EDA Approves Loan to Fuel Growth of Middlesex County-Based Biotech Startup
TRENTON, N.J. (April 12, 2016) – Furthering the State’s commitment to support biotechnology companies throughout their lifecycle, the New Jersey Economic Development Authority (EDA) today approved Admera Health for a $1 million loan through the Edison Innovation VC Growth Fund.
Located in South Plainfield, Admera Health is an advanced molecular diagnostics company focused on personalized medicine and non-invasive cancer testing. Dedicated to developing cutting-edge diagnostics that span the continuum of care, Admera Health seeks to fulfill unmet medical needs with cost-effective tests and accurate analysis to guide patient care. The biotechnology company also aims to redefine disease screening, diagnosis, treatment, monitoring, and management through its innovative, personalized solutions. Admera Health was formed as a spinout from GENEWIZ, a global leader in research and development genomic services, which graduated from the EDA’s Commercialization Center for Innovative Technologies (CCIT) in 2006.
“We are grateful to the EDA for the loan approved today,” Admera Health President and Chief Executive Officer Guanghui Hu, PhD, said. “We plan to use the funding as working capital as we continue to grow and expand our customer base.”
Admera Health has indicated that it plans to maintain its current staff of 51 and create an additional 30 new jobs in New Jersey over the next two years.
Created in 2011 to enhance support of early-stage businesses that have attracted funds through venture capital (VC) investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
“Many of our programs and resources are geared toward the earliest-stage companies,” EDA Chief Executive Officer Melissa Orsen said. “The Edison Innovation VC Growth Fund is designed to assist businesses that are further along in their growth, but can still benefit from additional assets as they grow in the Garden State.”
To be eligible for the Edison Innovation VC Growth Fund, companies must: be a developer/owner of protected proprietary technology, employ 75 percent of its employees in New Jersey or commit to growing 10 high-paying jobs over two years; and occupy physical commercial office space. A complete list of eligibility requirements can be found at: www.njeda.gov/VCGrowthFund.
In addition to financing programs, the EDA offers a multitude of resources to support the greater technology industry, including CCIT, New Jersey’s leading life sciences incubator. The facility, which offers tenants affordable lab and office space, has graduated several successful companies. GENEWIZ was founded in 1999 as a start-up in a 200-square-foot lab at CCIT with two employees; today, the global company employs hundreds. Other graduates that have since expanded into other areas of the State include Amicus Therapeutics, Chromocell, and Advaxis.
To learn about the various programs and resources available to growing technology and life sciences companies in the State, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.