TRENTON, N.J. (July 19, 2018) – Now that genomic analytics company Health Interactive, Inc. has expanded into New Jersey, it is strategically positioned within the state’s vast pharmaceutical and biotechnology research ecosystem.

Health Interactive’s research and development (R&D) focuses on developing capabilities in bioinformatic analysis and reporting of genetic sequencing data. The company notes that these analyses and reports can be challenging to clinical labs, hospitals, clinicians, and even to researchers and scientists who are not in the genomics field. Health Interactive has developed proprietary software to interpret genetic mutations related to disorders and cancers. In addition, Health Interactive's software can generate reports on how patients react and respond to certain medications.

Health Interactive was founded in Massachusetts in 2016 but quickly expanded its footprint into New Jersey in 2017, setting down roots at the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT), the Garden State’s leading life sciences incubator.

By establishing a New Jersey presence, Health Interactive is near 13 of the world’s top 20 biopharmaceutical companies, plus more than 3,200 life sciences establishments. The company can also offer its services to the Garden State’s numerous top-notch research universities, including the New Jersey Institute of Technology, Princeton, Rowan, Rutgers, the State University of New Jersey, and Stevens Institute of Technology.

Located in North Brunswick, CCIT provides businesses with access to a variety of professional and support services including open office hours by professional firms from the life sciences community. The 46,000-square-foot incubator also offers tenants access to affordable lab space and offices, conference rooms, support staff, and a variety of additional resources. 

“Finding the genetic cause of a disease could provide doctors and patients the insight to find the most effective treatment or cure,” Health Interactive Co-founder and Chief Executive Officer (CEO) Hanzhong Zhang, PhD said. “We are excited to connect with the CCIT community and the Garden State’s pharmaceutical ecosystem as we continue to grow.”

CCIT is located in the EDA’s Technology Centre of New Jersey, a 50-acre, five-building research park. Consisting of 300,000 square feet of lab and office space, with over $70 million invested in facilities and improvements, the Technology Centre was developed to meet the lab and office needs of entrepreneurial startups, to emerging R&D companies, to large established corporations in the life sciences.

Health Interactive currently has five employees at CCIT and plans to hire additional people in the coming months.

“New Jersey’s impressive number of pharmaceutical companies and world-class research institutions are major differentiators as we continue to market New Jersey on the global arena,” EDA CEO Tim Sullivan said. “We are pleased that Health Interactive has chosen to locate here and expect the company will find CCIT and the State’s larger life sciences community to be welcoming and supportive.”

@NewJerseyEDA spoke with Dr. Zhang about his company's experience in New Jersey and its plans for the future:

What have you found most beneficial about your time at CCIT?
Beside the excellent facility, CCIT provides us with opportunities to interact with our peers — other startup companies. We also benefit from business mentoring activities, including seminars, organized by CCIT and consultations from CCIT staff.

What do you consider Health Interactive’s biggest success to date?
We have established the platform and have entered the application development phase. It’s an exciting time for us here at Health Interactive as we begin to see the impact of our efforts.

What’s on the horizon for your company?
We’re expecting to have the first version of our platform released by the end of September. Future plans call for the creation of a search engine for medical and health information, and as well as a clinical pathway analysis system.

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
 

LugTrack's smart-tracking device can be tucked into a traveler’s bag for real-time monitoring. 

TRENTON, N.J. (July 16, 2018) –LugTrack, LLC, which has already helped thousands of travelers track their luggage in real-time, is now setting its sights on providing tools for businesses of all sizes to track, monitor, and maintain assets worldwide. The Red Bank-based company will use the $50,000 it recently received for winning the New Jersey Economic Development Authority’s (EDA’s) inaugural New Jersey Founders & Funders All-Stars pitch competition to ramp up development of its next-generation tracking devices.

“Governor Murphy is committed to reclaiming the Garden State’s place as the capital of invention and innovation,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “Providing companies like LugTrack the opportunity to showcase their cutting-edge technologies to an audience of savvy investors through New Jersey Founders & Funders has the dual benefit of fostering a collaborative ecosystem and showcasing the up-and-coming businesses that are transforming the global technology landscape.” 

New Jersey Founders & Funders directly connects entrepreneurs with multiple investors in a speed-dating environment. LugTrack was one of 20 companies selected by an independent panel to participate in the one-on-one sessions with investors at the All-Stars event in December 2017. LugTrack’s award of up to $50,000 comes in the form of a forgivable loan, presented on the condition that the recipient receive a minimum 1:1 matching of outside, third-party investor equity in the year following attendance at the event.

During her five-minute New Jersey Founders & Funders All-Stars pitch, LugTrack Chief Financial Officer Denise Brouder discussed her company’s successful global launch of its Intelligent Luggage Tracking Solution. It includes a smart device that can be tucked into a traveler’s bag, and uses LugTrack’s patented GPS tracking, cellular and Wifi technologies to enable travelers to check the whereabouts of their luggage in real time via their smartphones.

LugTrack intends to provide greater data visibility and business intelligence to their enterprise customers through improved asset tracking and big data analytics. The company will continue to support businesses of all sizes with what it describes as “best in class” hardware and software technologies. Brouder noted that LugTrack’s next generation solution will further expand the company’s presence in its established travel and lifestyle vertical by offering broader product choices for the consumers.

The closing of the EDA’s funding coincides with the arrival of seasoned telecommunications and cyber security executive Adnan Qadeer as LugTrack’s new President & CEO. Qadeer brings more than a decade worth of experience at Lucent Technologies and Alcatel-Lucent, where he led the financial and operations management for various manufacturing, sales, and services business divisions. Most recently, Qadeer served as Co-Founder & CEO for Allweb Technologies, providing a unique biometrics-based online identity authentication platform for financial and healthcare industries.

“It’s an exciting time for LugTrack and we are grateful to the EDA for hosting New Jersey Founders & Funders All-Stars and to the investors for their votes of confidence,” Qadeer said. “The funding provided by the EDA enables us to be well-positioned as we take the next step in our company’s growth, expand into new markets and attract even more customers.”

For more information on LugTrack, visit the company’s website.

The next New Jersey Founders & Funders will be held on November 1, 2018. For more information or to apply to attend an upcoming event, visit the EDA’s website.
 
To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
 

The New Jersey Economic Development Authority meeting scheduled for Tuesday, August 14, 2018 is rescheduled to Friday, August 10, 2018 @ 10am at EDA Offices, 36 West State Street, Trenton. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov.

TRENTON– Governor Phil Murphy announced today that Teva Pharmaceuticals USA will locate its U.S. headquarters in Parsippany-Troy Hills, supporting more than 1,000 high-wage jobs in New Jersey, including the transfer and creation of more than 800 positions. Teva, a leading pharmaceutical company headquartered globally in Israel, had also considered several other locations to house its U.S. headquarters and commercial operations.

“The presence of global life sciences companies like Teva Pharmaceuticals is critical to New Jersey’s ability to strengthen a thriving innovation ecosystem,” said Governor Murphy.  “We are thrilled to expand our welcome to Teva, and its more than 1,000 employees, in the Garden State – the place to be for the world’s most competitive life sciences companies.”

Currently headquartered in North Wales, Pennsylvania, Teva Pharmaceuticals sought to consolidate its operations into a more centralized location to drive efficiencies and maximize the advantage of being part of a thriving life sciences cluster.  The company, which will expand its existing Parsippany-Troy Hills location to nearly 350,000 square feet, expects to transfer and create 843 jobs and retain 232 existing positions. The median annual wage associated with the more than 1,000 positions is $128,073. 

“While Teva will retain a significant presence in Pennsylvania, reducing the number of sites supports our drive to continue to improve productivity and efficiencies,” said Brendan O’Grady, Executive Vice President and Head of North America Commercial. “We’re pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment—all while increasing jobs and preserving many existing roles.”

Teva Pharmaceuticals USA is the North American arm of Teva Pharmaceuticals Industries Ltd., a leading global pharmaceutical company headquartered in Israel.  The company has a global product portfolio of more than 1,800 molecules and a direct presence in 60 countries, including 30 locations across the U.S. and its territories.  As a manufacturer of specialty and generic pharmaceuticals, Teva provides both new and innovative therapies and works to make quality healthcare accessible.

The New Jersey Economic Development Authority (EDA) approved performance-based tax credits through the Grow New Jersey (Grow NJ) program at its June 2018 board meeting.

“Nurturing the growth of strategic industry clusters is central to Governor Murphy’s mission of reclaiming New Jersey’s leadership in the innovation economy and strengthening the state’s economic competitiveness,” said Tim Sullivan, Chief Executive Officer of the EDA.  “Teva’s long-term commitment to New Jersey is the latest evidence of the enduring strength of our life sciences industry and New Jersey’s value proposition to the world’s leading companies.”

To learn about the multitude of EDA resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Teva Media Contact: Elizabeth DeLuca, +1 (267) 468-4329

Notice is hereby given that the New Jersey Economic Development Authority (the “Authority”) meeting scheduled for Thursday, July 12, 2018 is hereby cancelled. However, the Authority will hold the previously published scheduled public hearings in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, on July 12, 2018 at 10:00 a.m., at its offices, located at 36 West State Street, Trenton, New Jersey 08625, with respect to the following applications for private activity bond financing:

Atlantic City Sewerage Company – Application Numbers P44949, P44950 & P44952
Oaks Integrated Care, Inc. – Application Number P45064
Dakota Properties, Inc. – Application Number P45063.
 
At the public hearings, members of the public may appear in person or by attorney to express their views, which may either be provided orally or may be submitted in writing at the Authority's address above, concerning the proposed issuance of the private activity bonds and the location and nature of the projects to be financed thereby.

The AngelMed Guardian® System recently received FDA approval.

TRENTON, N.J. (June 21, 2018) – Cardiac patients are one step closer to obtaining a medical device that can alert them to a potential Acute Coronary Syndrome (ACS) event (including a heart attack) whether they experience symptoms or not, following recent U.S. Food and Drug Administration (FDA) approval of the AngelMed Guardian® System. Considered Monmouth County-based Angel Medical Systems’ flagship product, the AngelMed Guardian System is the world’s first implantable cardiac monitor and patient alerting system for ACS.

Nicknamed “the Guardian,” the implant is designed to identify changes in the heart’s electrical signals indicative of a potential ACS, including heart attacks or episodes of unstable angina, alert patients to seek urgent medical attention, and store electrocardiogram data for later review by emergency room physicians. Angel Medical Systems executives say that in its clinical trials, the Guardian demonstrated that it fills an unmet medical need by providing more effective diagnosis of a life-threatening condition when compared to patient symptoms alone.
Angel Medical Systems plans to bring the Guardian to market in 2019. The company is currently ramping up its staff and recently began leasing 9,000 square feet of space in Tinton Falls.

While FDA approval brings renewed optimism to Angel Medical Systems, Chief Operating Officer David Keenan says the company would likely have folded were it not for funding it received through New Jersey’s Technology Business Tax Certificate Transfer Program, also commonly referred to as the Net Operating Loss (NOL) Program. The New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury’s Division of Taxation administer the program.

After executing clinical trials at 100 medical centers throughout the country, including four here in New Jersey, the company had to complete an extensive review process as it pursued FDA approval of the Guardian. As a result, the company made the tough, but strategic, decision to reduce its overhead by shuttering its physical space in Shrewsbury and allowing its ten employees to work remotely.

“Companies like ours often go through peaks and valleys on their way to commercialization,” Keenan said. “We are very fortunate that the NOL Program was in place when we were going through unprofitable times and were in need of capital.” 

The NOL Program enables eligible technology and life sciences businesses to sell New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The money can be used for working capital or to fund research. Qualified New Jersey technology and life sciences companies have until June 30 to apply for this year. The online application can be found at https://www.njeda.gov/nol.

“Young, growing companies are the lifeblood of an innovation-centered economy, and we are thrilled that the NOL program helped Angel Medical Systems progress toward this key milestone,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “We are excited to begin reviewing new applications this summer for the next crop of Garden State success stories that can utilize this important tool to finance their growth.”
@NewJerseyEDA spoke with Keenan about his company’s experience in New Jersey and its plans for the future:

Why did you choose to grow your company in the Garden State?
The founder and CEO of the company, David Fischell, is a resident of Little Silver, and has long ties to the rich technical resources and employees that can be found in Monmouth County, having previously worked at AT&T Bell Laboratories. Much of the R&D for the Guardian was performed by former Bell Labs employees.

What would you say was the single greatest benefit of the NOL Program?
The greatest benefit was that the money enabled the company to stay the course and ultimately achieve FDA approval for the device. It is very difficult to raise additional capital at that juncture in the life of a medical device company – the risk is highest at that point – so the NOL Program was very useful in filling that need.
It is gratifying when you see a government program in action that truly serves the intended need. This program got it right.

What advice do you have for companies considering applying to the NOL Program?
I would advise them to look into the NOL Program and see if it might help their particular scenario. In our case, it definitely helped very much, so we are very glad we looked into it.
 
To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

###
 

TRENTON, N.J. (June 7, 2018) – Medical device maker Acuitive Technologies is reaping the benefits of locating in New Jersey as it ramps up development of orthopedic implants. The early-stage company has leveraged resources from both the State and the New Jersey Institute of Technology (NJIT) as it continues to grow. 

From its headquarters in Allendale and its lab space at NJIT’s Enterprise Development Center (EDC), the company strives to offer patients cost-effective tissue regeneration products for musculoskeletal injury or disease. The company’s focused approach on implant device innovation is aimed at improving the body’s natural ability to maintain or regrow healthy tissue through development of “resorbable” materials, which can be safely broken down and absorbed by the body over time.

Acuitive, which opened its doors in 2013, is developing a resorbable, synthetic material it says is unlike anything currently found on the market. The company anticipates submitting its first application for United States Food and Drug Administration (FDA) clearance by the end of 2018.

Acuitive Co-founder and Chief Financial Officer Dave Washburn is quick to point out that his company would not be where it is today without New Jersey’s Technology Business Tax Certificate Transfer Program, also commonly referred to as the Net Operating Loss (NOL) Program. 

“When it comes to raising capital, applying to the NOL Program was an obvious choice,” Washburn said. “I learned about the NOL Program in the early 2000s and initially experienced the positive impact it can have when I co-founded a previous company. I knew if I was ever involved with starting another new company, I would again turn to the program for support.”

Heralded as a lifeline for technology and life sciences companies in the early, unprofitable stages, the NOL Program enables eligible businesses to sell New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The money can be used for working capital or to fund research. The New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury’s Division of Taxation administer the program. Qualified New Jersey technology and life sciences companies have until June 30 to apply for this year. The online application can be found at https://www.njeda.gov/nol.

Acuitive also benefited from more than $4.2 million in investments made by investors who participated in the State’s Angel Investor Tax Credit Program. The program offers a 10 percent refundable tax credit against New Jersey individual income tax for qualified investments in an emerging technology business with a physical presence in the State and that conducts research, manufacturing, or technology commercialization in the State. Since the program’s inception in 2013, the EDA has approved 929 applications for investments in 65 New Jersey-based businesses totaling more than $332 million.

In addition to financial resources, Acuitive also benefits from renting lab space within NJIT’s EDC, the university’s high-tech accelerator/incubator and home to over 80 startups and small businesses. At the EDC, Acuitive has access to top-notch testing facilities to further its research. The company is also sponsoring university research to develop 3D printing of Acuitive’s material.

“New Jersey has much to offer early-stage technology and life sciences companies, and we are taking steps to ensure our support of innovative companies keeps pace with their needs,” EDA Chief Executive Officer Tim Sullivan said. “Acuitive is an excellent example of the cutting-edge technologies emerging from the Garden State with potential for global impact.”

Collectively, Acuitive’s four-person management team has over 160 years of orthopedic experience.  Team members have been involved with six successful exits from companies they either helped found or otherwise contributed to their success. Acuitive also benefits from the expertise of Michael A. Kelly, M.D., Chairman of the Department of Orthopedic Surgery at Hackensack Meridian Health. Dr. Kelly serves on Acuitive’s Advisory Board.

@NJEDATech talked to Washburn about Acuitive’s experience in New Jersey and its plans for the future:

How has Acuitive most benefitted from the NOL and Angel Investor Tax Credit programs?
We are in a business regulated by the FDA and the time to market, especially with a new biomaterial, can be extensive. Having creative funding sources offered by the state has helped us both attract accredited investors and bridge the time required to commercialization. It also helps us hire an employee base we might not otherwise be able to.

What do you consider Acuitive’s biggest success to date?
Attracting qualified people to confirm our new biomaterial’s capability and begin all the testing required for regulatory clearance is one of our greatest successes. The test results to date continue to confirm our belief that using this new biomaterial for orthopedic implants will benefit our ultimate customers: the patients!

What’s on the horizon for Acuitive?
We are currently engaged in discussions with strategic partner candidates that have mature distribution organizations. We expect to leave 2018 with a relationship in place that will allow us to bring these exciting new devices to the market in 2019 once clearance is received from the FDA. In addition, both a strategic alliance relationship and our first product clearance will allow our employee team to focus on new forms of this biomaterial, expanding its potential.

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.
 

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, June 12, 2018 at 10 a.m. at the Fort Monmouth Economic Revitalization Authority (FMERA) Offices, 100 Barton Avenue, Oceanport, NJ 07757. 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.

From left: EDA President & COO Tim Lizura, M&T Bank Vice President, Senior Relationship Manager Vincent F. Moretti, Homestead Princeton Co-owners Kristin & Ron Menapace 
 

TRENTON, N.J. (May 31, 2018) – When husband-and-wife Ron and Kristin Menapace opened their store in the heart of Princeton in 2012, their focus was on furniture. Ron had made furniture for 25 years and the couple wanted to fill what they saw as a void in the local marketplace.

Today, Homestead Princeton, which focuses on American-influenced crafts and eclectic home furnishings, is a mainstay on Palmer Square. Customers have grown accustomed to the store’s wide variety of products that complement any room in the home and personalized attention from Homestead Princeton’s knowledgeable staff.

“Whether you’re looking for a graduation present, a cabinet to hold your wine collection or a custom-made barnwood table, we should be your first stop,” Ron Menapace said. “We pride ourselves on our friendly, professional staff and our community-focused, customer-first attitude.”

To accommodate overflow inventory from its storefront in Princeton, Homestead Princeton had also been leasing 2,000 square feet of space within a warehouse in Blawenburg, a section of Montgomery.

Last month, the company closed on an M&T Bank loan that included a participation from the New Jersey Economic Development Authority (EDA). The loan supported Homestead Princeton’s purchase of the entire warehouse. As the owner of the property, the business will now be able to utilize an additional 6,000 square feet of warehouse and office space in the building.

“We’ve got some exciting ideas for the future of Homestead Princeton and are grateful to M&T Bank and the EDA for helping us take our business to the next level,” Ron Menapace said.

The property is zoned for commercial use, which Ron Menapace envisions will ultimately enable Homestead Princeton to vastly expand its offerings.

“Helping small businesses succeed is at the core of the EDA’s mission,” EDA President and Chief Operating Officer Tim Lizura said. “Learning first-hand how Ron and Kristin are leveraging State support to fuel Homestead Princeton’s growth reinforces the impact of the EDA’s resources for entrepreneurs and our partnerships with New Jersey’s banking community.”
 
Lizura visited Homestead Princeton’s warehouse today to raise awareness of the range of low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. M&T Bank’s Vice President, Senior Relationship Manager Vincent F. Moretti and Business Banking Relationship Manager Frank Cesaro accompanied Lizura on the visit.

“M&T Bank is pleased to have helped Homestead Princeton broaden its presence in central New Jersey,” Moretti said. “Our partnership with the EDA enables us to bridge financing gaps and offer our clients access to additional capital.”

Homestead Princeton has 13 employees and plans to hire several more in the next few years.

To learn more about EDA resources for small businesses, visit www.njeda.gov/lookherefirst and follow @NJEDAWasHere on Facebook, Twitter and LinkedIn.