CCIT Graduate Orthobond Corporation Turns to State Support in Quest to Improve Patients’ Health and Lifestyle
TRENTON (March 31, 2016) – New Jersey is known the world over as a leader in innovation, and its biotechnology startups like Orthobond Corporation strive daily to improve quality of life for patients throughout the world.
Orthobond, a graduate of the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, has developed a surface modification technology with antimicrobial characteristics that can be applied to virtually any material. The company’s proprietary “linker” technology enables Orthobond to work in a variety of areas of medicine by altering surfaces to improve adhesion and lubricity. The biotechnology’s primary goal is to produce safe and effective surfaces for medical devices that will help to fight infections stemming from surgeries, ultimately leading to improvements in patients’ health and lifestyle.
Collaborations with a variety of companies have allowed Orthobond, which began as a startup at Princeton University, to improve its technology as it continues to seek additional partners and explore new applications. The company is in discussions with several potential partners and anticipates having exciting news later in 2016.
“A venture that began in a Princeton University laboratory has grown into an operation on the verge of making a global impact,” EDA CEO Melissa Orsen said. “The EDA is pleased to have extended support to Orthobond through a variety of programs as it has grown.”
During its time at CCIT, Orthobond grew from two to four laboratories and expanded from a staff of three to 11. In 2013, the biotechnology company entered into a lease with the EDA for just over 7,050 square feet of generic wet lab space at the Biotechnology Development Center II (BDC). Known as a “tweener,” the BDC is ideal for companies that have outgrown an incubator but are not ready to move into a much larger facility.
Like CCIT, the BDC is part of the Technology Centre of New Jersey campus. Located in the heart of the State's "Bioscience Cluster" between Rutgers and Princeton Universities, the Technology Centre of New Jersey sits on 75-acre campus and consists of approximately 325,000 square feet of lab, production and office space; as well as approximately 560,000 square feet of "build-to-suit sites.
Orthobond is also one of more than 500 New Jersey companies to take advantage of 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, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.
@NJEDATech spoke with Orthobond’s Chief Executive Officer Marc Burel about his company’s experience in New Jersey and its plan for the future:
Why did Orthobond choose to locate in New Jersey?
Because of our association with Princeton University, our roots are in New Jersey. As an added bonus, we were able to secure exceptional talent from the surrounding pharmaceutical industry and the State’s renowned universities.
What resources did Orthobond find most useful during its time at CCIT?
We appreciated the atmosphere the incubator offered; the conference rooms allowed us to meet potential partners in a professional environment and we were able to interact and collaborate with other CCIT tenants. We also shared a multitude of resources, including scientific equipment and office supplies, and received an abundance of support from the EDA staff. They were always looking for ways to assist in making us successful.
What’s the company’s biggest success to date?
Orthobond is proud of the partnerships it has developed. These high-level collaborations include working with a partner that plans to submit its product to the U.S. Food and Drug Administration (FDA) for approval this year.
What’s on the horizon for Orthobond?
We look forward to supporting one of our partners through the FDA submission process, continuing to expand our partner base, and the commercialization of our technology.