New Jersey Founders & Funders Provides Platform for Passaic County-based VectraCor to Pitch Life-Saving Technology
VectraCor President and Chief Executive Officer Brad S. Schreck
TRENTON (November 3, 2016) – New Jersey is known for its long history of innovation, and emerging companies like VectraCor are continuing that legacy. Based in Totowa, VectraCor has developed what it describes as the world’s first cardiac electrical biomarker (CEB®) that can help nurses and doctors more accurately detect and diagnose heart attacks, recognized as the number one killer in the world.
Traditional electrocardiograms (ECG) are used to monitor a patient’s heart and generate complex reports for a doctor’s analysis using 10 wires, or electrodes, to get 12 leads, or pictures of the heart. VectraCor’s proprietary product, VectraplexECG System with CEB®, provides 15 leads in the United States and 22 leads in Europe, giving nurses and doctors a more in-depth view of the patient’s heart. Additionally, because VectraplexECG System with CEB® uses only five electrodes, both patient preparation time and the potential for inaccurate placement of electrodes by nurses or technicians are greatly reduced. The technology also provides a report from which doctors and nurses can easily and quickly interpret whether a patient is having a heart attack, enabling them to get critical care that much faster.
VectraplexECG System with CEB is currently being used in Jersey City Medical Center, RWJBarnabas Health, Summit Medical Group and numerous urgent care centers throughout the State. VectraplexECG System with CEB is one of numerous products for which VectraCor has either patents or patents-pending in 12 countries.
“When patients are experiencing a heart attack, medical personnel need answers immediately,” VectraCor President and Chief Executive Officer Brad S. Schreck said. “That’s why hospitals and urgent care centers around New Jersey and throughout the world turn to VectraCor for fast and accurate reports.”
Schreck had an opportunity to pitch VectraCor and its technology to potential investors at the most recent New Jersey Founders & Funders event on Oct. 26. Hosted by the New Jersey Economic Development Authority (EDA), the semi-annual event enabled VectraCor and more than two dozen other companies to meet angel and venture capital investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.
Schreck also touted the fact that many of the company’s existing investors have benefited from the State’s Angel Investor Tax Credit Program. Administered by the EDA in consultation with the New Jersey Division of Taxation, the program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Any investor wishing to apply for the Angel Investor Tax Credit Program must submit a completed application, with all required documentation, by November 15, 2016 to be considered for approval of a 2016 tax credit certificate.
“VectraCor’s use of State resources to impact the global marketplace reinforces the positive effect New Jersey’s support has on growing technology companies,” EDA Chief Executive Officer Melissa Orsen said. “Groundbreaking technologies provided by companies like VectraCor are a testament to the pioneering companies that call New Jersey home, and the supportive ecosystem we offer to these innovative companies in all phases of their growth.”
Schreck and his brother Dr. David Schreck founded VectraCor after extensive education from New Jersey schools. Both attended Stevens Institute of Technology, completing Bachelor of Science degrees in organic chemistry and Master of Engineering degrees in biomedical engineering. Brad also earned an MBA in marketing from Fairleigh Dickinson University.
@NJEDATech spoke with Brad Schreck about VectraCor’s experience in New Jersey and upcoming plans:
Why did you choose to grow your company here in New Jersey?
David and I knew about the State’s long history of innovation and felt it appropriate to start VectraCor here. We were both born and raised in New Jersey and, although I have been relocated and have lived in many states, I feel right at home here and knew this was the perfect location to build our business. Additionally, the quality of the talent pool in New Jersey, particularly in the medical technology space, is very high, and that is important to the future success of our company.
What’s the best piece of advice you received at New Jersey Founders & Funders?
Investors were very encouraging about our business model and our product. They provided positive feedback and suggested we continue pitching to a wide array of investors to find the perfect match.
What is your company’s biggest success to date?
The fact that we have potentially saved lives is one of our biggest accomplishments. I’m also proud of the fact that we took an idea from scratch and developed it into a product that received United States Food and Drug Administration approval and a Conformité Européenne (CE) Mark. A CE Mark is necessary for marketing products in Europe. I’m also extremely pleased that we have been able to generate revenue.
What’s on the horizon for VectraCor?
We are in a growth phase and are looking to hire sales representatives across the country and throughout the world, as well as more support staff in New Jersey. The emergence of mobile health technology is very exciting to us and we are in the process of developing products in the mobile health sphere that will be used to save lives.