Press Release
November 8, 2007
3 minute read


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

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, Inc.                                                                     Whippany                             Morris

CyberShift, Inc.                                                                    Parsippany                            Morris

Deltronic Crystal Industries, Inc.                                      Dover                                     Morris

Elusys Therapeutics, Inc.      &nbs