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