EDA JOINS AMICUS THERAPEUTICS ON TOUR OF HEADQUARTERS IN CRANBURY TOWNSHIP
TRENTON, N.J. (August 27, 2007) – The New Jersey Economic Development Authority (EDA) today joined Amicus Therapeutics, Inc. on a tour of its headquarters and laboratories in Cranbury Township. The EDA has helped nurture Amicus, a biopharmaceutical company focused on developing novel, oral therapeutics for the treatment of a wide range of human genetic diseases, since mid-2002.
“Amicus Therapeutics epitomizes the kind of company that the Edison Innovation Fund was designed to support, and truly represents a success story for the variety of state initiatives available to technology and life sciences companies looking to grow in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Amicus’ headquarters and laboratories are first-rate and will help ensure its continued success in developing treatments that can potentially benefit many throughout the world.”
Franzini said the EDA has been assisting technology and life sciences companies for over a decade, and noted that the latest initiative advanced through Governor Jon S. Corzine’s Economic Growth Strategy, the Edison Innovation Fund, works to further encourage the location and growth of these companies in New Jersey. The $150 million fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages, and is managed by the EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.
“We greatly appreciate the EDA’s support of Amicus Therapeutics over the years and our mission to develop pharmaceuticals for a range of human genetic diseases,” said John Crowley, President and Chief Executive Officer of Amicus Therapeutics. “We look forward to continuing this pursuit with our operations based here in New Jersey.”
Amicus Therapeutics is a biopharmaceutical company-developing novel, oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilize proteins in cells, leading to improved protein folding and trafficking, and increased activity. Amicus is initially targeting lysosomal storage disorders, which are severe, chronic genetic diseases with unmet medical needs. Amicus is currently conducting Phase 2 clinical trials of Amigal(TM) for the treatment of Fabry disease and Plicera(TM) for the treatment of Gaucher disease. The company is currently conducting Phase 1 clinical trials of AT2220 for the treatment of Pompe disease.
In mid-2002, Amicus moved into the EDA’s Commercialization Center for Innovative Technologies at the Technology Centre of New Jersey in North Brunswick, bringing seven employees and taking four of the available 800-square-foot laboratories. By the time Amicus was ready to move from the Commercialization Center to its new home in Cranbury in 2005, it had grown to 23 employees occupying seven lab units and an additional 375-square-feet of office space.
During this period, the company also took advantage of the Technology Business Tax Certificate Transfer Program, which enables businesses to sell tax losses or research and development credits to raise cash to finance their growth and operations. At the same time Amicus relocated to Cranbury, it closed a $55 million Series C financing, which included investment from the Garden State Life Sciences Venture Fund, which is supported by a $10 million investment from the EDA. The proceeds were used to move its drug pipeline forward based on the company’s unique technology, which has the potential to transform the treatment of human genetic diseases.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.