Issue: 10
May 2018
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EDA Invests in New Jersey Technology Companies


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  * Numbers reflect activity from inception through March 30, 2018  

EDA's Investments Support New Jersey Business Growth


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Latest News


Technology and life sciences companies in the Garden State seeking to raise non-dilutive capital can now apply to the State's 2018 Technology Business Tax Certificate Transfer (NOL) Program. The New Jersey Economic Development Authority (EDA) has announced that applications are being accepted online through June 30, 2018 at http://www.njeda.com/nol.

Heralded as a lifeline for unprofitable companies, the NOL Program enables eligible technology and life-sciences companies to sell New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash, which can be used for working capital or to fund research. The EDA and the New Jersey Department of Treasury's Division of Taxation administer the program.





Funding approved by the New Jersey Economic Development Authority (EDA) will help Collingswood-based Gridless Power Corporation further its mission to design, manufacture, and market portable rechargeable batteries that provide vital energy to areas around the world, often in extreme conditions. The EDA approved a $250,000 loan through the NJ Covest Fund for the renewable energy company.

Launched last year, the NJ Covest Fund is 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 growth lifecycle.





With the robo-advising industry surpassing $200 billion worldwide, Bridgewater-based BackEnd Benchmarking is quickly becoming a global leader in investment analytics and transparency. At the same time, the company remains grounded in its local community, nurturing the next generation of entrepreneurs by hiring New Jersey-educated employees, and benefiting from resources available to the Garden State's technology community.

In 2017, BackEnd Benchmarking received $470,000 in funding from investors who participated in the State's Angel Investor Tax Credit Program.





In recent months, biopharmaceutical company V ClinBio has taken several steps to make 2018 a banner year for its development and for the creation of new drugs for millions of patients that suffer from multiple sclerosis, ulcerative colitis, and psoriasis. These actions, under the new leadership of President and Chief Executive Officer (CEO) and veteran New Jersey pharmaceutical executive Bob Oliver, include expanding the company's footprint in the Garden State with the opening of a new office in Mercer County, executing a strategic acquisition, and obtaining critical funding through New Jersey's Angel Investor Tax Credit Program.

V ClinBio entered 2018 with funds raised from 10 investments approved last year under the Angel Investor Tax Credit Program.





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 www.njeda.com/ccit or contact Program Manager Lenzie Harcum at
732-839-1881 or lharcum@njeda.com



The New Jersey Economic Development Authority (EDA) recently welcomed Sunnylife Pharma Inc. as one of its newest tenants at the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Founded by a team of former Merck scientists, Sunnylife Pharma Inc. is a contracted research services organization focused on the unmet medical needs of cancer patients, as well as people suffering from cardiovascular and metabolic diseases.

Sunnylife Pharma helps drug-discovery companies worldwide reduce research and development costs by assisting with an array of pre-clinical research chemistry-related services.





Stroke victims, dementia sufferers, and patients who have sustained traumatic brain injuries can now incorporate virtual reality games into their rehabilitation therapy, thanks to technology developed by Bright Cloud International (BCI) Corp.

The Rutgers University spinoff moved its operations into the New Jersey Economic Development Authority's (EDA's) Commercialization Center for Innovative Technologies (CCIT), expanding its footprint in the Garden State. CCIT, located in North Brunswick, is New Jersey's leading life sciences incubator. 


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In recent months, the science media have begun to take notice of Genomic Prediction and where the future of IVF is headed; most prominently, Genomic Prediction was featured in MIT's Technology Review.

CCIT has assisted the rapidly growing Genomic Prediction with hardware and software acquisitions, application to the New Jersey Angel Investor Tax Credit Program, secure hosting of several documentary crew teams, acquisition of a CLIA Lab Director, the reception and installation of sequencing machines and embryo biopsy shipments, the installation of backup power generators and custom-hardened internet infrastructure, and with filing of copyright claims, IP claims, and complex medical product insurance policies using CCIT personnel and connections.

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