Over $46 Million to be Shared by 39 Emerging Companies through New Jersey Technology Business Tax Certificate Transfer Program
TRENTON (November 6, 2017) – Continuing efforts to foster the growth of the State’s burgeoning technology industry, the New Jersey Economic Development Authority (EDA) announced today that 39 companies have been approved to share over $46 million through New Jersey’s Technology Business Tax Certificate Transfer (NOL) Program.
Administered by EDA and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables qualified, unprofitable technology and biotechnology companies to sell net operating losses and/or research and development tax credits to raise cash to finance their growth and operations. The program provides a critical source of funding for emerging companies during a stage when non-dilutive growth capital is difficult to obtain.
“For nearly 20 years, the NOL program has been cited by entrepreneurs as a key factor in the growth of their companies,” EDA Chief Executive Officer Melissa Orsen said. “The working capital the NOL program provides helps emerging companies add key staff or accelerate research and development efforts, spurring the continued growth of New Jersey’s technology industry.”
Since the program was established in 1999, more than 525 businesses have been approved for awards totaling over $950 million. Showcasing the EDA’s broad-based support of this critical sector, several companies have also benefited from other resources offered by the State. This includes the Angel Investor Tax Credit Program, which provides tax credits for angel investments made into New Jersey emerging technology businesses; New Jersey Founders and Funders – a semi-annual event that matches emerging companies with potential investors; and, affordable lab space at EDA’s Commercialization Center for Innovative Technologies (CCIT) life sciences incubator in North Brunswick.
Participating in the NOL program for the second consecutive year is Bergen County-based Acuitive Technologies, Inc. (ATI) which was founded in 2013 with the mission of pursuing material technologies to improve medical device performance and patient outcomes. Headquartered in Allendale, ATI’s focused approach on implant device innovation is aimed at improving the integration between the body's host tissue systems and orthopedic implants. ATI also benefited from the Angel Investor Tax Credit Program.
“The non-dilutive financing provided by the NOL program has been a key component of our funding strategy as we develop work toward improving results for recipients of orthopedic implants,” said David Washburn, Principal, Acuitive Technologies. “The Angel Investor Tax Credit program and other resources offered by the State have supported us through various stages of our growth, and have been instrumental in our ability to expand in New Jersey.”
Livingston-based Moblty is an enterprise software company that benefited under the NOL Program for the first time this year. The company has developed what has emerged as the leading shopper marketing software platform to help companies digitize their retail footprint. Moblty enhances the retail shopping experience when applied through its purposeful, measurable platform.
“We are excited to participate in the NOL program, as having the ability to sell NOLs will improve cash flow and allow us to invest further in our technology,” said Rajesh Saggi, CEO, Moblty. “We appreciate the State’s progressive, proactive approach to helping emerging companies succeed.”
Also benefiting for the first time, Nephros, Inc. is a Bergen County-based commercial stage medical device company. Headquartered in River Edge, Nephros owns more than 20 filtration-related patents. The company’s products are used primarily in medical applications, including dialysis centers, where ultrafilters are used for the removal of biological contaminants from the water and bicarbonate concentrate feeding hemodialysis devices. In hospital settings, the filters are used as an aid in infection control by retaining bacteria, virus, and endotoxins from water used by patients.
“Nephros is advancing technologies that help medical facilities protect their patients,” said Andy Astor, Chief Financial Officer, Nephros. “The support we are receiving from the NOL program will help us deliver products to market faster, enabling us to safeguard the health of more patients, sooner.”
To learn about these resources, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
|Acuitive Technologies, Inc.
|Agile Therapeutics, Inc.
|Angel Medical Systems, Inc.
|Arable Labs Inc.
|Bellerophon Therapeutics, Inc.
|Brilliant Light Power, Inc.
|Cancer Genetics, Inc.
|ContraVir Pharmaceuticals, Inc.
|CRESCENTA BIOSCIENCES INC
|CytoSorbents Medical, Inc.
|Edge Therapeutics, Inc.
|Elite Laboratories, Inc.
|Eos Energy Storage
|Flowonix Medical Incorporated
|Hemispherx Biopharma, Inc.
|I.D Systems, Inc.
|Impactivate Networks, Inc.
|Matinas Biopharma Nanotechnologies
|MDx Medical, Inc. dba Vitals
|Miami International Holdings, Inc
|Nanotech Industrial Solutions
|Ocean Power Technologies, Inc.
|Rive Technology, Inc.
|Sight Logix, Inc. fka Automated Threat Detection
|Solidia Technologies, Inc
|Svelte Medical Systems, Inc.
|Teleran Technologies, Inc.
|United Silicon Carbide, Inc.