The New Jersey Economic Development Authority’s next public Board Meeting will be held on Tuesday, January 13, 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.

Nestled among commercial real estate up and down the Rt. 1 corridor in North Brunswick, the Economic Development Authority’s 46,000-square-foot Commercialization Center for Innovative Technologies (CCIT) is New Jersey’s leading life sciences incubator.  Home to more than two dozen seed-stage life sciences companies, CCIT offers its tenants not only affordable lab and office space, but also a wealth of resources, such as assistance with identifying funding sources, including state incentives and help making matches to private sector support, discounted rent for the first year for university spinouts, access to small business development resources and administrative support.

Over the summer, CCIT Program Manager Anne-Marie Maman started a free guest speaker series “to connect small NJ life sciences companies – both those in CCIT and those elsewhere in the state – with local resources to help them grow.”

In August, approximately a dozen people participated in an interactive lecture presented by Monica Tarver, the president of Molyta Consulting.  The lecture centered on creating business plans for early-stage biotech and pharmaceutical companies.  In November, Anne-Marie brought in scientist-turned-entrepreneur Yaniv Sneor to discuss Angel funding practices for life sciences companies.

Earlier this month, representatives from 10 companies attended CCIT’s “How to find a great college intern” discussion, during which experts from Princeton and Rutgers Universities spoke on a variety of topics ranging from how long interns can stay to what to pay them to what types of projects are realistic.       

Start-up company Ascendia Pharmaceuticals’ Founder & CEO Jingjun “Jim” Huang attended this December 12 program.  Ascendia currently rents both lab and office space at CCIT and is developing specialty pharmaceutical products and novel formulations for poorly water soluble molecules.  In other words, Ascendia makes drugs more easily dissolvable in the body. How do they do that?  The company utilizes its drug delivery technologies – nano-emulsions, nano-particles, and amorphous solid dispersions – to screen formulation approaches and develop an optimized formulation suitable for clinical testing.

The EDA caught up with Dr. Huang to learn more about how the company benefits from CCIT.

Q&A with Ascendia Founder & CEO Jingjun “Jim” Huang, Ph.D.

How has CCIT helped Ascendia to grow its business?

CCIT was very helpful to Ascendia when we were starting up our business.  They provided very useful business resources and guideline information for setting up a company in NJ.  In addition to the lab facility, they also have a helpful staff.  As a scientist by training, I highly appreciate this kind of help.

What was the best advice that you learned at the “How to find a great college intern” program?

After the program, I now know how to better attract a good candidate. Some examples of what I learned are:  to use more specific terms in the job description, to identify the job objective, to offer reasonable pay and to match the school schedule timing.

What is Ascendia’s biggest success to date?

Ascendia has achieved many big successes to date.  We have established a new, patented technology platform and we have developed a pipeline of innovative products with large potential market value.  This has allowed us to achieve strong business growth and to build fully-equipped labs.  And, importantly, it has also allowed us to grow a team with broad expertise that ensures the company’s ongoing growth.

What’s in store for Ascendia in the near future?

We have big plans for the future.  We will be bringing our lead product, currently named ASD-002, to the FDA to request authorization for use in humans.  This product is a reconfiguration of a very successful compound for Acute Coronary Syndrome – we have reformulated the drug into an injectable form.  Currently this medication is only available in oral form, which is not convenient for patients in emergency situations.  In addition, we plan to establish both Good Manufacturing Practice and Good Laboratory Practice capabilities.   We also have plans to achieve further business growth through formulation collaborations.

Life science startup companies interested in finding out more about CCIT should contact Anne-Marie Maman at amaman@njeda.com or at CCIT’s main phone number (732) 839-1880.

Furthering the Christie Administration’s commitment to cultivating the growth of emerging tech and biotech businesses in the Garden State, the New Jersey Economic Development Authority (EDA) today announced that 44  companies have been approved to share a total of $54 million available through the State’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2015. 

Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxation, this competitive program enables tech and biotech companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. 

 “The NOL program is a key example of the State’s continued investment in New Jersey’s technology ecosystem,” EDA Chief Executive Officer Michele Brown said. “This innovative program has provided hundreds of New Jersey tech and biotech companies with access to capital that is vital to their continued growth in the State.”

Since the program was established in 1999, more than 500 different businesses have been approved for awards totaling $820 million. The average benefit amount for companies approved this year totals $1.2 million.

This year’s NOL award recipients include numerous biotech companies that are seeking to find cures for such debilitating diseases as cancer and glaucoma, as well as genetic diseases and immune disorders.  The approved tech companies include medical device manufacturers, software developers, and those in the renewable and clean energy space.
The following companies are among the 44 businesses sharing this year’s NOL funding:

Cornerstone Pharmaceuticals, Inc., a biotech company located in Cranbury, discovers and develops innovative cancer therapies.  The company’s lead drug CPI-613 is currently in clinical trials and was named in November by Informa and Kantar Health as “one of the 2014 Top 10 Most Interesting Oncology Projects to Watch.”

When asked what the NOL program means for Cornerstone, CEO Steve Carchedi said, “As a development stage company and a leader in the growing field of cancer-metabolism based therapeutics, Cornerstone’s primary objective is to develop highly selective and effective agents with minimal toxic effects on normal cells and tissues. Our unique approach to targeting cancer metabolism has led to two independent technology platforms which we look forward to continuing to develop. While we are primarily funded by smaller investors who have a passion to find a novel therapy to treat and eradicate cancer, the sale of these credits through the Technology Business Tax Certificate Transfer (NOL) Program will enable us to further our research efforts within the state to develop and potentially commercialize novel therapies as promising new drugs. The NOL Program is an incentive-based state system that assists companies like Cornerstone to realize the potential of our R&D efforts and we appreciate the support from the state of New Jersey.”

Myos Corporation, a biotech company located in Cedar Knolls, focuses on the discovery, development and commercialization of products that improve muscle health and reduce frailty.  Over the summer, Myos Corporation announced that “the Company has entered into a three-year Master Service Agreement (“MSA”) with Rutgers, The State University of New Jersey, to engage Rutgers researchers in a program which will expand the MYOS’ basic science platform for further development of [Myos Corporation’s lead product] Fortetropin™, the first clinically proven natural myostatin inhibitor, and other proprietary MYOS product formulations.”
  
Joseph DosSantos, Chief Financial Officer of MYOS, commented, “This is the first year that MYOS has participated in the State of New Jersey’s Technology Business Tax Certificate Transfer Program, which is a state initiative designed to spur innovation and job creation by assisting promising early-stage technology and biotech businesses.  MYOS will use the funds to continue discovery, development and commercialization of products that improve muscle health and function essential to the management of sarcopenia, cachexia and degenerative muscle diseases.”    Mr. DosSantos continued, “MYOS is pleased to participate in this program and extremely grateful to the New Jersey Economic Development Authority for its consideration.  Programs similar to this one make it possible for emerging biotherapeutic companies like MYOS to thrive in New Jersey.”

Agilence, Inc., a tech company in Mount Laurel, creates software that specializes in retail loss prevention.  The company notes that “Agilence’s patented video synchronization technology marries every detail of the point-of-sale to the video in real-time enabling loss prevention analysts to reduce shrink caused by: systemic issues, associate fraud, operator error, and poor promotion execution.”

CEO Russ Hawkins noted, “We have found New Jersey to be highly supportive of technology start-ups.  The New Jersey Economic Development Authority has proven to be a strategic partner in our efforts to build a highly competitive and profitable company.  The NOL program enables us to convert our losses into an asset that enables us to continue to execute on our strategic objectives.”

A complete list of NOL award recipients can be found following this article and at https://www.njeda.gov/features. For additional information about the NOL program, visit https://www.njeda.gov.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at http://www.NewJerseyBusiness.gov. 

The New Jersey Economic Development Authority’s next public Board Meeting will be held on Tuesday, December 9, 2014 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 New Jersey Economic Development Authority’s next public Board Meeting will be held on Monday, November 10, 2014 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.

This has been a monumental year for the makers of DormChat, an app launched in March that enables college students at more than 200 universities across the country to communicate and connect with students around them, in real time.  Students at New Jersey schools Rutgers University, NJIT, Princeton University, Kean University, TCNJ and Caldwell College have signed up to  use the location-based app.

Anyone can download DormChat for free using an iPhone or an Android.  However, users need a valid, school-issued email address to log into the app.  Once registered, college students can use the app to connect with other DormChat users in the area.  Want to share your opinion about an event you just attended or a class you took?  Perhaps you want to meet fellow students with similar interests.  Maybe you know breaking news you want to share with the world.  In what can be described as a hybrid between Twitter and message boards, DormChat allows students to post quick updates to a forum for other users within a three-mile radius. 

DormChat got a major boost last month when ff Venture Capital announced that it was investing in the company.  DormChat is headquartered at ff Venture Capital’s office in Hoboken.  Last year, the EDA approved an investment of $2.5 million in one of three venture capital funds that ff Venture Capital currently manages. These funds are focused on seed and early stage investments in enterprise and consumer based technology companies.  The EDA routinely helps increase available capital for emerging technology companies by investing as a limited partner in venture capital firms.  Funds in which the EDA invest demonstrate an ability to leverage the Authority’s investment with other investment dollars.  Gains resulting from these investments are utilized to offer new funding opportunities to support New Jersey businesses.  In total, EDA has approved investments in 12 venture funds in excess of $40 million; to date, these funds have leveraged the EDA’s investment in New Jersey businesses by more than 62 times.

Q & A with DormChat Founder Adam Michalski

How will the investment from ff Venture Capital help DormChat grow?
We’ll be using the funds to improve our iOS & Android products, as well as to scale our team.

In a field rich with competition, what makes DormChat unique among its competitors?
Yik Yak is by far our closest competitor but we’re actually creating more of a communication platform that’s entirely conversation focused.  Yik Yak’s product design makes it possible for people post all types of noise and, from what we’re seeing, there’s massive demand to just be able to simply chat and connect with the people around you.

Some key differences are that with DormChat you can post using a profile or an anonymous handle, share photos, and start direct messages. It’s really more of a localized Twitter.
 
What is DormChat’s biggest success to date?
We’ve been really proud of our launch.  So far students from over 425+ colleges around the world have signed up and 15 campuses have already been unlocked (DormChat requires 125 student from a college to signup prior to ‘Unlocking’ the application). We’re very excited for what’s to come.
 
What’s on the horizon for DormChat?
We’re off to a nice start and are working around the clock to make sure we’re creating the easiest way for people to communicate and connect locally. We have a lot of cool stuff we’re building that we can’t wait to share. Stay tuned for updates!

Princeton-based Agile Therapeutics, Inc., a specialty pharmaceutical company focused on the development of innovative women’s healthcare products, opened its doors in 1997 with a couple of employees. Today, the company boasts a full-time staff of 11, with plans for further expansion in the coming years.  Agile completed its initial public offering in May 2014, raising gross proceeds of $55.0 million from various investors, including Princeton-based ProQuest Investments. 

Agile also turned twice to the State’s innovative Technology Business Tax Certificate Transfer (NOL) Program to support its continued growth.  Administered by the EDA, the NOL Program allows emerging technology and life sciences companies to sell net operating losses and research and development tax credits to unrelated profitable corporations in order to raise cash to finance their growth and operations.  Since the program was established in 1999, more than 490 different businesses have been approved for awards totaling $770 million.

Agile is led by President and CEO Alfred Altomari. He had served as the company’s executive chairman from 2004 to October 2010 prior to becoming President and CEO. The New Jersey Technology Council (NJTC) recently honored Mr. Altomari with a CEO of the Year award. During the panel discussion that preceded the awards ceremony, Mr. Altomari spoke about how the State’s assistance was crucial to the success of Agile.

What did the NOL Program mean for your company?

The NOL Program was vital to the Company’s 2014 funding strategy.  The proceeds from the NOL Program in combination with a bridge loan from our existing investors allowed Agile to fund operations during its IPO process.  Specifically, it allowed Agile to engage a CRO to begin the process of implementing a confirmatory Phase 3 clinical trial (Secure clinical trial) for its lead product candidate, Twirla™, a once-weekly prescription contraceptive patch, in advance of the completion of the IPO.

What is Agile’s biggest success to date?

Agile’s biggest success to date is the development of Twirla based on our proprietary transdermal patch technology.  Twirla is a combined hormonal contraceptive, or CHC, patch that contains the active ingredients ethinyl estradiol and levonorgestrel both of which have an established history of efficacy and safety in currently marketed combination low-dose, oral contraceptives.  Twirla is designed to consistently deliver both hormones over a seven-day period at levels comparable to currently marketed low-dose oral contraceptives.  By delivering these active ingredients over seven days, in a convenient and easy-to-use weekly patch, Twirla is designed to promote enhanced patient compliance.  We believe Twirla will fulfill an unmet need in contraception.

What’s on the horizon for Agile?

Agile is currently enrolling subjects for its Phase 3 clinical trial for Twirla (Secure clinical trial) and hopes to have data from this trial in 2016.  If approved, Agile plans to launch Twirla in the United States through a focused specialty sales force.  In addition, Agile is also in the process of determining additional contraceptive patch products for development.
For more information on the NOL Program and other support for the technology industry, visit www.njeda.gov and follow us on Twitter and LinkedIn @NJEDATech.