North Brunswick, N.J. (June 6, 2017) – With the goal of helping to transform technological achievements into commercial successes, the New Jersey Economic Development Authority (EDA) will host “Launching & Funding Biotech University Start-Ups” on June 15. Panelists will describe their companies’ paths to spinning off from universities, and offer entrepreneurs guidance and recommendations on launching and funding new endeavors.

“Capitalizing on the new technologies advancing in our world-class universities is key to the continued growth of New Jersey’s innovation ecosystem,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “Through programs like the upcoming university spinoff panel, we are working to establish a greater link between industry and academia and help pave the way for successful technology transfer.”

Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the discussion will begin at 5:00 p.m. and is open to the public. The event is co-sponsored by BioNJ, the New Jersey Technology Council, and Rutgers University. Those interested in attending should register online at www.njeda.gov/academicspinoffpanel.

Panelists include Visikol® Founder & CEO Dr. Michael Johnson, Actinobac Biomed, Inc. President and CEO Dr. Dr. Benjamin Belinka, and Chromocell Corporation Co-Founder and CEO Christian Kopfli. The panel will be moderated by Vincent Smeraglia, Executive Director, Strategic Alliances at Rutgers University.

The panelists hail from companies that are either current CCIT tenants or graduates. CCIT is a 46,000-square-foot life sciences incubator that is currently home to nearly 20 businesses. With 27 wet labs and access to offices, conference rooms, a supportive staff and a variety of additional resources, CCIT is ideal for emerging companies looking to grow in the Garden State, and offers discounted space for academic spin-off companies.  

CCIT is located within the Technology Centre of New Jersey, a 75-acre research park that houses such companies as Chromocell and Orthobond (another CCIT graduate), Allergan, and Merial. 

Companies interested in touring CCIT or the Technology Centre should visit www.njeda.gov/CCIT or contact Lenzie Harcum at lharcum@njeda.com.

About the panelists:

Dr. Michael Johnson started working on Visikol® while he was pursuing a doctorate in applied microbiology at Rutgers University. Working with an advisory team of Dr. James Simon and Dr. Adolfina Koroch, Visikol® was conceived in the plant biology labs at Rutgers University as a safe and easy-to-use clearing agent for plant biology research. The technology has now expanded into a platform that is used for a wide-range of applications from cancer biology to understanding human fetal development. Visikol arrived at CCIT in March 2016. Johnson was recently named to Forbes Magazine’s “30 Under 30” list for science.

Rutgers University spinoff Actinobac Biomed develops therapeutics for multiple indications, including blood cancers, autoimmune/inflammatory diseases, and HIV. The company graduated CCIT in 2013. Before joining Actinobac, Dr. Benjamin Belinka was employed as Executive Vice President at Virium, Inc., Vice President of Chemistry at VectraMed, Inc., Director of Preclinical Research at Cytogen Corporation and supervisor of Process Research Laboratories at Sandoz, Inc. (now Novartis). Dr. Belinka obtained his Ph.D. in Chemistry from the State University of New York at Binghamton and a B.S. degree in Chemistry from King’s College.

Christian Kopfli has grown Chromocell from its beginnings in 2002 as a spinoff from New York’s Rockefeller University, into an innovative biotechnology company that now employees over 120 people. The company is focused on discovering new drugs to manage pain and develops and commercializes novel technologies beneficial to the average consumer – including new flavors, nutritional ingredients and therapeutics. After co-founding Chromocell, Kopfli initially served as the company’s general counsel before becoming CEO in 2005. Kopfli is a Board Member of BioNJ and was admitted to the Bar in New York and Switzerland.

About the moderator:

Vincent (Vince) Smeraglia works on behalf of Rutgers University to develop collaborative biomedical relationships with universities, foundations and corporate partners. He was previously the Executive Director of the Rutgers Office of Technology Commercialization, overseeing patenting and licensing of Rutgers-born inventions. He was also the Executive Director of the University of Medicine and Dentistry of New Jersey (UMDNJ) Office of Technology Transfer & Business Development before UMDNJ and Rutgers merged. Before joining UMDNJ/Rutgers, Smeraglia conducted biomedical research at Cytogen Corporation, developing antibody conjugates for diagnostic and therapeutic clinical uses.

Companies like Eventcombo (pictured above at its location in co-working space Indiegrove) hope to positively impact New Jersey's tourism and recreation sector this upcoming summer.

 

TRENTON (May 23, 2017) – As we shift from spring to summer and thoughts turn to the upcoming Memorial Day weekend, technology companies throughout the Garden State are gearing up for the season ahead. @NJEDATech today looks at businesses that could impact tourism and recreation plans this summer.

“New Jersey’s central location along the eastern seaboard and idyllic beaches make it the perfect place to spend time this summer,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “Whether you want to take in a show or concert at one of the Garden State’s many venues, discover a new passion, or visit the iconic Jersey Shore, several emerging New Jersey technology companies can help along the way.”

Entertainment options such as concerts, boat rides, and dance parties kick abound in the warmer weather. Eventcombo (@eventcombo), based at co-working space Indiegrove in Jersey City, offers an online ticketing platform for events in major cities all across the United States. The platform brings added value to event organizers, enabling them to “bundle” other amenities event-goers might need along with the tickets, including dinner reservations, merchandise and parking. Just in time for this year’s summer season EventCombo recently launched Uber as part of its “bundle,” so event attendees can have an even more convenient experience going to and leaving events, while event organizers can monetize more from their events, beyond just ticket sales. Read more: New Jersey Founders & Funders Event Drives Investment in Bergen County-based Eventcombo

Another activity that picks up steam in the summer is cycling – be it on a bicycle or a motorcycle. Fusar Technologies (@FUSARtech), located in Kearny, develops technology that transforms regular helmets into smart helmets for cyclists, motorcyclists, skaters, skiers and snowboarders. Among the wide variety of features available to adventure seekers, the FUSAR Camera can detect when a user has been in an accident, retroactively record the last two minutes of action before the accident, alert the person’s emergency contact and show that contact the user’s exact location through an interactive map.  Users can also take high-resolution photos and high-definition video with a push of a button during their adventures and post them to social media in real-time via the FUSAR app, available for free on both iOS and Android. Read more: Combining Passion and Public and Private Resources, Fusar Technologies Arrives on National Scene  

The multitude of New Jerseyans and out-of-state tourists planning to visit Atlantic City this summer can learn about upcoming events via the one-hundred digital displays along the city’s boardwalk. Information technology company Impactivate in Atlantic County maintains and operates the displays, which inform visitors of events and provide advertisers access to millions of Boardwalk visitors each year via full motion video and sound.

For those interested in growing their own produce this summer, Egg Harbor City-based Alfrea, Inc. has developed a platform that creates a virtual community among farmers and food gardeners. Alfrea’s website helps connects people throughout southern New Jersey, the Greater Philadelphia area, and Frederick, Maryland who want to grow food or participate in the local food movement with resources they need to succeed. The Alfrea community includes apartment-dwellers in need of access to a yard for a vegetable garden, small farmers selling their produce, restaurants seeking last-minute fresh ingredients, or homeowners with gardens trading the fruits of their labor for extra cash, and corporations that care about their employees’ health and sustainability.

Each of these four companies has participated in previous New Jersey Founders & Funders events. Hosted by the EDA, New Jersey Founders & Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, “speed dating” sessions to discuss strategy, business models and funding opportunities. Eventcombo became the first company to obtain funding as a direct result of networking that occurred at New Jersey Founders & Funders, when it received an investment from NJIT Highlanders Angel Network last year.

In addition to New Jersey Founders & Funders, Fusar Technologies was also one of 40 businesses that the EDA approved to share $35 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in 2016. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise non-dilutive cash to finance their growth and operations. Applications for the 2017 NOL Program are available online at https://www.njeda.gov/nol. The deadline to apply is June 30.

The EDA offers a multitude of resources to help technology and biotechnology companies grow and thrive in New Jersey. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Under the leadership CEO Robert Freedman (far right), Hurel Corporation is thriving at its location on the Technology Centre of New Jersey.

NORTH BRUNSWICK, N.J. (May 17, 2017) – When Hurel Corporation outgrew its wet lab at the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT) last year, it took advantage of intermediate space also offered on the Technology Centre of New Jersey’s 75-acre campus in North Brunswick.

In February 2016, the biotechnology company entered into a lease with the EDA for just over 5,000 square feet of wet lab space at the Biotechnology Development Center II (BDC) on the Technology Centre. Considered in-between space, the BDC is ideal for companies that have outgrown an incubator but are not ready to move into a much larger facility.

“Hurel’s transition from CCIT to the larger graduate space illustrates how the concept of wet labs was designed to work,” said EDA Chief Executive Officer (CEO) Melissa Orsen. “With the availability of incubator, intermediate, and larger stand-alone space, the Technology Centre campus can support the facility needs of companies at all stages of growth, helping to ensure we are able to keep these innovative companies in New Jersey.”

Intermediate space on the Technology Centre offers growing businesses an abundance of resources, including customizable laboratory and production facilities at affordable rates, a prime location between Princeton and Rutgers universities, and easy access to both New York City and Philadelphia. As a whole, the Technology Centre offers 325,000 square feet of lab, production and office space, as well as approximately 560,000 square feet of build-to-suit sites. Stand-alone facilities from 5,000 to 60,000 square feet can accommodate state-of-the-art clean rooms and wet labs. 

Hurel, which develops assays (testing) platforms and provides advanced artificial tissue constructs for scientists worldwide, moved to its new location after spending nearly five years growing at CCIT. During its time at CCIT, Hurel grew from one to two laboratories and had access to affordable “plug and play” ready lab and office space, educational programs, and a wealth of supporting resources. At CCIT, the company also found a synergetic environment ripe for networking and collaborating. Additionally, CCIT’s advisory board includes representation from pharmaceutical and biotechnology businesses and academia to coach companies into the future. Hurel is one of more than 40 companies to graduate CCIT since the incubator opened in 2002. High-profile graduates include Advaxis, Chromocell and Amicus Therapeutics.

“We’ve been fortunate to have had access to a variety of EDA resources as we’ve grown into a global leader of microfluidic and microliver assay platforms,” said Hurel CEO Robert Freedman. “From affordable lab space to networking opportunities and the collaborative culture at both the Technology Centre and CCIT, Hurel has experienced incredible support here in New Jersey.”

Since its expansion into BDC II, Hurel has continued its mission to provide the national and international pharmaceutical and biotechnology industry with high-functioning, long-enduring in vitro liver models and microfluidic assay platforms that improve the predictive reliability of pre-clinical drug development and help reduce costly late-stage attrition in drug-makers' pipelines.

In October 2016, Hurel announced the launch of Hurelflux^TM, an assay the company ships to laboratories throughout the world. The product includes Hurel’s patented microliver models, combined with the various proprietary media needed to perform the assay. Hurelflux^TM is the latest in the company’s line of assays that will help Hurel’s customers streamline the workflow and reduce the costs of their transporter studies.

Taking advantage of another EDA resource, Hurel Corporation participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program for the first time in 2016. Administered by the EDA and the New Jersey Department of the Treasury's Division of Taxation, the NOL Program allows eligible technology and life sciences companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations. To date, more than 500 businesses have shared over $905 million through the NOL Program. The EDA launched the 2017 NOL application earlier this month. Eligible companies are encouraged to apply online at www.njeda.gov/nol.

@NJEDATech spoke with Freedman about his company’s experience and its plans for the future:

Why did you choose to grow Hurel here in New Jersey? 
Hurel was funded and physically incubated by pharmaceutical giant Schering-Plough in Kenilworth from 2007 to 2010. We also benefited from the academic resources at Rutgers.

What did Hurel find most useful about the NOL Program?  
We are grateful for the ability to monetize tax resources, which has been very valuable to Hurel.

What is Hurel’s biggest success to date?
We have created the world’s best advanced liver tissue construct, with “best” defined in terms of cellular functionality, stability and endurance over time combined with laboratory practicality and convenience (including the ability to air-ship our primary co-cultures “warm” anywhere in the world, so that they arrive ready for immediate use.

What’s on the horizon for Hurel?
Among other initiatives, we are now focusing our efforts on creating a Hepatitis B virus (HBV) “disease model” co-culture that will enable researchers to measure the impact of potential HBV drugs directly on viral DNA.  Proof-of-concept studies, undertaken in collaboration with Princeton, have demonstrated stable, high levels of HBV infection for 40 days and longer.
 

The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, May 11, 2017 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.

$60 Million Program Allows Eligible Companies to Sell Net Operating Losses for Capital
 
TRENTON (May 1, 2017) – Providing the opportunity for early-stage companies to gain access to capital, the New Jersey Economic Development Authority (EDA) today announced that it is has begun accepting applications online for this year’s New Jersey Technology Business Tax Certificate Transfer (NOL) Program. Emerging technology and biotechnology companies interested in applying should visit https://www.njeda.gov/nol. Companies must apply online by June 30, 2017.
 
Administered by the EDA and the New Jersey Department of the Treasury's Division of Taxation, the NOL Program allows eligible technology and life sciences companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations.
 
“Considered a lifeline by entrepreneurs around the State, no EDA program has been more highly-touted by the technology and biotechnology community than the NOL Program,” EDA Chief Executive Officer Melissa Orsen said. “The non-dilutive cash received through the program has helped hundreds of small businesses get through critical stages of development and ultimately flourish in the Garden State.”
 
To date, more than 500 companies have been approved for awards totaling over $905 million. Last year, 40 companies were approved to sell $35 million in benefits.
 
Holmdel-based Avlino, Inc., which offers solutions and services in analytics to help organizations use data more effectively, participated in the NOL Program for the first time in 2016. 
 
“The NOL Program created an opportunity for Avlino to sell back its net-operating losses and R&D tax credits to profitable companies,” Avlino Founder, President, and Chief Executive Officer Ramana Jampala said, “Under this program, Avlino was able to reinvest those dollars back into product development and to augment our New Jersey based team.”

Serial entrepreneur Dr. David Fischell’s medical device companies Svelte Medical Systems in New Providence and Angel Medical Systems in Shrewsbury have both repeatedly benefited from the NOL Program.

“It is perhaps the NOL Program that has been the most beneficial to both Svelte and Angel Medical, bringing in millions of dollars over a ten-year period that are non-dilutive to shareholders and help with financing new medical technologies to help people,” said Dr. Fischell.

Monmouth Junction-based biotechnology business CytoSorbents has turned to the NOL Program multiple times to raise much-needed capital as it commercializes its blood purification technology. Cytosorbents CEO Phillip Chan noted that funding from the NOL Program “will help CytoSorbents continue its international mission to help save the lives of critically-ill and cardiac surgery patients suffering from deadly inflammation.”
 
Unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees (including parent company and all subsidiaries) must meet several requirements to be eligible for the NOL program. Requirements include (but are not limited to):
 

• The company must have pending or issued patents, copyrights, or exclusive licenses and must be able to show that this intellectual property is directly related to the core business;
• The company must have financial statements for the two most recent full years of operation compiled, reviewed or audited by an independent CPA firm;
• The company cannot have had positive net operating income on either of its last two full-year income statements according to generally accepted accounting principles.  In addition, an eligible company cannot have a parent company with positive net operating income, or be part of a consolidated group of affiliates for federal income tax purposes with positive net operating income.

A complete list of requirements and program details can be found at https://www.njeda.gov/nol.
 
To be eligible to participate, companies must apply online by June 30, 2017. Also, in order to sell benefits generated in 2016, companies must file their corporate business tax returns with the NJ Division of Taxation by June 30, 2017. Applicants should expect to hear by the end of August if their applications are being recommended for EDA Board approval.
 
Questions about the NOL program may be submitted to nol@njeda.com.  All responses will be posted on the EDA’s website.
 
The EDA offers a multitude of resources to help technology and biotechnology companies grow and thrive in New Jersey. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

TRENTON, N.J. (April 28, 2017) – Nearly two dozen banks that operate in New Jersey were represented at today’s Premier Lender Roundtable hosted by the New Jersey Economic Development Authority (EDA). The event brought together leading banks that partner with the EDA through its Premier Lender Program, which was created to help small businesses access capital to support their growth in New Jersey.

The EDA partners with Premier Lender banks to provide small businesses with low cost financing that includes EDA loan participation and/or guarantees, and line of credit guarantees. Businesses can use this financing for fixed assets or term working capital. The EDA’s ability to provide guarantees or participations for a portion of these loans helps to reduce risk for lenders and facilitate approvals or enhanced financing for borrowers.

“With access to capital often cited as one of the greatest hurdles faced by small business owners, we are pleased to partner with New Jersey banks to help ensure the growth of these important job creators,” EDA Chief Executive Officer Melissa Orsen said.

This program offers loans with up to a $2 million EDA loan participation or $1.5 million loan guarantee for fixed assets, up to a $750,000 loan participation or $1.5 million loan guarantee for term working capital, and up to a $750,000 line of credit guarantee. Businesses must typically commit to creating a minimum number of jobs within two years, generally one job per $65,000 of EDA exposure. The full list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/financing_incentives/programs/Premier-Lender-Program.

Habitat for Humanity of Burlington County leveraged EDA financing and a loan from a Premier Lender to purchase the building it had been leasing in Maple Shade since 2014, after moving from Cinnaminson. The building is home to the not-for-profit’s ReStore, which sells secondhand items to raise funds to build homes for families in need.

“Traffic at our ReStore has increased dramatically due to our expansion in Maple Shade,” said John Garton, Controller, Habitat for Humanity of Burlington County. “The financing the EDA provided has helped us to grow and build lasting relationships with volunteers and other stakeholders.”

Another beneficiary of the Program is DG and Sons. Based in Rochelle Park. The family-owned business expanded its existing facility from 4,000 square feet to 16,000 square feet with assistance from the program.

“The financing enabled us not only to quadruple our space, but to also hire additional mechanics,” said Dennis Galloway, who owns DG and Sons with his wife Maria Siliato-Galloway. “We now have the capacity to seamlessly support more and larger clients.”

To learn about EDA resources for small businesses and not-for-profits, visit www.njeda.gov/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn, or call the Business Action Center at 866-534-7789.  

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Friday, April 21, 2017 at 11:00 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

   

From left: Dan O'Connor, Kathy Bloch, and Scott Jackson will offer tips and suggestions to biotechnology companies looking to go public.

NORTH BRUNSWICK, N.J. (April 19, 2017) – On April 24, the New Jersey Economic Development Authority (EDA) will host a panel discussion that will give biotechnology companies the opportunity to hear from industry leaders who have taken their businesses through the process of going public. The event is the latest in an ongoing series of biotechnology funding panel discussions hosted at the EDA’s Commercialization for Innovative Technologies (CCIT) in North Brunswick.

During “Going Public – Biotech Leaders on Their Path to Funding,” panel speakers including Advaxis President and Chief Executive Officer (CEO) Daniel O’Connor, CytoSorbents Chief Financial Officer Kathy Bloch, and former Celator Pharmaceuticals CEO Scott Jackson, will speak about their unique experiences taking their companies public. These executives will discuss the paths their EDA-supported companies took to success, insights into their strategies, and decisions they faced along the way.

The discussion, which will be moderated by CCIT Manager Lenzie Harcum, begins at 5:00 p.m. and is open to the community. The event is co-sponsored by BioNJ and the New Jersey Technology Council. Anyone interested in attending should register online at www.njeda.gov/goingpublicpanel.

Just three and a half years ago, Advaxis (NASDAQ: ADXS) had five employees, was trading as a penny stock and was millions of dollars in debt. Under O’Connor’s leadership, the company up-listed to NASDAQ in 2013, raised more than $250 million and is now putting the finishing touches on new manufacturing and laboratory facilities at its Princeton headquarters. Advaxis has received support through the State’s Technology Business Tax Certificate Transfer (NOL) Program. More information about Advaxis, a graduate of the CCIT in 2011 that now has over 100 employees, and the EDA resources it used to grow, can be found at www.njeda.gov/advaxisfeature.

CytoSorbents Corporation (NASDAQ: CTSO) is a critical care immunotherapy company engaged in blood purification to control deadly inflammation in critically-ill and cardiac surgery patients. With Bloch as the company’s CFO, shares of Cytosorbents’ stock started trading on NASDAQ in December 2014. The company has benefitted from the NOL Program. More information about CytoSorbents, and the support it received from the EDA, can be found at www.njeda.gov/cytosorbentsfeature.

Celator Pharmaceuticals went public via a Form 10 and started trading in September 2013. The company’s Phase III clinical trial with its drug combination product called VYXEOS™ produced an overall survival benefit compared to the current standard of care in high-risk acute myeloid leukemia AML patients. This caught the attention of pharmaceutical companies, in particular Jazz Pharmaceuticals, which acquired Celator in 2016 for approximately $1.5 billion. Celator has also taken advantage of the NOL Program. Additional information about Celator and how it benefited from EDA support can be found at www.njeda.gov/celatorfeature. 

The funding panel event also presents an opportunity for companies to visit CCIT, a 46,000-square-foot life sciences incubator that is home to nearly two dozen businesses. With 27 wet labs and access to offices, conference rooms, a supportive staff and a variety of additional resources, CCIT is ideal for emerging companies looking to grow in the Garden State. CCIT is located within the Technology Centre of New Jersey, a 75-acre research park that houses such companies as Chromocell and Orthobond, both of which are CCIT graduates, and Merial. Companies interested in touring CCIT should visit www.njeda.gov/CCIT or contact Harcum at lharcum@njeda.com.

For more information about resources available to support New Jersey’s technology industry, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, April 13, 2017 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.