August 13, 2008
3 minute read
NEW JERSEY CELEBRATES ANOTHER LIFE SCIENCES SUCCESS STORY
State-Assisted Amicus Therapeutics, Inc. Celebrates 100th Employee
Trenton, N.J. (August 13, 2008) – Governor Jon S. Corzine, along with other state and local officials, were invited by Amicus Therapeutics, Inc. today to celebrate a significant milestone in the Cranbury-based company’s surging growth. The biopharmaceutical company, who has benefited from several EDA and state programs, began as a seven-person startup venture in 2002 and hired its 100th employee in July.
“Growing technology and life sciences companies in New Jersey is crucial to our economy,” said Governor Corzine. “Amicus Therapeutics exemplifies the kind of company we are encouraging through programs like the Edison Innovation Fund. The remarkable growth Amicus has experienced is a success story that will help to ensure New Jersey’s impressive history of innovation and discovery for years to come. I congratulate the company for this tremendous achievement.”
Amicus Therapeutics focuses on developing novel, oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilize proteins in cells, leading to improved protein folding and trafficking, and increased activity. Amicus is currently conducting Phase 2 clinical studies of potential treatments for Gaucher and Pompe diseases and has completed Phase 2 studies of a potential treatment for Fabry disease.
“The passion, commitment and competence of each and every employee at Amicus is the foundation of our success, and this is a great milestone for Amicus in building momentum in the fight against human genetic diseases,” said Amicus Therapeutics CEO John Crowley during the event whose speakers also included Rep. Rush Holt and representatives of the National Organization for Rare Disorders and BIO NJ, a biotechnology advocacy organization. “The great success that Amicus has become in New Jersey was made possible, also, by the state’s programs and assistance in our early days as a startup company.”
In 2005, the company became the first graduate of the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies — often referred to as its “business incubator” — which is part of the larger Technology Centre of New Jersey in North Brunswick. Amicus also utilized the state’s Technology Business Tax Certificate Transfer Program and received funding from the Garden State Life Sciences Venture Fund, which was created by the EDA and Quaker BioVentures to invest in emerging life sciences companies in New Jersey.
Today, Amicus provides jobs, makes charitable donations and supports the patient community through a variety of educational programs.
“Amicus represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Governor Corzine created the Edison Innovation Fund to attract and develop businesses just like Amicus – a company whose innovative vision and dedicated staff has allowed it to grow from a seven-person startup to a Nasdaq-listed company in just six years.”
The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, is a group of financial incentive vehicles brought together for the purpose of providing financial resources to New Jersey’s life sciences and technology companies. The Fund is an integrated State resource that provides qualified New Jersey companies with real estate development services and technical assistance to help create, sustain and grow business. Since the launch of the Fund in October 2006, New Jersey has delivered more than a quarter billion dollars in financing assistance, venture capital investments, job creation incentives and New Jersey tax credits to early-stage and established technology and life sciences businesses. In addition, over a half billion dollars in total project costs has been leveraged by Edison Innovation Fund investments.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.