CHRISTIE ADMINISTRATION SUPPORT HELPS ORTHOBOND THRIVE IN NORTH BRUNSWICK
Tour of Biotech Company Serves to Highlight Enhanced Efforts to Grow Industry
NORTH BRUNSWICK, N.J. (February 14, 2013) – Lauding its expansion in the State, the New Jersey Economic Development Authority (EDA) today toured privately held biotechnology company Orthobond Corporation, the largest tenant at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Orthobond was one of 65 emerging companies Governor Chris Christie approved to share the $60 million allocation available through the State’s Technology Business Tax Certificate Transfer Program in Fiscal Year 2013.
“A thriving technology industry remains an essential part of New Jersey’s economy, and Orthobond illustrates perfectly how the State can help emerging companies maintain and strengthen their business,” said EDA CEO Michele Brown.
Founded in 2003, Orthobond is developing surface modification technology that can be applied to virtually any material to produce a desired biological response. Since moving to CCIT in 2009, the company has grown from two to four laboratories and expanded from a staff of three to 11, creating six new jobs over the past two years alone. Orthobond’s goal is to produce safe and effective bio-interfaces for current and future generation medical devices that will ultimately lead to improvements in patients’ health and lifestyle.
Thanking the State for its assistance, Orthobond Chief Operating Officer Marc Burel noted that emerging biotechnology companies in particular require a lot of support to bring products to market.
“As a growing biotechnology business, the ability to sell losses for cash through the Technology Business Tax Certificate Transfer program has been critical to keeping us on track during these early years,” Burel said. “Our location at CCIT has also provided us with a host of resources essential to a young company’s growth, including the opportunity to interact with our neighbors, share instrumentation, discuss technology and network.”
EDA CEO Michele Brown discussed recent efforts by the Christie Administration to further enhance support of the industry, with a specific focus on nurturing the growth of early-stage life sciences and technology companies.
Governor Christie recently signed into law the Angel Investor Tax Credit Program, which will provide tax credits for up to 10 percent of a qualified investment in an emerging technology business that has a physical presence in New Jersey and conducts research, manufacturing, or technology commercialization in the state. The Governor previously increased the State’s Research & Development Tax Credit from 50 to 100 percent, providing technology businesses additional yield for their investments in New Jersey.
Just this week, the Governor announced that the EDA is looking for a private partner to operate a Life Sciences/Healthcare IT Accelerator at CCIT to help catalyze commercialization and growth for the industry’s most promising entrepreneurs. This initiative builds on the market success of TechLaunch, which was created last year as New Jersey’s first technology accelerator in partnership with industry pioneer Mario Casabona.
Located along the U.S. Route 1 research and development corridor, CCIT is part of the Technology Centre of New Jersey, which sits on more than 50 acres in North Brunswick. CCIT, the state’s leading life sciences incubator, has welcomed 14 new tenants since January 2010, including Linnovision Inc., which moved to the facility last month. CCIT has helped support the creation of an estimated 1,000 new jobs in the State. The EDA plans to reposition space on the second floor of CCIT to host the new Accelerator.
For additional information on the Technology Business Tax Certificate Transfer Program and CCIT, visit www.njeda.gov. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.