A meeting of the Fort Monmouth Economic Revitalization Authority (FMERA) Board has been scheduled for Wednesday, September 16, 2015 at 7:00 pm at the FMERA Office, 502 Brewer Avenue, Oceanport, NJ. Formal action may be taken at this meeting.
 
A copy of the proposed agenda can be found 48 hours prior to the meeting at the websites of the Fort Monmouth Economic Revitalization Authority: www.fortmonmouthnj.com

TRENTON, N.J. (September 10, 2015) – Several projects expected to drive job creation and private investment in key industries and targeted areas in New Jersey were approved for Grow New Jersey (Grow NJ) Tax Credits today by the Board of the New Jersey Economic Development Authority (EDA).  A majority of these projects support the attraction of businesses in industries and areas specifically targeted for growth under the Economic Opportunity Act (EOA). Advanced under the EOA, Grow NJ is the state’s main job creation incentive program.
 
“In keeping with the objectives of the EOA, the projects approved today represent a range of industries, in a variety of locations where the jobs and private investment they bring will be most impactful,” said EDA Chief Executive Officer Melissa Orsen. 
 
The six projects approved today for Grow NJ tax credits are associated with the creation of over 645 new jobs, the retention of more than 550 jobs at risk of leaving the State, and private investment of more than $313 million in New Jersey’s economy. 
 
To date, 66 percent of projects approved for Grow NJ tax credits received a bonus for being in one of the defined targeted industries, which include manufacturing, finance, technology and life sciences.  Furthering that trend, five out of six projects approved today are in a targeted industry.
 
More than 64 percent of Grow NJ tax credits approved thus far support projects in a targeted community, including Distressed Municipalities, Urban Transit Hubs, or Garden State Growth Zones. Consistent with that statistic, four out of six Grow NJ projects approved today are in targeted communities.
 
Among the projects approved are two manufacturing companies, including specialty food and condiment purveyor Chelten House, which was approved for up to $23.4 million in tax credits over ten years if the company chooses to expand in its current Logan Township location rather than an existing company location in Las Vegas.  The expansion in Logan Township would involve the creation of 125 new jobs and the retention of 176.
 
Scrap metal recycler EMR Eastern LLC, was approved for up to $252.7 million in Grow NJ tax credits over ten years, which the company has certified will be a material factor in its decision to either expand in Camden, a Garden State Growth Zone, or at an existing company location in New Orleans.  The project is associated with more than 285 new jobs and 156 positions at risk of leaving the state.  Just 62 of the 156 possibly retained positions are counting towards the project’s award eligibility, as they would be new to Camden and coming from other EMR facilities across the state.
 
In the life sciences industry, another sector targeted for growth by the EOA, B Positive National Blood Services was approved for $3.5 million in Grow NJ tax credits over ten years to locate a project in Glassboro, which is designated as a Distressed Community under the EOA.  The project would bring with it 65 new jobs.  The alternative location is Trevose, Pennsylvania.
 
Financial services company Yellowstone Capital, currently located in New York City,  is considering a move to Jersey City, an Urban Transit Hub, where it would create 45 new jobs.  The company was approved for up to $3.3 million in Grow NJ tax credits over ten years.
 
Technology company Axtria Inc. was also approved today, for up to $3.6 million in Grow NJ tax credits over ten years, to expand in Berkeley Heights where it is expected to create 75 new jobs and retain 100.  The company is also considering a location in King of Prussia, Pennsylvania. 
 
Finally, Hudson Group Retail was approved today for up to $5.4 million in Grow NJ tax credits over ten years. The company is considering expanding in East Rutherford or relocating to Pearl River, New York.  The project is expected to create 50 new jobs and retain 214.  
 
The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 
 
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
 
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

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VEESAG Mobile Founder and CEO Raj Sadhu displays the company’s smart watch MPERSENS

TRENTON (September 9, 2015) –  The past few months have brought a flurry of activity to VEESAG Mobile, a developer of wearable technology aimed at helping people maintain their independence, remain healthier and live better. 

The company, which is housed at the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT), recently renamed and rebranded itself from Vesag Health to VEESAG Mobile, to better represent the company’s vision and focus.

VEESAG Mobile’s devices are designed to reduce hospital visits and to help people focus on health and wellness. The company’s smart watch, Mobile Personal Emergency Response System (MPERSENS®), comes equipped with a one-touch emergency button, as well as location tracking, fall detection, and remote monitoring. It can share critical information with family members and remind wearers to take their medication. In July, Sprint determined that MPERSENS was compatible for use on its network and last month Verizon confirmed the same for its network. With that critical infrastructure in place, VEESAG Mobile has started to scale up the manufacturing of its watches in order to make them widely available to consumers.

Another one of VEESAG Mobile’s products – mOperate, a “Connected Car” solution- received patent approval in June. Still under development, mOperate will be able to monitor both a car and its driver for potential problems and can transmit vital information to a remote monitoring server. 

“As a visionary entrepreneur, VEESAG Founder and CEO Raj Sadhu has developed technology that is valuable to consumers in terms of both safety and quality of life,” EDA Chief Executive Officer Melissa Orsen said. “We are glad that VEESAG Mobile calls our commercialization center ‘home’ and we are excited to watch the company grow.”

Since arriving at CCIT in 2012, VEESAG has made the most of its time at the incubator. Sadhu, who won the Albert Einstein Award at the 2014 New Jersey Immigrant Entrepreneur Awards, frequently attends programs and presentations offered by the EDA, such as Founders & Funders. Held semi-annually at CCIT, Founders & Funders directly connects entrepreneurs and start-up companies with angel and venture capital investors, offering one-on-one sessions to discuss strategy, business models and funding opportunities. Registration is now open for the next Founders & Funders event, which will be held on will be held on October 27.

CCIT offers its two-dozen tenants a wide variety of educational programming and mentoring to help them grow – many of these programs are also available to companies not housed within the incubator. CCIT’s leasable space includes various office spaces, as well as both small and large labs.  Annual lease agreements allow for additional space to be added as needed, to accommodate growing companies.

@NJEDATech spoke with Sadhu about VEESAG’s experience at CCIT and the company’s plans for the future:

What have you found most helpful during your time at CCIT?
CCIT provides us with numerous resources to be successful, from office space to frequent meetings with individuals from all over the world who are interested in our products. We have benefited from informative sessions through the Executives-in-Residence program on managing various functional aspects like product commercialization, fund raising, legal, accounting and patent licensing, etc. In addition, programs like the Angel Investor Tax Credit and funds-matching provide avenues to help make VEESAG more attractive to investors, and being located at CCIT lends credibility to tenants. Meeting other entrepreneurs who work late hours and work on weekends motivates everyone; we routinely speak to other entrepreneurs and learn lots of new things.
 
One-on-one meetings with management during every step of building our business have provided invaluable guidance. I sincerely thank the EDA’s Technology and Life Sciences Director Kathleen Coviello, CCIT Program Manager Anne Marie Maman, Senior Venture Officer Kamran Hashmi, Program Specialist Rosa Szeliga, Program Assistant Cyndi Costello and all of the other EDA staff for the help that I have received.
 
How did the one-on-one meetings held at Founders & Funders help your company?
Founders & Funders was a great opportunity to meet so many investors in one place. Unlike other summits, we were able to talk in detail about our venture. We received some invaluable feedback from investors that day, which provided us with insight into the funding process, value building and dilution aspects.
 
What is VEESAG’s biggest success to date?
We look at success from different perspectives. VEESAG came into being at a time when there was no awareness about smart watches and no proactive health monitoring. Today, VEESAG is a global brand with strategic relationships around the world. The VEESAG brand prides itself on the impeccable credibility it has achieved over the years.
 
The VEESAG smart watch has successfully met stringent regulatory requirements, when others have failed miserably and given up. Today the mobile health and personal emergency response systems market is crowded with lot of new entrants, but VEESAG stands out and offers unique patented offerings that are clearly distinctive and a cut above the rest. We are privileged to be featured in many articles that talk about innovation in mobile health.
 
Our success also is also evident from the positive feedback we have received from numerous customers. It gives us an immense sense of satisfaction to realize that our products help the citizens of the world live a healthy and independent life.
 
What’s on the horizon for VEESAG?
We received an overwhelming response for MPERSENS without even marketing/advertising the product! We have pre-orders from a handful of customers for nearly one million devices in the next year. Globally, we have 159 clients that have approached us about launching our device in the coming months. Building the product and supplying them in a timely fashion is one of our biggest challenges. Our third-generation device is in development and we think, with that new device, we can disrupt the home health care and emergency management market. We should be able to reduce hospital admissions and promote pre-emptive health care for the masses.
 
For more information about resources available at CCIT visit https://www.njeda.gov/ccit and follow @NJEDATech on Twitter and LinkedIn.

TRENTON (September 3, 2015) – Bolstered by State resources, Celator Pharmaceuticals has raised capital to fund operations and is nearing the completion of a Phase 3 clinical trial for its lead product that, if successful, could lead to approval in the company’s global fight to improve cancer patients’ outcomes.
 
Ewing-based Celator Pharmaceuticals, which has a workforce in both New Jersey and Canada, is currently in the last stage of clinical tests for its lead asset, VYXEOSTM (CPX-351). The injected therapy treats patients with high-risk acute myeloid leukemia (AML), a type of cancer in which the bone marrow makes abnormal myeloblasts (a type of white blood cell), red blood cells, or platelets. CPX-351 has received orphan drug status from both the United States Food Drug Administration (FDA) and the European Commission (EC); an orphan drug is a pharmaceutical agent that has been developed specifically to treat a rare medical condition, such as AML. Results of the study are expected to be announced early next year, with a New Drug Application expected to be filed with the FDA in the second half of 2016.
 
Celator has benefited on multiple occasions from the State’s Technology Business Tax Certificate Transfer (NOL) Program, which allows eligible technology and biotechnology companies with fewer than 225 employees to sell a portion of their net operating losses. Since the program was established in 1999, more than 500 different businesses have been approved for awards totaling more than $800 million. At its August Board meeting, the New Jersey Economic Development Authority (EDA) approved more than three dozen companies to share the Fiscal Year 2016 NOL funding allotment. The names of those companies will be made public later this year, following the conclusion of the NOL appeals process.
 
@NJEDATech spoke with Celator Chief Executive Officer Scott Jackson about his company’s experience in New Jersey:
 
Why did you choose to grow Celator in New Jersey?
New Jersey is an excellent location for multiple reasons: the healthcare talent base in the area is exceptional; the focus and assistance provided by the state has significantly helped Celator, as well as other companies, advance novel products for patients; and the state is home to numerous pharmaceutical and biotechnology companies, foundations and world-renowned research organizations. These factors, along with the benefits provided by other organizations such as BioNJ, are key reasons why we chose to grow Celator in New Jersey. 
 
How did Celator benefit from funding it received through State resources?
We first participated in the NOL program in 2009. Through the years, the program has provided a substantial amount of funding to the company — approximately $8 million over that period of time. With most biotechnology companies, funding is critical, particularly in the early years, and funds from the NOL accounted for approximately 10% of our operating budget during that period of time. This funding helped the company advance our lead product candidate, VYXEOS™ (CPX-351) to the last stage of clinical testing, Phase 3, as a treatment for patients with AML. In addition, we have been able to advance our proprietary technology platforms.
 
In addition, the EDA invested in Celator through its limited partnership in the Garden State Life Sciences Venture Fund, managed by Quaker BioVentures. Celetor was able to leverage resources provided through the Fund to advance both our proprietary technology platform as well as the clinical development of VYXEOS.
 
What is Celator’s biggest success to date?
As I mentioned, VYXEOS is in a Phase 3 clinical trial in patients with AML.  We expect the overall survival result from this study in the first quarter of 2016 and we’re targeting a New Drug Application for the third quarter of 2016.
 
The standard of care for AML patients has not changed in roughly 40 years. In Phase 2 studies, we saw improvement in remission rates, reduction in early mortality, improvement in event-free survival and overall survival.  In high-risk patients, such as those with secondary AML and poor-risk first relapse AML, the overall survival improvements were statistically significant. Based on these results, we advanced VYXEOS into a Phase 3 trial in patients with high-risk (e.g. secondary) AML. VYXEOS has the potential to become the new foundation of care for AML patients.
 
We are also fortunate to have the Leukemia and Lymphoma Society® (LLS) as a partner. LLS partnered with Celator in the development of VYXEOS starting in Phase 2 and based on the results seen in those studies, LLS agreed to provide additional support for the Phase 3 trial. VYXEOS is based on one of our proprietary technology platforms, called CombiPlex®. CombiPlex addresses several fundamental shortcomings of conventional combination drug regimens by identifying the most effective synergistic ratio of the drugs being combined and fixing the ratio in a nano-scale delivery complex to maintain the optimized combination, in patients, until exposure to the tumor with the goal of improving clinical outcomes.

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 Thursday, September 10, 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.

A meeting of the Fort Monmouth Economic Revitalization Authority (FMERA) Board has been scheduled for Wednesday, August 26, 2015 at 7:00 pm at the FMERA Office, 502 Brewer Avenue, Oceanport, NJ. Formal action may be taken at this meeting.
 
A copy of the proposed agenda can be found 48 hours prior to the meeting at the websites of the Fort Monmouth Economic Revitalization Authority: www.fortmonmouthnj.com

TRENTON (August 20, 2015) – When the Board of the New Jersey Economic Development Authority (EDA) held its monthly meeting at the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick last week, it had the opportunity to hear about a broad array of resources the 46,000 square-foot life sciences incubator provides to the two dozen emerging biotechnology companies that currently call it “home.” 
 
One of these companies is SkinAxis. SkinAxis creates novel skin and tissue equivalents that provide a flexible, highly-sensitive, and reproducible platform for investigation and drug discovery in both normal and diseased tissues under a variety of physiological conditions. Specifically, model systems generated by SkinAxis include a melanoma 3D skin equivalent that can be used for the screening of anti-melanoma drugs, as well as oral and cervicovaginal 3D skin equivalents for anti-viral and anti-fungal drug discovery. In addition to its standard offerings, the company develops customized models that may include different cell types to address specific customers’ needs.
 
Representatives from SkinAxis recently attend the CCIT-hosted “Meet with Money” session where Jesse Treu from Domain Associates discussed 14 essential startup factors. The biotechnology company also benefited from Executive-in-Residence Neil Milano’s presentation about convertible debt financing.
 
“The educational opportunities available to startup companies at CCIT are invaluable,” SkinAxis Chief Executive Officer Luca Gusella said. “These programs give entrepreneurs the chance to share ideas, and acquire information that helps us entrepreneurs build our businesses.”   
 
Through a variety of educational programs like “Meet with Money” and “Lunch and Learn,” CCIT brings in a variety of New Jersey experts to speak in both formal and informal settings about topics of interest to entrepreneurs. These presentations are open to the technology community, as is the recently-launched “Executive-in-Residence Presentation Series,” during which CCIT Executives-in-Residence discuss topics in their areas of expertise.
 
CCIT’s ongoing Executive-in-Residence program consists of appointed executives mentoring and coaching emerging life science companies through a series of weekly office hours. CCIT tenants can seek advice from executives on a range of topics, including business development, commercialization, partnering and licensing, health economics, regulatory, and reimbursement.
 
@NJEDATech spoke with Gusella about the company’s experience at CCIT and its plans for the future:
 
What is SkinAxis’s biggest success to date?
We have generated a new technology that has led to relationships with leading cosmetic companies. In addition, the interest shown by chemical and pharmaceutical companies in our skin models not only validates SkinAxis’ existing technologies, but also provides the possibility to extend the application of our models across other industries.
 
What’s on the horizon for SkinAxis?
We offer competitive, innovative technology that can maximize the value of preclinical models and reduce the need for testing on live animals — a goal that is important to our mission. We are a young company, so we are cognizant of the challenges we face. The first challenge is the marketing of our products and services, and the second is to get the funding necessary to pursue new development. We are currently focusing on increasing our customer base and continuing to innovate and leading the science in this field. We have received very positive feedback from current customers and believe that the future of SkinAxis is bright. 
 
What have you found most helpful during your time at CCIT?
I would say it has been the networking opportunities. As creators of novel technologies and products, we tend to focus mainly on the scientific aspects of the business. This is essential, of course, but there are many other issues that are important to a venture’s success. 
 
In establishing a business, there are various layers of complexity that require operational, legal, financial organization and skills that may not be internally available, particularly at the early stages of an enterprise. CCIT provides a vibrant environment for connecting with other entrepreneurs and professionals who have experience and knowledge in areas where we may be lacking. Some of these connections have developed into business relationships that have given structure to our business. In other instances, our interactions with fellow tenants at CCIT have lead to collaboration. We have also received invaluable advice through the Executive-in-Residence Program.
 
For more information about the resources that CCIT offers, visit https://www.njeda.gov/ccit and follow @NJEDATech on Twitter and LinkedIn.

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, August 19, 2015 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

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TRENTON (August 13, 2015) – The New Jersey Economic Development Authority (EDA) today continues its series highlighting how New Jersey investors and entrepreneurs are making a difference to the Garden State’s technology community.
 
As an innovator, serial entrepreneur, investor and mentor, Krishnamurty “KK” Kambhampati, of Holmdel, has spent the last 25 years helping to shape New Jersey’s technology ecosystem.
 
“KK Kambhampati is the embodiment of the entrepreneurial spirit that fuels New Jersey’s technology leadership,” said EDA Chief Executive Officer Melissa Orsen.  “He not only develops and invests in New Jersey companies, but also generously gives his time to ensure that the next generation of New Jersey entrepreneurs has a strong foundation for growth.”
 
After spending the first eight years of his career in technical and managerial positions at AT&T in Holmdel, Kambhampati left the telecommunications giant in 1998 to become a co-founder of uReach Technologies, also in Holmdel. The company was a leading provider of advanced communications technologies, platforms and services for small businesses. uReach was able to take advantage of the State’s Technology Business Tax Certificate Transfer (NOL) Program. Kambhampati and co-founder David Ittner grew uReach into an enterprise that generated millions of dollars in revenue annually, before selling it to GENBAND last year.
 
Throughout his extensive career, Kambhampati has dedicated much of his focus on mentoring emerging companies, including several New Jersey businesses. For nearly a decade, Kambhampati was an advisor to, and a seed investor in, Corente, an East Brunswick company that provided secure, cost-effective, global delivery software over the internet. The EDA provided a $1 million Edison Innovation Fund loan to Corente to be used as working capital to expand the company’s North American customer base and expand sales operations in North America and Europe. Corente also benefited the State’s NOL program. The company was sold to Oracle last year.

Kambhampati is currently taking a break between startups and is using this time to serve as a hands-on mentor and advisor to such businesses as FUSAR Technologies, located in Jersey City. FUSAR, which creates wearable technology to make action sports safer, participated in the State’s inaugural Founders & Funders event last year. An avid mountain biker, Kambhampati began advising FUSAR Technologies through his role as a mentor at TechLaunch, a New Jersey technology accelerator in which the EDA previously invested. Kambhampati has also been an advisor to telecommunications company Kirusa, based in New Providence.
 
Kambhampati earned a Masters Degree in Computer Science from Cornell University and a Masters of Science degree in Mathematics from the Indian Institute of Technology, Delhi.
 
@NJEDATech spoke with Kambhampati about his experience as an entrepreneur and mentor in New Jersey:
 
What attracted you to New Jersey as a place to grow your businesses?
I was working at AT&T/Bell Labs in New Jersey. Given that Bell Labs, Lucent, Telcordia, Verizon, Vonage and other tech companies were in the area, we had access to a very relevant talent pool in New Jersey.
After starting UReach, we were able to take advantage of several incentive programs offered by the state, including the NOL program. In fact, we were fond of recommending that program to others in the state. I am happy to say that my investments have also benefited from the NOL program.
 
I have to admit there were many reasons to think about moving to Silicon Valley, but it is hard to top the quality of life, the arts, the greenery in New Jersey and I really love having all four seasons.
 
What advice do you give budding entrepreneurs just starting out?
It is a great time to be an entrepreneur. There is a lot of access to capital and the cost of starting a business is very low. Having said that, too many entrepreneurs are influenced by what plan they think will get funded right now rather than focusing on the fundamentals of the company they want to build. While the latter is harder, it is the better longer-term path for them and their investors. There is too much fixating on the style of the pitch and managing the message to please investors and not enough on the business model and business growth. 
 
Growing a company is really hard work and rewarding at the same time, but it can become an extremely painful nightmare if one does not believe in the mission.
 
So, my advice for entrepreneurs is to be skeptical of business assumptions and make sure they think longer term and not fall in love with the latest shiny buzzwords. After that, they should be prepared to execute as quickly as they can and be prepared to course-correct as needed.
 
What recommendations do you have for other serial entrepreneurs thinking about giving back to the emerging entrepreneurs?  
I think about what I do as not just giving back; I get a lot in return.
 
I had great help when I started out and I know how critical it was for me. I think the DNA of a company is formed early on and some decisions can have long-term implications. I am happy to be a sounding board to entrepreneurs. I spend quality time with founders on a weekly basis so that I can help real-time with decisions. My goal is to help them with problem solving and not try to solve problems for them.
 
My recommendation to others who want to help is not to underestimate what you will learn in return from this younger generation of entrepreneurs. They have mastered the art of the sharing economy and there are many things that come so naturally to them. So I recommend going into mentorship with an open mind and a willingness to learn and to question your own long-held beliefs. You will be rewarded by that experience many times over.
 
I am learning as much as I am giving, if not more, and enjoying every moment of it.
 
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.