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Press Release
November 8, 2007
3 minute read

STATE APPROVES 92 COMPANIES TO SHARE $60 MILLION AVAILABLE THROUGH INNOVATIVE AND ENHANCED TAX TRANSFER PROGRAM



Trenton, N.J. (November 8, 2007) – Ninety-two technology and biotechnology companies have been approved to share the $60 million allocation available in 2007 through the State of New Jersey’s innovative and enhanced Technology Business Tax Certificate Transfer Program.  


The program reinforces Gov. Jon S. Corzine’s Economic Growth Strategy to nurture the development of new technologies by enabling qualified businesses to sell tax losses or research and development tax credits to raise cash to finance their growth and operations. 


“The program is an important component of Gov. Corzine’s Economic Growth Strategy to promote innovation and is a key element of our Edison Innovation Fund initiative to promote the growth of young technology and biotechnology businesses in New Jersey,” said Caren S. Franzini, chief executive officer of the New Jersey Economic Development Authority (EDA), which administers the program in conjunction with the New Jersey Commission on Science and Technology (CST) and the state Division of Taxation.  “This effective financing tool helps these companies continue their research, raise capital and strengthen and build their business.”


This year’s allocations, which will be distributed during the state’s 2008 fiscal year, will average about $650,000 per company and bring total funding under the tax certificate transfer program to $445 million since 1999.  More than 300 different companies have received benefits under the program since its inception. 


The EDA received applications from 116 companies this year, 20 of which were from new applicants to the program and 96 of which were from companies that participated in the program in 2006.  There were 24 applicants that did not meet eligibility requirements.


The Technology Business Tax Certificate Transfer Program enables eligible companies with fewer than 225 employees, at least 75 percent of whom must be based in New Jersey, to sell their net operating losses and/or research and development tax credits to profitable corporate entities.  Proceeds from these sales must be reinvested in the seller’s business and can be used for business expenses like purchasing equipment or expanding facilities, or for working capital to cover operational expenses.


Applications are reviewed by the Division of Taxation to verify the value of the tax loss or research and development tax credit benefit.  The CST reviews the applications for technology qualifications.  The EDA makes the final determination on eligibility.  When an application is approved, a certificate is issued that identifies the value of the tax benefit being exchanged and transfers it from the selling to the buying company.  Applications, which are due by June 30 each year, are available at www.newjerseybusiness.gov.


Note to Editors:  The list of approved sellers for 2007 follows:


Business Name                                              Municipality               County


Airtrax, Inc.                                                                           Blackwood                            Atlantic


 


EveresTV, Inc.                                                                      Fort Lee                                 Bergen


GoAmerica Communications Corp.                                   Hackensack                           Bergen


Infocrossing, Inc.                                                                 Leonia                                    Bergen


NoFire Technologies, Inc.                                                  Upper Saddle River              Bergen


NuVim, Inc.                                                                           Paramus                                 Bergen


Pure Energy Corporation                                                    Paramus                                 Bergen


Vyteris, Inc.                                                                           Fair Lawn                               Bergen


 


Global Print Systems, Inc.                                                   Marlton                                  Burlington


Impact RX, Inc.                                                                     Mount Laurel                        Burlington


Inventa Technologies, Inc.                                                Mount Laurel                        Burlington


Lamina Ceramics, Inc.                                                          Westhampton                       Burlington


 


Smarter Agent, Inc.                                                              Pennsauken                          Camden


 


Audible, Inc.                                                                         Newark                                   Essex


Columbia Laboratories                                                        Livingston                             Essex


Evident Software, Inc.                                                         Newark                                   Essex


Milestone Scientific, Inc.                                                    Livingston                             Essex


Unigene Laboratories, Inc.                                                 Fairfield                                  Essex


 


Akers Biosciences, Inc.                                                      Thorofare                              Gloucester


 


Class Link, Inc.                                                                     Weehawken                          Hudson


Lux Biosciences, Inc.                                                           Jersey City                            Hudson


 


Magnolia Broadband, Inc.                                                  Bedminster                            Hunterdon


Novadel Pharma, Inc.                                                          Flemington                            Hunterdon


 


Alphion Corporation                                                           Princeton Junction               Mercer


Barrier Therapeutics, Inc.                                                   Princeton                               Mercer


Bullrun Financial, Inc.                                                         Hamilton                                Mercer


Dot Photo, Inc.                                                                     West Trenton                       Mercer


Energy Photovoltaics, Inc.                                                 Lawrenceville                        Mercer


Knite, Inc.                                                                              Princeton                               Mercer


Lavipharm Laboratories, Inc.                                             East Windsor                        Mercer


Lexicon Pharmaceuticals (New Jersey), Inc.                    Princeton                               Mercer


NexMed (USA), Inc.                                                            East Windsor                        Mercer


Orchid Cellmark, Inc.                                                           Princeton                               Mercer


Princeton Optronics, Inc.                                                    Mercerville                            Mercer


Princeton eCom Corporation                                              Princeton                               Mercer


SightLogix, Inc.                                                                    Princeton                               Mercer


UDC, Inc.                                                                               Ewing                                     Mercer


Viocare Technologies, Inc.                                 Princeton                               Mercer


 


Arkados, Inc.                                                                        Piscataway                            Middlesex


Biomira USA, Inc.                                                                Cranbury                               Middlesex


CMWare, Inc.                                                                       Plainsboro                             Middlesex


Cape Systems Group                                                           South Plainfield                    Middlesex


Connotate Technologies, Inc.                                           New Brunswick                    Middlesex


Corente, Inc.                                                                         East Brunswick                     Middlesex


ExSar Corporation                                                                Monmouth Junction            Middlesex


ION Networks, Inc.                                                              South Plainfield                    Middlesex


Inplane Photonics, Inc.                                                       South Plainfield                    Middlesex


Kodeos Communications, Inc.                                           South Plainfield                    Middlesex


Majesco Entertainment Company                                     Edison                                    Middlesex


Multiplex, Inc.                                                                       South Plainfield                    Middlesex


Orthocon, Inc.                                                                      North Brunswick                  Middlesex


Outercurve Technologies, Inc.                                          Iselin                                      Middlesex


PTC Therapeutics, Inc.                                                       South Plainfield                    Middlesex


Palatin Technologies, Inc.                                                  Cranbury                               Middlesex


Pharmacopeia Drug Discovery, Inc.                                 Cranbury                               Middlesex


Pharmos Corporation                                                          Iselin                                      Middlesex


Premier Specialties, Inc.                                                      Middlesex                              Middlesex


Princeton Lightwave, Inc.                                                   Cranbury                               Middlesex


Provid Pharmaceuticals, Inc.                                              North Brunswick                  Middlesex


Signum Biosciences, Inc.                                                    Monmouth Junction            Middlesex


Songbird Hearing, Inc.                                                        New Brunswick                    Middlesex


StrikeForce Technologies, Inc.                                          Edison                                    Middlesex


Synthemed, Inc.                                                                   Iselin                                      Middlesex


Transave, Inc.                                                                       Monmouth Junction            Middlesex


TyRx Pharma, Inc.                                                                Monmouth Junction            Middlesex


WellGen, Inc.                                                                        New Brunswick                    Middlesex
X-Cell Medical, Inc.                                                             Monmouth Junction            Middlesex


MFormation Technologies, Inc.                                        Edison                                    Middlesex


NetForensics, Inc.                                                                Edison                                    Middlesex


 


BigString Corporation                                                         Red Bank                               Monmouth


Hemo Concepts, Inc.                                                           Eatontown                             Monmouth


Millennium Cell, Inc.                                                            Eatontown                             Monmouth


Scivanta Medical Corporation                                           Spring Lake                           Monmouth


 


Speechswitch, Inc.                                                               Matawan                               Monmouth


Vonage Holdings Corporation                                           Holmdel                                 Monmouth


uReach Technologies, Inc.                                                 Holmdel                                 Monmouth


 


Cirqit.com, Inc.                                                                     Whippany                             Morris


CyberShift, Inc.                                                                    Parsippany                            Morris


Deltronic Crystal Industries, Inc.                                      Dover                                     Morris


Elusys Therapeutics, Inc.      &nbs

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