$60 Million to Grow Tech/Bio Tech Industry in New Jersey

Christie Administration Approves $60 Million to Grow Tech/Bio Tech Industry in New Jersey

 Full Funding of Program Top Priority to Spur Economic Growth

 TRENTON, N.J. (Nov. 27, 2012) – In support of the Christie Administration’s commitment to nurturing the growth of emerging technology and biotechnology businesses, the New Jersey Economic Development Authority (EDA) announced that 65 companies have been approved to share the $60 million allocation available through the State’s Technology Business Tax Certificate Transfer Program in Fiscal Year 2013.

 This competitive program enables technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.  Since the program was established in 1999, more than 500 businesses have been approved for awards totaling $710 million. Each of the 65 applicants approved this year will receive an estimated $920,000, which is 15 percent more than last year and over double the Fiscal Year 2011 average. 

 “Governor Christie understands that the success of the State’s greater technology industry is fundamentally tied to the growth of New Jersey’s economy,” said EDA Chief Executive Officer Michele A. Brown.  “The many companies that have been able to raise capital and build their businesses in New Jersey as a result of this innovative program illustrate how critical it is to provide support at this early stage.”

 Administered by the EDA and the Department of Treasury’s Division of Taxation, New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees may be eligible to sell net operating losses and research and development tax credits to unrelated profitable corporations for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business.

 Companies that benefited this year include Jersey City-based Antenna Software, Inc., a wireless software company specializing in solutions for mobile enterprise; Akers Biosciences, Inc. of Thorofare, a company that develops, manufactures, and supplies rapid, point of care screening and testing products; Morristown-based Pacira Pharmaceuticals, a pharmaceutical company focusing on clinical and commercial development of new products for the management of post-surgical pain; and Angel Medical Systems, Inc. of Shrewsbury, a medical device company developing new technology for heart attack detection.  A full list of approved companies is included below.

 The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Chris Christie and led by Lieutenant Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA. 

 For additional information on the Technology Business Tax Certificate Transfer Program, visit www.njeda.com.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

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Company Name Industry City County
Immunogenetics, Inc. Bio Buena Atlantic
Vidyo, Inc. Tech Hackensack Bergen
MDX Medical, Inc. (dba Vitals, Inc.) Tech Lyndhurst Bergen
ManageIQ, Inc. Tech Mahwah Bergen
Elite Laboratories, Inc. Bio Northvale Bergen
Millenium Biotechnologies Group, Inc. Bio Paramus Bergen
DVTel, Inc. Tech Ridgefield Park Bergen
Cancer Genetics, Inc. Bio Rutherford Bergen
Eagle Pharmaceuticals, Inc. Bio Woodcliff Lake Bergen
I.D. Systems, Inc. Tech Woodcliff Lake Bergen
Milestone Scientific Bio Livingston Essex
Akers Biosciences, Inc. Bio Thorofare Gloucester
Enpirion, Inc. Tech Hampton Hunterdon
Antenna Software, Inc. Tech Jersey City Hudson
Lux Biosciences, Inc. Bio Jersey City Hudson
SANpulse Technologies, Inc. Tech Jersey City Hudson
Voxware, Inc. Tech Hamilton Mercer
Princeton Optronics, Inc. Tech Mercerville Mercer
Ocean Power Technologies, Inc. Tech Pennington Mercer
Advaxis, Inc. Bio Princeton Mercer
Agennis USA Incorporated Bio Princeton Mercer
IntegriChain, Inc. Tech Princeton Mercer
SightLogix, Inc. Tech Princeton Mercer
Soligenix, Inc. Bio Princeton Mercer
Alphion Corporation Tech Princeton Junction Mercer
Amicus Therapeutics, Inc. Bio Cranbury Middlesex
Blacklight Power, inc. Tech Cranbury Middlesex
Palatin Technologies, Inc. Bio Cranbury Middlesex
Princeton Lightwave, Inc. Tech Cranbury Middlesex
Replication Medical, Inc. Bio Cranbury Middlesex
Vaxinnate Corporation Bio Cranbury Middlesex
Savient Pharmaceuticals, Inc. Bio East Brunswick Middlesex
Argyle Therapeutics, Inc. Bio Monmouth Junction Middlesex
CytoSorbents, Inc. Bio Monmouth Junction Middlesex
Insmed Incorporated Bio Monmouth Junction Middlesex
Rive Technology, Inc. Tech Monmouth Junction Middlesex
Signum Biosciences, Inc. Bio Monmouth Junction Middlesex
TyRx Pharma, Inc. Bio Monmouth Junction Middlesex
Liquid Light Tech Monmouth Junction Middlesex
Connotate Technologies, Inc. Tech New Brunswick Middlesex
Hemispherx Biopharma, Inc. Bio New Brunswick Middlesex
3DBiotek, LLC Bio North Brunswick Middlesex
Orthobond Corporation Bio North Brunswick Middlesex
Enzon Pharmaceuticals, Inc. Bio Piscataway Twp Middlesex
Solidia Technologies Tech Piscataway Twp Middlesex
BlackStratus, Inc. (NetForensics, Inc.) Tech Piscataway Middlesex
Innopharma, Inc. Bio Piscataway Middlesex
iBiquity Digital Corporation Tech Piscataway Middlesex
Celator Pharmaceuticals, Inc. Bio Plainsboro Middlesex
Angel Medical Systems, Inc. Bio Shrewsbury Monmouth
Emisphere Technologies, Inc. Tech Cedar Knolls Morris
Electromagnetic Technologies Industries, Inc. Tech Boonton Morris
Unigene Laboratories, Inc. Bio Boonton Morris
DataMotion, Inc. Tech Morristown Morris
Pacira Pharmaceuticals Bio Morristown Morris
Starboard Storage Systems (Reldata, Inc.) Tech Parsippany Morris
Aerie Pharmaceuticals, Inc. Bio Bedminster Somerset
PanOptica, Inc. Bio Bernardsville Somerset
Drais Pharmaceuticals, inc. Bio Bridgewater Somerset
VPI Systems Corporation Tech Somerset Somerset
Conolog Corporation Tech Somerville Somerset
Roka Bioscience, Inc. Bio Warren Somerset
KIRUSA, Inc. Tech New Providence Union
Svelte Medical Systems, Inc. Bio New Providence Union
Celldex Research Corporation Bio Phillipsburg Warren
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Categories: Electronics, Advanced Materials & Manufacturing Industry Network, Enviro/Energy/Engineering Industry Network, Financial, Government Affairs, Life Sciences Industry Network, NJTC Information Technology Network, Telecommunications/Media Industry Network

Author:NJ Tech Council

The New Jersey Tech Council helps companies grow and supports the tech, innovation and entrepreneurial ecosystems in the state and region.

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