Issue: 9
Feb 2018
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EDA Invests in New Jersey Technology Companies


  * Numbers reflect activity from inception through December 31, 2017  

EDA's Investments Support New Jersey Business Growth




Latest News


With a focus on fostering innovation in the Garden State, the New Jersey Economic Development Authority (EDA) approved $250,000 financing for Jersey City-based through the NJ CoVest Fund. Launched last year, the Fund was designed to help emerging technology companies bridge the funding gap between product development and commercialization and furthers the EDA's ability to support businesses throughout their lifecycle of growth.





EDA has announced that 256 Angel Investor Tax Credit applications have been approved in 2017, representing the injection of a total of $111 million of private capital into 39 different technology and life sciences companies throughout the Garden State. The Angel Investor Tax Credit 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 75% employment in New Jersey and that conducts research, manufacturing, or technology commercialization in the state.





Understanding the needs of retailers to keep pace in a digital age, Livingston-based Moblty has developed what is emerging as a leading shopper marketing software platform, helping businesses digitize their footprint and enhance customers- shopping experiences.

Through a unique suite of products and services, Moblty enables brands to offer customers digital shopping inside the brick-and-mortar store experience. Among other features, shoppers can use interactive in-store displays to swipe, click, and engage with video, social media and coupons.





For farmers in the Garden State and around the world, the ability to keep a pulse on variables impacting their crops is essential. Arable Labs, located in Princeton, helps farmers keep vital data that enables them to make informed decisions at their fingertips via a laptop, tablet or smart phone. The company's name comes directly from the word "arable," meaning "suitable for growing crops."

Arable Labs' proprietary smart technology, called Arable Mark IoT (short for Internet of Things), offers farmers real-time, continuous visibility and predictive analytics of more than 40 metrics. These metrics include weather, readiness for harvesting, precipitation, plant health, and disease risk. Data is gathered by a device placed in the ground and is easily accessible via a cloud-based dashboard.  





One deserving Garden State entrepreneur was presented with a $50,000 prize at the New Jersey Economic Development Authority's (EDA) New Jersey Founders and Funders All-Stars event. Through a "pitch" competition featuring five previous New Jersey Founders and Funders participants, LugTrack, represented by Chief Financial Officer Denise Brouder, was selected by the voting participants to receive funding to support her company's continued growth in New Jersey. LugTrack offers a patented system for tracking personal assets, such as luggage, in real-time.





The New Jersey Economic Development Authority (EDA) recently announced that, pursuant to P.L.2017, c.221, Grow NJ applications are now available that allow for increased tax credits to businesses that are located in proximity to and engaged in qualified collaborative research agreements with New Jersey colleges or universities.

Per statute, businesses may qualify for the highest base tax credit amount available under Grow NJ ($5,000 per job/per year) if the business is located in the newly established "Garden State Create Zone," defined as a business in a targeted industry whose facility is located at or within three miles of one of New Jersey's eight doctoral universities, and the facility is used to conduct a qualified collaborative research relationship with that university.





Incubator Spotlight


CCIT is one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies - a 46,000 sq. ft. biotech incubator in a 50-acre research park in North Brunswick in the heart of New Jersey's "Research Corridor." In this section we feature news on CCIT and its tenant companies. For more information regarding CCIT, please visit or contact Program Manager Lenzie Harcum at 732-839-1881 or


Active participants in the State's biotechnology industry welcomed a group of more than 25 PhD and Post-Doctoral students from Rutgers, The State University of New Jersey, yesterday afternoon for a tour and an inside look at daily life at the New Jersey Economic Development Authority's (EDA) Commercialization Center for Innovative Technologies (CCIT), the State's leading life sciences incubator. The students are part of the Rutgers University Interdisciplinary Jobs for Biomedical Students (iJOBS) Program, which is funded by the National Institutes of Health (NIH) to expose life science PhD students and postdocs to a range of non-academic career options and empower them to pursue their career goals.





Aucta Partners With Spero Therapeutics For GMP Manufacturing Alliance


Spero Therapeutics, a global clinical-stage biopharmaceutical company in Cambridge, has partnered with Aucta to provide lab scale GMP manufacturing and testing of SPR994. Spero's mission is to become a leader in the field of Gram-negative antibiotics. With this partnership, Aucta has expanded within CCIT to accommodate its growing biotech commitment to New Jersey. In addition to its partnership work with Spero, Aucta also has multiple 505b2 specialty and niche generic products under development which are moving forward to or in the clinics. It expects its first product launch and additional submissions with US FDA in 2018.



Grace Therapeautics


It's been a little over three years since Grace Therapeutics began their journey at CCIT and much progress has been made. This year Grace Therapeutics was honored to be selected (one of 40 private companies) to present at the JP Morgan Health Care Conference 2018 that concluded last week in San Francisco. 



Visikol Secures New Round of Funding Led by Industry Experienced Executives


It was announced by CEO Dr. Michael Johnson that Visikol, a leader in the emerging 3D imaging market, has completed a financing round with Pharma Services Industry executives Brian Mulhall and Alan Weiss. Specific terms of this investment round were not made public but Dr. Johnson commented that the deal was significant in terms of dollars and puts Visikol on a clear road to success in 2018.



Bellerophon Therapeutics, Inc.


Bellerophon Therapeutics, Inc., a clinical-stage biotherapeutics company and CCIT tenant company, announced the appointment of Ted Wang, Ph.D., Chief Investment Officer of Puissance Capital Management, to its Board of Directors. Bellerophon's Board now includes 10 members. Dr. Wang is the Chief Investment Officer of Puissance Capital Management.



Upcoming Events


The following is a list of technology and life-sciences related events being hosted by NJEDA and its partners. For more information, or to RSVP, please click the link within the title of the event. 


Event: BioNJ BioPartnering Conference
Topic: Networking, Partnering Meetings, Company Presentations, Exhibits and Plenary Sessions
Time: 8:00 - 4:30 p.m.

Event: NJ Founders & Funders (by registration only)
Topic: Meeting with Investors to Discuss Strategy, Business Models and Funding Opportunities
Time: 11:30 a.m. - 3:30 p.m.

Event Calendar


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New Jersey Economic Development Authority
36 West State Street
P.O. Box 990
Trenton, NJ 08625-0990