Astarte Co-Founders Tammi Jantzen (left) and Tracy Warren will pitch game-changing technology for preterm infants at New Jersey Founders & Funders.

TRENTON (March 30, 2017) – When women-owned and operated Astarte Medical Partners Co-Founder Tracy Warren meets with investors at the New Jersey Economic Development Authority’s (EDA’s) New Jersey Founders & Funders event next month, she’ll offer eye-opening statistics: 380,000 preterm babies are born every year, 55,300 of them with a low-birth weight (3.3 pounds or less). She will note that these babies often face health problems and developmental delays and disabilities.

These challenges are the reason that the founders of Ewing-based Astarte Medical are creating NICUtrition, a clinical decision support platform that helps neonatal intensive care units (NICUs) triage preterm infants most at risk for gut inflammation. The gut is the gateway to proper brain growth and function, which is essential for development of the rest of the body. NICUtrition utilizes a patent-pending algorithm for creating a microbial health score. These analytics leverage existing electronic medical records of both mother and baby, as well as non-invasive urine and fecal markers. Diagnosing inflammation in a timely fashion will enable NICU teams to provide optimal personalized nutrition and care, thereby improving outcomes.

Warren and Astarte Co-Founder Tammi Jantzen, both investors-turned-entrepreneurs, started the company along with Kate Gregory, RN, PhD, a top nurse scientist in the field of preterm infant research at the Brigham and Women’s Hospital (BWH) in Boston. 
 

 

Astarte Medical Co-Founder Kate Gregory is a leader in preterm infant research
 

“There are 380,000 preterm infants born every year in the United States, and nearly 15 percent of them are born at a low birth weight,” Warren said. “Our goal is to create a paradigm shift in preterm infant care by providing real-time monitoring of infants’ gut health, the next frontier in neonatal health.”

In addition to being Chief Executive Officer (CEO) and Chief Operating Officer/Chief Financial Officer of Astarte Medical respectively, Warren and Jantzen also head Astarte Ventures, a venture capital firm in Ewing that has spent the past three years dedicated to investment and innovation in women’s and children’s health. The duo met Gregory during a nationwide tour of investment opportunities and decided that founding Astarte Medical was an opportunity too valuable and impactful to pass up.

During New Jersey Founders & Funders, Astarte Medical, whose founders have already personally invested substantially in the company, will be seeking angel and seed-stage investments. Held semi-annually at the EDA’s Commercialization Center for Innovative Technologies, New Jersey Founders & Funders enables early-stage businesses like Astarte Medical to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities. Applications are accepted on a rolling basis and qualifying companies are admitted on a first come basis. To apply for a future event, visit https://application.njeda.com/tls/.

Warren expressed her appreciation for the fact that the EDA has been helping her company by providing introductions to key players within the healthcare industry, such as members of the New Jersey Hospital Association.

“The EDA understands the needs of emerging technology companies like Astarte Medical, which is why we not only connect entrepreneurs with the access they need to capital, but also offer guidance and support any way we can to help these companies continue to grow,” EDA CEO Melissa Orsen said.

Astarte Medical is gaining recognition for its cutting-edge technology. The Ewing-based company was one of 10 finalists at the Impact Pediatric Health Pitch Competition during South by Southwest® (SXSW®) in Austin earlier this month. SXSW® is an annual conference designed to bring together innovators from around the world in areas such as music, interactive entertainment, and technology.

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

Why did you choose to grow your company here in New Jersey?
Tammi and I have worked and developed our careers in New Jersey since 2000. We have started and invested in numerous companies here and enjoy a strong network of investors, companies, executives and professional organizations in the region. The fact that all three of Astarte’s founders live in Mercer County helps us with the challenge of work-life balance.

What is your Astarte Medical Partners biggest success to date?
We’ve been fortunate to take advantage of our network and create an experienced team that’s unrivaled for a company at our stage. Joining our female “triple threat” team of founders is Joe Studholme, founder of Princeton Integrated Rx Analytics. Joe is our chief technology officer and leader of our dynamic development team. We are passionate, credentialed and have channeled our energy into Astarte Medical to build a world-class product that will make a difference in the lives of our nation’s most precious patients – preterm infants.

What’s on the horizon for Astarte Medical Partners?
As with any start-up we have clear milestones for value creation.  We have an ongoing preterm infant study at BWH with Dr. Gregory that will yield tremendous data to measure this important aspect of the health of preterm infants.  We have initiated discussions with select hospitals for piloting our product, NICUtrition Guidance, and continue to seek new partners, particularly with New Jersey-based hospitals or medical groups with level III or level IV NICUs. 

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

A meeting of the New Jersey Economic Development Authority has been scheduled for Friday,March 24, 2017 from 10-12 Noon in our offices at 36 West State Street.  A copy of the EDA's Board agenda, including project details, is available at www.njeda.gov/board.

Due to deficient public notice of the March 16, 2017 EDA Board Meeting, the Board will be convening at 10:00 am on March 24, 2017 to take action on those projects presented at the March 16, 2017 EDA Board Meeting.
 

Investor Jay Bhatti shares words of advice for entrepreneurs pitching investors at New Jersey Founders & Funders.

TRENTON, N.J. (March 17, 2017) – Preparations are underway for next month’s New Jersey Founders & Funders event, hosted by the New Jersey Economic Development Authority (EDA). Held at the EDA’s Commercialization Center for Innovative Technologies in North Brunswick, the event enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities. A few spots are still available for technology and life science companies to register for the EDA’s upcoming New Jersey Founders & Funders event, scheduled for April 27. To apply, visit https://application.njeda.com/tls/.

@NJEDATech recently reported on the advice that entrepreneurs glean from meeting one-on-one with investors. But what do the investors find most beneficial for their attendance at New Jersey Founders & Funders? Today venture capitalist (VC) Jay Bhatti, co-founder and chief technology officer of BrandProject, shared his thoughts:

“I have attended two New Jersey Founders & Funders events and found them to be highly useful and engaging.  I have gone deep into engaging with some of the companies afterwards and looked at term sheets with two of them. The quality and volume of companies I can see in one day at a New Jersey Founders & Funders event is hard to beat at any other event in New Jersey.”

Bhatti also has the following words of wisdom for attendees at next month’s event:

“You only have 10 minutes to talk about your concept. So, don’t waste time asking the VCs about how their fund works, what they look at, etc.  You should have done that work beforehand – it shows you are prepared. Also, make sure to go right into why your product is special and unique so that you leave enough time for the VC to ask questions. You should be able to explain your product within two minutes and get the VC excited enough to want to dive deeper.”  

The following investors have already registered for the April 27^th New Jersey Founders & Funders event with more expected to attend:

Due to forecasted inclement weather, the New Jersey Economic Development Authority's public Board Meeting and private activity bond public hearings, originally scheduled for Tuesday, March 14, 2017, have been rescheduled to Thursday, March 16, 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.

TRENTON (March 9, 2017) – The New Jersey Economic Development Authority (EDA) announced today it has extended the deadline for a Request for Qualifications (RFQ) related to the purchase and development of an 8.75-acre site on the Camden Waterfront.  Eligible respondents must now submit qualifications by 2 p.m. on April 12, 2017. The RFQ, 2016-RED-RFQ-DEV-061, can be found on the EDA’s website at www.njeda.gov/bidding.
 
Boasting views of the Philadelphia skyline and approximately 8.75 acres of prime developable land, the site also will benefit from a newly established public park and roadway improvements.  The site’s location in the City of Camden also presents an opportunity for developers to take advantage of the highest amount of incentives, as well as property tax abatements, available through the New Jersey Economic Opportunity Act of 2013.
 
The sale is governed by P.L. 2013 c. 22, as well as the New Jersey State House Commission-approved procedures for the disposition of property.  This includes a two-step RFQ/Sealed Bid process:
 

• Step 1 –EDA will accept qualifications through April 12, 2017 at 2 p.m. Based on the criteria outlined in the RFQ, the EDA will establish a shortlist of eligible respondents.
• Step 2 – EDA will issue a bid package to eligible respondents and accept sealed bids. 

 
If necessary, the EDA will issue and accept best and final offers.  The final sale and development will be subject to various approvals, including the Review Committee designated for this purpose, the New Jersey Department of the Treasury, the EDA Board, and the State House Commission.
 
The sale and development of the property must also be consistent with the North Camden Waterfront Study Area Redevelopment Plan. The Plan’s vision is to create a vibrant, mixed-use district that provides new opportunities for riverfront recreation and attracts sustainable development while connecting existing residential neighborhoods to the waterfront.
 
The former prison site accounts for roughly one third of the North Camden Waterfront Study Area. In 2006, the Delaware River Port Authority Commissioned the Riverfront State Prison Reuse Study to analyze the reuse potential of the North Camden Riverfront. In 2010, demolition of the prison was completed, paving the way for future redevelopment.
 
Qualifications must be received by 2 p.m. on April 12, 2017 in a securely SEALED envelope or carton. Qualifications should be shipped or delivered to:
 
New Jersey Economic Development Authority
Real Estate Division
REF # 2016-RED-RFQ-DEV-061
Due Date: April 12, 2017 at 2 p.m.
36 West State Street
Trenton, NJ 08625-0990
 
Submissions will be publicly opened on April 12, 2017 at the 36 West State Street location at 2 p.m.
 
The question and answer period related to the RFQ has also been extended until March 15, 2017.  For a complete list of qualification submission requirements and other information pertinent to this RFQ, visit https://www.njeda.gov/bidding.

TRENTON, N.J. (March 2, 2017) – Through its engagement with the state’s technology community, the New Jersey Economic Development Authority (EDA) often hears from early-stage entrepreneurs about their need to attract investors and also to receive guidance from investors for next steps or feedback on their business models. That need was the genesis of New Jersey Founders & Funders.

Held semi-annually at the EDA’s Commercialization Center for Innovative Technologies in North Brunswick, the event enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.

Through six events held to date, more than 175 entrepreneurs and emerging technology and life sciences companies have participated in New Jersey Founders & Funders. The EDA is currently accepting applications for its seventh New Jersey Founders & Funders event, scheduled for April 27. To apply, visit https://application.njeda.com/tls/.

“One of the many attributes that keeps New Jersey at the forefront of innovation is the collaborative environment our state fosters,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “New Jersey Founders & Funders is a shining example of the benefits of investors taking the time to connect one-on-one with early-stage companies.”

@NJEDATech today takes a look at four October 26, 2016 New Jersey Founders & Funders participants, whose founders shared their key takeaways from their experience that day:

Funtoid (formerly known as Coffee Break) was founded in 2015 to enable social media users to send creative birthday messages. Company founder David Barr created a Facebook platform through which users can send memorable birthday messages with personalized fun facts. New Jersey Founders & Funders enabled Barr, a first-time entrepreneur, to practice his pitch, get valuable feedback, and build relationships. When asked about the most valuable information received at Founders & Funders, Barr cited encouraging feedback from investors that the concept was solid, but the company needed to demonstrate traction in terms of users or revenues before seeking investment.

Pedul Co-Founders Kayla Jackson and Chisa Egbelu

Welnys Founder & CEO Heather Waibel
 

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Tuesday, February 21, 2017 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

  

TRENTON (February 14, 2017) – The New Jersey Economic Development Authority (EDA) today announced the approval of a record-breaking 251 applications through the State’s Angel Investor Tax Credit Program in 2016, representing the injection of more than $96 million in private capital into technology and life sciences companies throughout the Garden State. In the fourth quarter of 2016 alone, the EDA approved 198 applications.

Administered by the EDA in consultation with the New Jersey Division of Taxation, the Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.

Since the program’s inception in 2013, the EDA has approved 673 applications for investment, with more than $220 million being invested in 51 New Jersey technology and life sciences companies. The program is available to all eligible taxpayers, including out-of-state investors. In 2016, 39 percent of Angel Investor Tax Credit Program applicants were from New Jersey, with the remainder coming from throughout the United States and abroad. Foreign investors came from multiple European countries including Belgium, Sweden and the Netherlands.

“The influx of applications in recent months is a strong indicator that investors are realizing the incredible value in participating in our Angel Investor Tax Credit Program,” EDA Chief Executive Melissa Orsen said. “We have even heard from several investors who plan to take the funding they receive through the program and reinvest it in a New Jersey-based technology or life sciences company.” 

The program marked a significant milestone in early January 2017, when a $500,000 investment made by investor Rikesh Godhani, of Denville, into pharmaceutical company Nevakar, became the 500^th Angel Investor Tax Credit approved by both the EDA and the Division of Taxation. The Division of Taxation is diligently working on approvals for the remainder of the investments, which is the final step in the review process, following EDA’s approval.

Nevakar is a specialty pharmaceutical company focused on developing innovative products in the injectable and ophthalmic space. The company's goal is to develop enhanced products that address unmet clinical and/or commercial needs of molecules approved by the United States Food and Drug Administration, through intensive research and development and clinical efforts. The company, which was founded by scientist-turned-entrepreneur Navneet Puri, currently employs 30 people, all of whom are based in New Jersey. Nevakar is located at the New Jersey Center of Excellence in Bridgewater, the former Sanofi location that has been converted into a 110-acre research and development campus containing approximately 850,000 square-foot of laboratory, office, manufacturing, and warehouse space, as well as a conference center, fitness area and full-service cafeteria. 

“As a young company, we find the Angel Investor Tax Credit Program to be a tremendous asset to incentivize investors,” Puri said.
 
Nevakar is Puri’s second entrepreneurial endeavor in New Jersey. In 2005, he created InnoPharma, Inc., a research and development pharmaceutical company focused on developing complex generic and innovative specialty products in injectable and ophthalmic dosage forms. He sold the company to Pfizer in 2014 and shortly thereafter launched Nevakar.

Godhani shared with @NJEDATech why he chose to invest in Nevakar.

“Based on my experience and success with other pharma investments, Nevakar looked to be a great opportunity,” he said. “This industry usually outperforms other sectors and offers a favorable return on investment. Nevakar has several innovative products and is comprised of a team of highly capable individuals.”

Recent legislative changes have been made to the Angel Investor Tax Credit Program. For any investments made on or after January 1, 2017, applications must be submitted within six months of date of investment. Investments made in 2016 will continue to have a 12-month deadline for submitting applications from date of investment. Additional changes to the program can be found at https://www.njeda.gov/technology_lifesciences/angel_investor_tax_credit_program.

@NJEDATech asked Puri about Nevakar’s experience in New Jersey and its plans for the future:

Why did you choose to grow Nevakar in New Jersey?
Given that Nevakar is a specialty pharmaceutical company, its growth requires unique scientific and technical skill sets. New Jersey is home to an abundance of professionals possessing those skill sets, and therefore our decision to locate Nevakar here was easy and logical.

How did funding through the Angel Investor Tax Credit help your company?
Funding through New Jersey’s Angel Investor Tax Credit incentivized some of the investors to invest in Nevakar.  Although their motivation is primarily the company, its business model, and the operating team, getting tax credits was certainly a bonus.

What’s on the horizon for Nevakar?
Nevakar has ambitious growth plans. Soon, Nevakar will continue to add to its highly-skilled workforce at its facilities in New Jersey while expanding on infrastructure to support execution of its specialty products pipeline. This will enable long-term growth of the company as a fully integrated specialty pharmaceutical company.

For more information about resources available to support New Jersey’s technology industry, visit https://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 Tuesday, February 14, 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.

The American Heart Association (AHA) notes that heart disease is the leading cause of death in the world, killing more than 370,000 Americans a year. The AHA also states that heart disease strikes someone in the United States about once every 42 seconds. National Wear Red Day® highlights heart disease as the number one cause of death in women.

“While the statistics coming from the AHA are foreboding, it’s encouraging that medical devices created by New Jersey innovators are being used by doctors worldwide in their fight against the deadly epidemic of heart disease,” EDA Chief Executive Officer Melissa Orsen said.

CytoSorbents Corporation (@CytoSorbents), a Monmouth Junction, NASDAQ-traded (CTSO) medical device company focused on critical care immunotherapy, is commercializing a blood purification technology called CytoSorb® to reduce deadly inflammation common to open heart surgery (e.g. coronary artery bypass graft surgery, valve replacement, and heart-lung transplant) and many lethal conditions in the intensive care unit, such as complications from cardiac surgery, as well as sepsis and infection, trauma, and liver failure.

Highlighting the far-reaching effects New Jersey companies have on the global scene, CytoSorb®, which is reported to have been used safely in more than 20,000 human treatments to date, is currently approved in the European Union, and is being distributed in 42 countries around the world. CytoSorbents recently pre-announced 2016 CytoSorb sales of $8.2 million, doubling from $4.0 million in 2015. The company also recently announced the extension of a strategic partnership agreement with Fresenius Medical Care (FMC), the world's largest dialysis company, to extend FMC's exclusive distributorship of CytoSorb for critical care applications in France, Poland, Denmark, Sweden, Norway and Finland through 2019, as well as a co-marketing agreement across all of the countries in which CytoSorb® is sold, where possible.

CytoSorbents has participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, the NOL 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. In addition, CytoSorbents received funding from the New Jersey Technology Council’s (NJTC) inaugural venture fund, NJTC Fund 1, in which the EDA invested $7.15 million as a limited partner.

With the tagline, “Diagnosing Better Care,” Totowa-based VectraCor (@VectraCor) has developed what it describes as the world’s first cardiac electrical biomarker (CEB®) that can help nurses and doctors detect, in real time, a potential heart attack. Traditional electrocardiograms (ECG) are used to monitor a patient’s heart and generate complex reports for a doctor’s analysis using 10 wires, or electrodes, to get 12 leads, or pictures of the heart. VectraCor’s proprietary product, VectraplexECG System with CEB®, provides 15 leads in the United States and 22 leads in Europe, giving nurses and doctors a more in-depth view of the patient’s heart utilizing only five electrodes. The technology also provides a report from which doctors and nurses can easily and quickly interpret whether a patient is having a heart attack, enabling them to get critical care that much faster.

VectraplexECG System with CEB®
 

VectraplexECG System with CEB® is currently being used by the Jersey City Medical Center, RWJBarnabas Health, Summit Medical Group, and numerous urgent care centers throughout New Jersey. It is one of numerous products for which VectraCor has either patents or patents-pending in 12 countries. VectraCor CEO Brad Schreck told @NJEDATech that Michigan’s Henry Ford Hospital is presenting positive results related to VectraplexECG System with CEB® response time in a prospective study in the cath lab to the American College of Cardiology in March.

VectraCor participated in the EDA’s New Jersey Founders and Funders event in October. Held semi-annually at the EDA’s Commercialization Center for Innovative Technologies, New Jersey Founders & Funders events introduce entrepreneurs to investors in 10-minute one-on-one “speed dating” match ups, paving the way for emerging companies to attain the funding they need to grow in the state. In addition, several of VectraCor’s current investors have benefited from the State’s Angel Investor Tax Credit Program. Administered by the EDA in consultation with the New Jersey Division of Taxation, the Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.

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