When it comes to treating cancer, early detection and a personalized treatment plan can be critical. Rutherford-based Cancer Genetics, Inc. (CGI) is a key player in the development of tools that help physicians and pharmaceutical companies identify genomic markers to determine the best and most efficient cancer treatments.

CGI’s “bench to bedside” approach ensures that the research and development (R&D) that happens in its labs translate into actionable information for clinicians and pharmaceutical companies. This means that with the information CGI provides, patients can receive customized and potentially lifesaving treatments.

“We believe that getting the right treatments to the right patients at the right time is absolutely critical,” CGI Chief Financial Officer Ed Sitar said. “CGI’s cutting-edge proprietary tests and state-of-the-art reference laboratory provide vital information where patients and their physicians need it most – to diagnose, monitor and design cancer treatment.”

In the last two years, CGI has acquired companies in India and China and has greatly extended its global reach. Through these acquisitions, CGI expanded its offering to include both hematological and solid tumor testing.

CGI currently holds 84 global patents and 30 United States patents. It also contracts with seven of the top 10 biopharmaceutical companies in the world. CGI offers 10 proprietary, commercially-launched tests and actively supports over 70 clinical trials with its testing, genomic services, and biomarker capabilities.

As part of its commitment to continued research to accelerate the field of cancer genomics, CGI partners with over 17 leading institutions and established a joint venture with Mayo Clinic that focuses on collaborations surrounding multiple myeloma, lung cancer and follicular lymphoma. Known as OncoSpire, the venture is developing diagnostic tests that CGI hopes will become the new standard for diagnosing and managing patients with these diseases. CGI reports that there are over two million cases annually of these diseases.

“New Jersey’s technology ecosystem invites and encourages innovation and collaboration,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “It is great to see CGI working with national institutions and partners in the global fight against cancer.”

CGI’s team is achieving successes externally and internally; earlier this year CGI’s Ed Sitar was selected as CFO of the Year by NJBIZ in the Public Company category.

CGI has benefited from New Jersey’s Technology Business Tax Certificate Transfer (NOL) Program since 2012. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, the NOL program enables companies to sell unused New Jersey net operating losses and R&D tax credits for cash to finance their growth and operations. The sale to unrelated profitable corporations in New Jersey has been critical to many New Jersey companies in managing their cash flow. To date, more than $860 million in funding provided through the NOL Program has helped over 500 different businesses.

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

Why did CGI choose to establish itself in New Jersey?  
New Jersey provides a perfect concentration of the elements needed to help an emerging technology company prosper. In CGI’s case, the company moved from Cambridge, MA primarily to accommodate CGI Founder Dr. Raju S. K. Chaganti and his scientific team, who were all largely at Memorial Sloan Kettering Cancer Center in New York City. New Jersey also provides access to the talent we needed to continue to innovate – both scientific and business talent. New Jersey is in a great biotechnology and pharmaceutical corridor–close to research institutions, universities, many clinicians at some of the most highly recognized teaching and treatment hospitals in the country, and to our pharmaceutical partners.

How will CGI use funding received through this year’s allocation of the NOL Program?
CGI will use the funding for further investment in R&D activity and to advance development of our commercial tests and sales infrastructure.

What is CGI’s biggest success to date?
Our biggest successes to date have ultimately happened outside our lab…changing patient lives, accelerating approvals for new drugs, and making changes in the personalization of diagnosis and therapies. Internally, our success has been our growth, our integration of three new companies across the globe, and the launch of our ten proprietary tests. These acquisitions have allowed us to have a national and international footprint and to expand our offering to include solid cancers as well as hereditary cancers. The acquisitions have established CGI as a leading personalized medicine company in the field of oncology diagnostics.

What’s on the horizon for CGI?  
CGI is uniquely positioned to be the oncology diagnostic partner of choice. We live and breathe our bench to bedside mission every day through our collaborations, our tests, and our approach to addressing cancer treatment and research.
 
To learn about programs and initiatives that support the technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

Trenton, N.J., (December 18, 2015) – In the spirit of the Christie Administration’s Season of Service, the New Jersey Economic Development Authority (EDA) launched its own internal initiative to help the State’s most vulnerable residents over the holidays. Known as the “Community Challenge,” the program presents opportunities for EDA employees to participate in community service projects of their choosing.

“The goal of the Community Challenge was twofold – to encourage team building and development within the organization and to help communities in need,” said EDA CEO Melissa Orsen. “Feedback from staff has been overwhelmingly positive, and I am proud of our employees’ unwavering commitment to the greater good.”

More than ten organizations benefited from the inaugural Challenge, and populations served include victims of domestic violence, the elderly, foster children, abandoned and abused animals, and those suffering from poverty and/or homelessness and hunger. Organizations supported include:
 

• Elijah’s Promise – EDA employees rolled over 200 sets of utensils for the community soup kitchen of a New Brunswick organization working to alleviate hunger and empower lives for the most vulnerable residents of central New Jersey.

• Habitat for Humanity of Burlington County – EDA’s leadership team installed decking to support the floor of a home for which ground was broken in November. Once finished, it will be purchased by a family of five currently living in a two-bedroom apartment.

• La Casa de Don Pedro – The EDA’s Newark office sorted and bagged food for local families through this community-based, grassroots organization that supports the needs of underserved children, individuals, and families.

• Mercer Street Friends Food Bank – 100 bags of food were assembled for the “Meals on Wheels” program. EDA staff also stuffed donation envelopes and sorted more than 50 cases of canned goods for distribution.

• New Hope Health Center (an initiative of the New Hope Church of God) – EDA staff assisted with general office tasks, scheduling appointments, and making phone calls, enabling medical staff, led by Pastor Philip M. Bonaparte, M.D., to focus on the organization’s mission of providing free medical services to the community.

• One Simple Wish – More than $1000 was raised selling cocoa to help make wishes come true for kids in foster care through the inaugural Cocoa for Kids program.

• Riverside Nursing and Rehabilitation Center – EDA employees visited with residents and decorated the home for the holidays.

• Rolling Harvest Food Rescue – A team of employees gleaned fields to harvest vegetables for distribution to local food banks for Thanksgiving meals.

• Salvation Army – An EDA team helped the organization with its Christmas Castle/toy shop pilot program, including decorating the Christmas Castle, and sorting and organizing toys to distribute to 700 families. Another group collected and donated personal items and shopped for gifts, and still another “adopted” a family, buying every “wish” list item for a family with two little girls.

• Trenton Animal Shelter – Employees visited the shelter to care for and play with the animals, and a large donation of items needed by the shelter was made, including food, treats, cleaning products and toys.

• Womanspace – Gifts were purchased for women and children impacted by domestic and sexual violence, currently living in transitional housing.

 
Orsen noted that there have been many expressions of gratitude from the supported organizations, including One Simple Wish and Womanspace.
 
“There’s a good chance that a foster child lives in your neighborhood, or in a city only a few minutes away. There’s an even better chance that these children, who are invisible to many of us, will not have the opportunity to experience many of the simple joys of the holiday season. That’s where organizations like the EDA have come in,” said One Simple Wish Program Manager, Danielle Kocubunski.
 
Lauren Nazarian, Director of Development, Womanspace, expressed gratitude for the gift baskets donated. “The EDA group really put such time and care into each basket and it shows. Thank you.”

TRENTON (December 17, 2015) –The New Jersey Economic Development Authority (EDA) today announced that five highly-qualified individuals have been selected to serve as its second group of Executives-in-Residence (EIRs), mentoring and advising emerging technology companies at the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Developed in collaboration with BioNJ, the EIR program is designed for high-level biotechnology executives currently in transition. 
 
“New Jersey’s technology ecosystem invites and encourages mentorship and collaboration between established life sciences executives and up-and-coming biotechnology companies,” EDA Chief Executive Officer Melissa Orsen said. “The EIR Program harnesses that collaborative energy to benefit the next generation of entrepreneurs.”
 
“We are thrilled with the success of the Executive-in-Residence program and are excited for the second round of EIRs,” said Debbie Hart, President and CEO, BioNJ. “The growth of New Jersey’s life sciences ecosystem relies on collaboration and mentorship and this program fosters innovation, entrepreneurship and advancement.”

The newest round of EIRs includes:
 
Gary Esterow of Manalapan (EIR – Strategic Communications), who brings over 30 years of global communications expertise in the consumer, pharmaceutical, medical device, non-profit, agency, and corporate arenas.

Sathapana (Sam) Kongsamut, PhD of Madison (EIR –Investment and Partnering Strategies), is an entrepreneurial neuroscientist with vast pharmaceutical research and development experience, as well as business development experience.

Loralyn Mears, PhD, of Parsippany, (EIR – Market Development), who brings extensive experience selling and marketing products and services in the life sciences for several Fortune 500 companies.

Roland Staal, PhD, of Metuchen (EIR – Strategic and Product Planning), is a scientist with a passion for drug discovery and comprehensive knowledge of the pharmaceutical industry.

Richard (Rick) Winneker, PhD, of Margate, (EIR – Research Communications, Strategic Planning and Partnering), who brings 30 years of experience, specializing in drug discovery and development, and life science research and organizational strategic planning.

Full EIR biographies and photos available at https://www.njeda.gov/eirgroup2.
 
The selected Executives will mentor and coach CCIT’s promising companies through weekly office hours, during which CCIT tenants can seek advice on a variety of topics as they grow their companies. Each Executive will also offer a lecture on a topic relevant to entrepreneurship.
 
Benefits of the program for selected Executives include networking opportunities with tenants, BioNJ and the greater New Jersey Life Sciences communities; office space at CCIT; the title of Executive –In-Residence; and exposure on the EDA’s website and social media channels.  The EIR Program has led to exciting opportunities for the first round of life sciences professionals, including full time employment and consulting positions. 
 
The EIR Program application process is highly competitive.  Applications are received on a  rolling basis, with appointments of new executives made on a semi-annual basis. To be eligible, executives must be full-time residents of New Jersey with legal working status in the United States. Qualified individuals must also be willing to work at CCIT at least one day a week to advise and mentor tenants. More information about the program, including eligibility, can be found at www.njeda.gov/EIR.
 
To learn about programs and initiatives that support the technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

From left to right:  Tim Lizura, EDA President and Chief Operating Officer; Annie Fox, Resource Development Manager, Habitat for Humanity of Burlington County; Maureen Hassett, Senior Vice President, EDA; Melissa Orsen, Chief Executive Officer, EDA; and Fred Cole, Senior Vice President, EDA.

Trenton, N.J., (December 16, 2015) – As part of the Christie Administration’s fifth annual “Season of Service” initiative, New Jersey Economic Development Authority (EDA) CEO Melissa Orsen volunteered today at a Willingboro Habitat for Humanity construction site.  Orsen was accompanied by a team of EDA volunteers, including President and Chief Operating Officer Tim Lizura, and Senior Vice Presidents Fred Cole and Maureen Hassett.

EDA’s leadership team spent the morning installing decking to support the floor of a home on a site where ground was broken in November.  Construction of the home is expected to be completed within about a year.  Once completed, the home will be purchased by a family of five currently living in a two-bedroom apartment.
 
Habitat for Humanity of Burlington County, the Maple Shade-based non-profit affiliate of Habitat for Humanity International, has built 50 homes since its inception in 1987, including houses in Burlington City, Mt. Holly, Medford, Cinnaminson, Beverly, Pemberton, Palmyra, Florence, Moorestown, Burlington Township, Bordentown, and Mt. Laurel. Habitat serves thousands of people each year with opportunities to volunteer and give back to their communities, as well as hundreds of individuals and families who now have a place to call home.
 
Financing terms for low income families partnering with Habitat for Humanity to purchase homes include zero interest financing and payments not exceeding 30 percent of gross income, and no down payment is required.  Participating families must complete 250 to 400 hours of “sweat equity” to build their home and the homes of other Habitat families, work in Habitat’s ReStores, and attend Homeowner Education classes, meetings, and special events.
 
Habitat for Humanity of Burlington County recently received a loan through the EDA’s Small Business Fund to purchase the building it had been leasing since 2014. Prior to that, the entity’s corporate offices and ReStore operations had been located in Cinnaminson. The move to Maple Shade was driven by the goal of expanding, and attracting more customers to the ReStore, which sells donated, secondhand items to raise money for the organization.

The Christie Administration’s annual Season of Service activities allow Administration staff to perform volunteer work at various locations across the State to help New Jersey residents. Continuing the success of previous service initiatives, this year’s activities are focused on serving New Jersey’s most vulnerable residents. 

In the spirit of Season of Service, EDA has undertaken its own initiative, the EDA Community Challenge, through which each department within the EDA participates in a community service project.  The more than ten organizations supported to date include Mercer Street Friends Food Bank, the Trenton Animal Shelter, the Salvation Army, Womanspace, and Riverside Nursing Home.

Under the direction of Co-Chairs John Pennett (left) and Dr. K. Stephen Suh (right), the CCIT Advisory Board offer guidance to tenant companies on a wide range of topics.

TRENTON (December 10, 2015) – As one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies, the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) has evolved into a hub of activity for the Garden State’s burgeoning life sciences industry.

From hosting events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, to Lunch and Learn presentations that bring in industry experts to discuss topics relevant to emerging companies, CCIT offers something to each of its tenants and to the life sciences community at large. Ideally situated in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT offers the most wet labs of any incubator in New Jersey.

Launched earlier this year, the incubator’s Executive-in-Residence Program brings life sciences professionals to CCIT to mentor and coach tenant companies through a series of weekly office hours.

CCIT, currently home to 22 companies, also has an active advisory board from which tenants can seek guidance on a wide range of topics. The CCIT Advisory Board includes professionals from the many types of organizations that are involved with growing companies, such as the ones housed at CCIT. Accountants, lawyers, trade organizations, large corporations, universities, consultants, hospitals, and even CCIT graduates, all have seats on the Board.

“Under the leadership of co-chairs John Pennett and Stephen Suh, the CCIT Advisory Board provides resources and guidance that are vital to helping our State’s innovation ecosystem flourish,” EDA Chief Executive Officer Melissa Orsen said.

“The Board is structured in such a way that its members address questions and issues that arise from the incubator’s tenants,” Pennett explained. “It also serves to integrate CCIT into the larger New Jersey technology community through the extended network the Board represents.”

Pennett, of Watchung, is the Partner-in-Charge of the Life Sciences Group and Technology Group at the international accounting firm EisnerAmper. For more than 20 years of his 30-year career in accounting, Pennett has focused on life sciences clients. He is a proponent of cultivating New Jersey’s Life Sciences ecosystem and spends a portion of his time mentoring and advising entrepreneurs. In addition to leading the CCIT Advisory Board, Pennett serves as the co-chair of BioNJ’s Chief Financial Officer Committee and is on the Accounting Advisory Board of the Rutgers University School of Business, where he received a Bachelor of Arts in Economics. Pennett is the publisher of Catalyst, a magazine focused solely on issues related to life sciences and pharmaceutical companies.

Dr. K. Stephen Suh, Ph.D., of Hackensack, is the director of the Genomics Program at the John Theurer Cancer Center of Hackensack University Medical Center, where he manages the Center’s Tissue Repository and the cancer research program for multiple human cancer types. The Tissue Bank stores tissue, blood, or bone marrow samples that have been donated by patients who have undergone biopsies, surgery, or other clinical procedures. Scientists then use these samples to analyze and study cancer cells to individualize medical treatments for patients. Through his membership in several national organizations, including the American Association for Cancer Research and the National Cancer Institute, Dr. Suh keeps CCIT connected to the local and national scientific and clinical community. After earning a Master’s Degree and Doctorate Degree in molecular and cell biology from the University of Texas, Dr. Suh completed his Post-Doctoral Fellowship and Research Fellowship at the National Cancer Institute.

@NJEDATech spoke with Pennett and Dr. Suh about the CCIT Advisory Board and their vision for its future:

Why did you decide to join the CCIT Advisory Board?
Pennett: As a representative of EisnerAmper, and personally, I believe it is important to be a contributing member of the biotech community and to give back to that community. Sharing information I have learned with the community is always one of the most enjoyable and valuable parts of my job. CCIT was always considered the most visible biotechnology facility in the state, and  the fact that the life sciences community, and the EDA, came to me with the opportunity to support the community in a leadership capacity is a great honor.

Suh: I joined the Board because I wanted to share knowledge I accumulated during my time at the National Cancer Institute and clinical perspectives I gained from the medical center. Many scientists ‘build’ products without closely interacting with end users. I wanted to provide share of these insights when interacting with tenants.

How has CCIT evolved during your tenure on the Advisory Board?
Pennett: CCIT has grown tremendously over the past few years. The primary impact has been on the external awareness of CCIT, its programs and support systems. For many years, the organization was focused only on its internal customers and waited for potential customers to contact them. Now CCIT has the Founders & Funders and Executives-in–Residence programs, and provides many other resources to support the entrepreneurial community. There is not a life sciences event in State that does not have CCIT representation.

Suh: There is more interaction and networking between the tenants than when I joined the Board. This enables tenants to become more self-sufficient and productive entities after they graduate. Forming committees to help tenants, the Lunch and Learn series and the Executives-in-Residence Program are all examples of the interactive dynamic between tenants and the Advisory Board.

Where do you see CCIT five years from now?
Pennett: There is currently a strong focus on entrepreneurship, and incubators globally are growing at an incredibly rapid pace. With the talent and resources available in NJ, I see CCIT continuing to lead the early-stage life science community with its top-shelf facility, and access to experts and support systems.

Suh: CCIT will define better innovation. This is a challenge since the scientific landscape is changing very quickly and technologies are improving rapidly. The nurturing and advising incubators, such as CCIT, are becoming more complex and advisory members will be working ever more closely to help clients.

For more information about the resources that CCIT offers, visit https://www.njeda.gov/ccit and follow @NJEDATech on Twitter and LinkedIn.

TRENTON (December 3, 2015) – With an online presence becoming more and more critical to the success of businesses, Clark-based Gold Group Enterprises uses its proprietary cloud-based software platform to help clients in a variety of industries expand their digital footprint.

Nearly a dozen years after it was founded as a software development company, the business changed its name earlier this year from “Gold Mobile” to “Gold Group Enterprises” to better present the array of capabilities it now offers for addressing the needs of its growing list of clients and partners. Today, the company offers a three-pronged approach to ensure its customers have access to resources they need to reach their full potential.

The company’s Enterprise Solutions provides a cloud-based platform to enhance a business’s mobile ordering, payment, and loyalty programs, while its 24K Creative agency offers professional marketing. The company’s GoMo Health^TM division works within the healthcare industry to help Gold Group Enterprises’ clients provide personalized patient engagement opportunities. For example, on World Prematurity Day on Nov. 17, Gold Group Enterprises touted its GoMo Health’s Concierge Care® Prenatal Program, designed to combat high rates of premature birth and help mothers through pregnancy and baby’s first 15 months. GoMo Health^TM breaks down complex information into manageable, understandable terms for patients.

Gold Group Enterprises, which also has an office in Asbury Park, is among 41 companies to share more than $47 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies like Gold Group Enterprises to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. 

“Gold Group Enterprises is one of five companies participating in the NOL Program for the first time this year,” EDA Chief Executive Officer Melissa Orsen said. “These businesses join the list of more than 500 others that have, over the last decade and a half, received critical capital they can use to grow and thrive in the Garden State.”

Gold Group Enterprises also attended New Jersey Founders & Funders earlier this year. To date, the State’s Founders & Funders events have provided more than 120 entrepreneurs in NJ with access to angel and venture capital investors, paving the way for these businesses to acquire the funding they need. Registration is now open at https://application.njeda.com/tls/ for the next Founders & Funders event, planned for Spring 2016.

@NJEDATech asked Gold Group Enterprises CEO Bob Gold about his company’s experience in New Jersey and its plans for the future:

Why did you choose to grow Gold Group Enterprises in New Jersey?
I’m a Jersey boy and love the state! I grew up in North Jersey, went to Rutgers University and currently live at Jersey Shore. In 2001, I purchased land and turned it into Gold Farms, LLC, an organic farm located in Roosevelt. This, in turn, created revenue and jobs; I was happy to help New Jersey’s economy grow. I also worked with local retailers to distribute the products within the community. New Jersey has always been my home, so I knew there was nowhere else I’d rather start the company.

How did funding provided through the NOL program benefit your company?
The NOL funding, as well as the great programs and support we get from EDA, are, and will be, paramount to our success. The funding enables us to quicken the pace of our product enhancements and research and development by providing funding to expand our software development team. This leads to quicker revenue growth for the company. Plus, I must thank EDA Senior Venture Officer Kamran Hashmi, as he has been invaluable with his insights and knowledge that have positively contributed to our growth.

What is the best piece of advice that you received at Founders & Funders?
The information we gained at Founders and Funders is very specific and focused on exactly how we will achieve our revenue and gross margin targets. We also learned that much of our credibility will come from knowing this without looking at a piece of paper.

What is Gold Group Enterprises’ biggest success to date?
We are very proud of the fact our GoMo Health Concierge Care suite of patient engagement and tele-health applications have helped many hospitals improve their overall relationship with their providers, patients and community. We are excited to have launched with one of the most patient-centric hospitals in the country right here in New Jersey — Hackensack University Medical Center at Pascack Valley.

What’s on the horizon in the near future for your company?
We have already launched in production, and will soon announce, a two-way interactive Personal Concierge application for patients with chronic and complex health issues. This first-of-its-kind app will enable physicians and nurses to have a virtual assistant that communicates with people throughout their day…in-the-moment…within their lifestyle. 

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

Trenton, N.J., (December 3, 2015) – As part of the Christie Administration’s fifth annual “Season of Service” campaign, New Jersey Economic Development Authority (EDA) CEO Melissa Orsen volunteered yesterday at The Children’s Home Society of New Jersey’s (CHSofNJ) 21st Century Community Learning Centers (21stCCLC) – Positive Impact Program, assisting middle school students cooking a healthy holiday dish; chili served over jasmine rice.

The 21stCCLC Positive Impact Program is a federally funded after school program operated by CHSofNJ in collaboration with Trenton Public Schools and the YMCA of Trenton. The free program operates every day that school is in full session, and welcomes students to enroll regardless of their academic ability, English proficiency or behavioral needs.

The 21stCCLC Positive Impact Program serves 225 sixth, seventh and eighth grade students daily at two Trenton public school sites: Grace A. Dunn Middle School and Joyce Kilmer Middle School. In addition to homework support, tutoring, test preparation and enrichment club, the students participate in Science, Technology, Engineering and Math (STEM) activities, cultural programming, and field trips.

For more information about the 21st Century Community Learning Center – Positive Impact Program, please contact Louise Shabazz via email at lshabazz@chsofnj.org or via telephone at (609) 620-1018, Ext. 200.

The Christie Administration’s annual Season of Service activities allow Administration staff to perform volunteer work at various locations across the State to help New Jersey residents. Continuing the success of previous service initiatives, this year’s activities are focused on serving New Jersey’s most vulnerable residents. 

About The Children’s Home Society of New Jersey
The Children’s Home Society of New Jersey is a nonprofit child and family serving agency whose mission is to save children’s lives and build healthy families. Founded in 1894, the agency protects abused or neglected infants and at-risk children by ensuring stable, permanent, and loving homes for each and every child it serves. All services are confidential and most are free. For more information, visit our website at www.chsofnj.org.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, December 8, 2015 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.

Akers Biosciences Co-Founder and Executive Chairman Dr. Raymond Akers, Jr.

TRENTON (November 24, 2015) – Gloucester County-based Akers Biosciences greatly expanded its global reach earlier this month when the China Food and Drug Administration (FDA) approved the company’s lead device PIFA^® Heparin/PF4 Rapid Assay for use throughout Mainland China.

Located in West Deptford, Akers Biosciences has spent over 25 years developing, manufacturing and supplying rapid screening and testing products — known as “assays” — designed to deliver quicker and more cost-effective healthcare data to healthcare providers and consumers.

The PIFA^® Heparin/PF4 Rapid Assay checks to see if patients are allergic to the blood thinner Heparin by testing for the presence of a specific antibody associated with Heparin-Induced Thrombocytopenia (HIT), a specific type of blood clot. With the green light from the China FDA, Beijing-based pharmaceutical and medical device business development company Novotek will begin rolling out marketing of the testing devices to hospitals throughout China. At the end of September, Akers Biosciences announced that it signed distribution deals to market its proprietary testing device in India, German, Italy and Scandinavia. 

According to Akers Biosciences Co-Founder and Executive Chairman Dr. Raymond Akers, Jr., the devices are also becoming more widely used in the United States where, he said, they remain the only United States FDA-cleared rapid manual assays that quickly determine if a patient being treated with heparin may be developing HIT. PIFA^® Akers Biosciences stepped up the commercialization of Heparin/PF4 Rapid Assay this year.

“Millions of patients are exposed to heparin around the world each year and between one percent and five percent of those patients receive an HIT diagnosis,” Dr. Akers said. “Patients suffering from HIT are at risk of developing limb- and life-threatening complications, so the timely test results provided by PIFA^® Heparin/PF4 devices are paramount to effective, clinical decision making.”

Akers Biosciences this week named John J. Gormally as its Chief Executive Officer. In announcing the appointment, Dr. Akers noted that Gormally, “previously helped successfully grow annual business revenues by more than $80 million in a business unit that contributed annual revenues of over $650 million. He led a multi-functional team of 92 associates including sales, marketing and finance teams.”

Akers Biosciences is among 41 companies to share more than $47 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2016. Since the program’s inception in 1999, more than 500 technology and biotechnology companies have been approved for awards totaling $860 million.

“This innovative program enables biotechnology businesses like Akers Biosciences to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations,” New Jersey Economic Development Authority Chief Executive Officer Melissa Orsen said. “It’s one more way we are fostering innovation and collaboration in the Garden State.” 

@NJEDATech asked Dr. Akers about his company’s experience in New Jersey and its plans for the future:

Why did you choose to grow Akers Biosciences in New Jersey?   I was born and raised in New Jersey, started my first business here, started this business here, and enjoy the benefits of being smack in the middle of the busiest economic corridor in the US. There is nowhere I would rather grow Akers Biosciences.

How has your company benefited from funding provided through the NOL program?  We would not be here today without these funds. The NOL Program filled the gap of lean, early development years, and then provided much needed capital as we executed our go-to-market strategy.

What is Akers Biosciences’ biggest success to date?  Our greatest success has been developing and introducing to the market the only rapid – and lifesaving – test in the world for an allergy to heparin.

What’s on the horizon for your company?  We look forward to making the benefits of our products available to even more consumers globally. From our humble beginnings in West Deptford, Gloucester County, we have evolved into a net exporter of high tech medical products to 33 countries, including China.  We are now listed on both the NASDAQ (AKER) and London (AKR) Stock Exchanges.

For more information about the State’s NOL program, visit https://www.njeda.gov/nol and follow @NJEDATech on Twitter and LinkedIn.

TRENTON (November 19, 2015) – “If you want to go fast, go alone. If you want to go far, go together.” This African proverb is Judith Sheft’s favorite, and she lives by its words.
 
As Associate Vice President of Technology and Enterprise Development at the New Jersey Innovation Institute within the New Jersey Institute of Technology (NJIT), Sheft is a leader in New Jersey’s technology ecosystem and plays a pivotal role in cultivating the next generation of entrepreneurs in the Garden State.
 
Sheft oversees the Enterprise Development Center (EDC), the university’s high-tech accelerator/incubator, which falls under the auspices of the New Jersey Innovation Institute at NJIT. The EDC houses 95 companies that employ a total of 400 full-time employees and an additional 200 to 300 students annually. Sheft encourages tenant companies to collaborate and share resources and ideas. She is also responsible for managing the university’s Office of Technology Development and creates programs and policies focused on patent creation, intellectual property (IP) valuation, strategic use and protection of IP assets — elements that are crucial to emerging technology companies. Recently, she has also been focusing efforts to help further strengthen the health information technology (HealthIT) cluster in the state through the HealthIT Connections program funded by a grant from JPMorgan Chase and its Small Business Forward initiative. 
 
“Judith is a champion for innovation in New Jersey,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “With her wealth of knowledge and unique perspective on so many facets of the State’s technology sector, Judith is an asset to the State.” 
 
Beyond her role at NJIT, Sheft devotes much of her free time to serving on boards that help New Jersey technology companies grow, including the EDA’s Technology Advisory Board and the boards of two nonprofit organizations – New Jersey Entrepreneurship Network (NJEN), which provides educational and informational services to entrepreneurs, investors,  and other interested parties, and Einstein’s Alley, created to promote the vast array of resources available to entrepreneurs and innovators in central New Jersey. She is also a member of the NJ Israel Commission.
 
In June, Sheft was part of New Jersey’s large delegation at the BIO International Convention in Philadelphia. She mentioned to @NJEDATech that the annual BIO conventions are excellent opportunities to “cross-sell” all of New Jersey’s resources aimed at helping small startup companies grow and thrive in the Garden State. She also noted the excellent opportunity they present for the State’s universities and colleges to network with the New Jersey technology community and to promote the State to the rest of the world.
 
Sheft was among 25 women honored earlier this week at the 5^th Annual Top 25 Leading Women Entrepreneurs Recognition Event in Jersey City. The event was hosted by Leading Women Entrepreneurs & Business Owners, a media and events company that recognizes outstanding business owners, entrepreneurs and intrapreneurs. As opposed to entrepreneurs who start their own companies, intrapreneurs like Sheft work at larger organizations to promote innovation from within.
 
Sheft earned her Bachelor of Sciences and Master’s Degree from the University of Illinois and received her MBA from Wharton School at the University of Pennsylvania.
 
@NJEDATech spoke with Sheft about her experiences in New Jersey.
 
What attracted you to New Jersey? I moved to New Jersey from Illinois as part of a transfer within the Bell System. I joined NJIT after a career in strategic planning and intellectual property management, focused mostly on the semiconductor business.
 
What would you say is the greatest strength of New Jersey’s technology sector?  New Jersey has a great strength in technical talent within the high-tech and life sciences sectors.  There are many individuals that are able to serve as mentors and advisors and are looking to give back to the start up community.  New Jersey ranks third in the country in terms of United States patents per capita. For founders looking for technical co-founders or chief technology officers (CTOs), there is a depth of resources from which to pull.
 
What advice do you give entrepreneurs starting out in the industry?  Quite simply – Get involved and ask questions. Attend the various Meetups and entrepreneurial events around the state. NJEN and the New Jersey Technology Council (NJTC) offer various programs focused on helping entrepreneurs succeed. New Jersey Business Innovation Network (NJBIN) can assist with location selection and connections to advisors and service providers. It’s all about connections, so start building them. Companies that participate in clusters with other entrepreneurs grow faster and create more jobs.

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