members of the public who are interested in offering comment should review the NJEDA’s policy on public comment, which is established to maintain order and prevent disruption of the meeting. The NJEDA’s policy on public comment can be found at www.njeda.gov/publiccomment.

NJEDA offers the public the opportunity to offer public comments during the Open portion of its Board Meetings. Pursuant to provisions of the Open Public Meetings Act, N.J.S.A. 10:4-12, NJEDA is entitled to permit, regulate or prohibit public participation in its meetings. 

Members of the public who are interested in offering comment should review the NJEDA’s policy on public comment, which is established to maintain order and prevent disruption of the meeting. The NJEDA’s policy on public comment can be found at www.njeda.gov/publiccomment.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, May 14, 2019 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.

TRENTON, N.J. (April 30, 2019) – Digital media production companies can now apply for tax credits through the New Jersey Digital Media Tax Credit Program, the New Jersey Economic Development Authority (NJEDA) announced today. The program is designed to spur economic activity and create new jobs by incentivizing production companies to create digital media content in New Jersey.

“Under Governor Murphy’s leadership, New Jersey is reclaiming its historic position as the State of Innovation, and a focused commitment to digital media is a critical component of that strategy. The Digital Media Tax Credit program’s targeted investments in one of the region’s fastest-growing high-wage sectors is crucial to bringing new jobs and economic opportunities to New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The program will ensure New Jersey residents will have an opportunity to participate in this rapidly growing sector.”

Created as part of the “Garden State Film and Digital Media Jobs Act,” the Digital Media Tax Credit Program provides tax credits against a project’s qualified digital media production expenses. The base amount of tax credits available under the program is 20 percent of qualified expenses; however, the tax credit may be increased to 25 percent for goods and services purchased from vendors located in one of the following eight counties: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, or Salem.

For a project to be eligible for tax credits under the New Jersey Digital Media Tax Credit Program, at least $2 million of the total production expenses must be incurred for services performed and goods purchased through vendors authorized to do business in New Jersey, and 50 percent of the production expenses incurred in New Jersey must be for wages and salaries paid to full-time employees in New Jersey.

The digital media tax credit also offers an incentive to encourage diversity in hiring. A bonus tax credit of two percent of qualified digital media production expenses is available to projects that submit a diversity plan for the hiring of women or minority persons on the digital media production.

The Digital Media Tax Credit is capped at $10 million per State fiscal year beginning with SFY2019 and ending with SFY2023. The total pool of tax credits available over this five-year period is $50 million.

An application and a complete list of eligibility requirements can be found at www.njeda.gov/digitalmedia.

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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