EDISON INNOVATION FUND INVESTMENT ASSISTS BIOTECH COMPANY IN SOUTH BRUNSWICK
TRENTON, N.J. (June 6, 2007) – The New Jersey Economic Development Authority (EDA) has finalized a $1-million Edison Innovation Fund investment to assist in the expansion and growth of Signum Biosciences, Inc., a biotechnology company that develops pharmaceuticals, skincare products and nutritional supplements. The Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.
“Investing in Signum, a company dedicated to creating innovative healthcare products to treat and prevent diseases like Alzheimer’s and diabetes, is just one example of how the Edison Innovation Fund works to ensure that our technology and life science businesses are able to compete in the global, high-tech economy,” said EDA Chief Executive Officer Caren Franzini.
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund. The fund will leverage $350 million in private capital that is targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.
“Signum Biosciences is dedicated to developing innovative, economical medicines to prevent and treat diseases resulting from cellular signaling imbalances,” said Gregory Stock, CEO of Signum. “The Edison Innovation Fund investment will allow our company to accelerate its creation of new healthcare products and enhance its efforts to develop therapeutics for chronic illnesses that simply cannot be effectively treated today.”
South Brunswick-based Signum develops products to promote general health and address problems associated with chronic inflammation. Through research on protein networks that control biological systems, Signum is developing treatments for Alzheimer’s, Parkinson’s, arthritis, cancer, cardiovascular disease and a variety of skin conditions.
The company sought assistance to support the hiring of new employees and finance claims-validation testing procedures of products and research on botanical compositions relevant to these illnesses. The $1-million EDA loan was made for five years at a fixed interest rate of 6 percent. As a result of the loan, the company will create 13 new jobs within the next two years.
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 more information on the Edison Innovation Fund, visit www.edisoninnovationfund.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.