Biotech Startups Selected to Accompany NJEDA to BIO International Highlight Advantages of Locating in New Jersey
Five startups will accompany the New Jersey delegation to BIO International Convention to showcase innovation in the Garden State. Photo credit: Choose NJ
TRENTON, N.J. (May 24, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced the five New Jersey biotechnology startups that will join NJEDA at BIO International Convention in Philadelphia next month to showcase innovation in New Jersey. The five startups were selected from a group of companies that submitted video responses to the question “Why Choose New Jersey?” Reasons cited by the selected companies include: proximity to large pharmaceutical companies and world-class cancer institutes, affordable lab space, and opportunities to partner and network with the State’s vast biotechnology community.
BIO International provides a global platform for these biotechnology businesses to promote their therapies, products, and services. In addition to networking and attending educational sessions, the selected entrepreneurs will spend time in the New Jersey Pavilion (#1501) sharing their story of growth and success in the Garden State.
“Governor Phil Murphy has developed a comprehensive economic development strategy that places a central focus on innovation, and we look forward to these companies joining us at BIO International to tell their New Jersey success story, as we share the vision for a New Jersey innovation economy where diverse people, ideas, and businesses will flourish,” NJEDA Chief Executive Officer Tim Sullivan said.
BIO International brings together life sciences entrepreneurs, investors, and industry leaders from around the world. More than 16,000 people are expected to attend this year’s event, which is being held in Philadelphia June 3 through June 6. New Jersey’s delegation is being led by Choose New Jersey, the NJEDA, and BioNJ.
The following companies were selected to accompany the NJEDA to BIO International:
3D Biotek, LLC, in Bridgewater, supports the research community by offering 3D cell culture products. The company has recently developed a large-scale 3D Cell Expansion System to serve as an enabling technology for the emerging field of stem-cell therapy and bio-banking. 3D Biotek is a graduate of the NJEDA’s Commercialization Center for Innovative Technologies (CCIT) biotechnology incubator.
Engage Therapeutics, in Summit, is a clinical-stage biopharmaceutical company developing a Rapid Epileptic Seizure Termination (REST) therapy for people with epilepsy. Funding from a 2017 $23 million Series A round enabled Engage Therapeutics to progress its investigational product, Staccato® alprazolam, into a Phase 2b randomized, double-blind study. The study is currently ongoing and open for patient enrollment.
Socium Therapeutics, Inc., based in Parsippany, is developing orally-administered cancer vaccines. The company is currently raising capital for a Phase 1 trial of the lead candidate targeting prostate cancer from its CReST™ vaccine platform.
OncoSec Medical Incorporated is developing late-stage intratumoral cancer immunotherapies. OncoSec was founded in San Diego, but when entrepreneur Daniel O’Connor became CEO of the company, he moved it to Pennington to reap the many benefits of locating in New Jersey, including its highly-talented pharmaceutical workforce.
Tyme Technologies, in Bedminster, is an emerging biotechnology company that is developing cancer metabolism-based therapies (CMBTs™) intended to be effective across tumor types and offer low toxicity profiles. TYME is focused on advancing its lead candidate SM-88 in pancreatic, prostate, sarcoma, and breast cancers, while also planning for development into multiple metastatic cancers where SM-88 has shown encouraging results.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.