Issue: 11
August 2018
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EDA Invests in New Jersey Technology Companies


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EDA's Investments Support New Jersey Business Growth


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Latest News


Governor Phil Murphy announced two important tools - the Incubator and Collaborative Workspace Rent Initiative (ICWRI) and a modernized Research and Development (R&D) tax credit - to support new and established high-tech companies in growing the Garden State's Innovation Economy. The Governor made the announcement during a visit to Princeton Innovation Center BioLabs.

Through the ICWRI, new start-ups will be assisted with rent at incubators, accelerators and other collaborative workspaces. EDA will make an initial investment of $500,000 in the program and will provide grants for two, four, or six months of rent payments, with the workspace committing to subsidize half that amount. For a startup, there is a maximum benefit of up to $15,000.





Continuing his commitment to strengthen the Garden State's innovation economy and better connect industry and academia, Governor Phil Murphy signed Assembly Bill 3652, re-establishing the former New Jersey Commission on Science and Technology as the New Jersey Commission on Science, Innovation and Technology. The Governor signed the legislation at the Biotechnology Development Center (BDC) in North Brunswick and also unveiled the comprehensive scientific database Research with NJ.

"For eight years, New Jersey's reputation as a hub for technology and innovation languished," said Governor Phil Murphy. "Today, I'm pleased to sign legislation that re-establishes the New Jersey Commission on Science, Innovation and Technology to spur long-term planning, research and entrepreneurship in the Garden State. When coupled with the Research with NJ database, we now have two new tools to help jumpstart the state's innovation economy."





Cardiac patients are one step closer to obtaining a medical device that can alert them to a potential Acute Coronary Syndrome (ACS) event (including a heart attack) whether they experience symptoms or not, following recent U.S. Food and Drug Administration (FDA) approval of the AngelMed Guardian® System. Considered Monmouth County-based Angel Medical Systems' flagship product, the AngelMed Guardian System is the world's first implantable cardiac monitor and patient alerting system for ACS.

Nicknamed "the Guardian," the implant is designed to identify changes in the heart's electrical signals indicative of a potential ACS, including heart attacks or episodes of unstable angina, alert patients to seek urgent medical attention, and store electrocardiogram data for later review by emergency room physicians. Angel Medical Systems executives say that in its clinical trials, the Guardian demonstrated that it fills an unmet medical need by providing more effective diagnosis of a life-threatening condition when compared to patient symptoms alone.





LugTrack, LLC, which has already helped thousands of travelers track their luggage in real-time, is now setting its sights on providing tools for businesses of all sizes to track, monitor, and maintain assets worldwide. The Red Bank-based company will use the $50,000 it recently received for winning the New Jersey Economic Development Authority's (EDA's) inaugural New Jersey Founders & Funders All-Stars pitch competition to ramp up development of its next-generation tracking devices.

"Governor Murphy is committed to reclaiming the Garden State's place as the capital of invention and innovation," EDA Chief Executive Officer (CEO) Tim Sullivan said. "Providing companies like LugTrack the opportunity to showcase their cutting-edge technologies to an audience of savvy investors through New Jersey Founders & Funders has the dual benefit of fostering a collaborative ecosystem and showcasing the up-and-coming businesses that are transforming the global technology landscape."





Now that genomic analytics company Health Interactive, Inc. has expanded into New Jersey, it is strategically positioned within the state's vast pharmaceutical and biotechnology research ecosystem.

Health Interactive's research and development (R&D) focuses on developing capabilities in bioinformatic analysis and reporting of genetic sequencing data. The company notes that these analyses and reports can be challenging to clinical labs, hospitals, clinicians, and even to researchers and scientists who are not in the genomics field. Health Interactive has developed proprietary software to interpret genetic mutations related to disorders and cancers. In addition, Health Interactive's software can generate reports on how patients react and respond to certain medications.





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



Visikol Accelerates Growth with Relocation to New Facility


CEO Michael Johnson announced that Visikol – a leading drug discovery and bio-imaging service provider - has officially relocated its entire operation to the Salem One Technology Complex located in Whitehouse Station, New Jersey. The new facility, which will encompass office, laboratory and manufacturing areas, will quadruple the company's physical footprint and will be a key factor in supporting the defined growth and expansion plans currently in place.

"The decision to expand and relocate our entire operation was a simple one," commented company leader Michael Johnson, "market conditions have dictated rapid growth in all areas of our organization and we needed to quickly expand our physical space to meet operational capacity."




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: Biotech Fireside Chat
Topic: Andras Forgacs, CEO & Co-Founder, Modern Meadow
Time: 5:30 p.m. – 7:00 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.
*We are pleased to share that this event will be hosted at Newark Venture Partners, located at 1 Washington Pl., Newark, NJ 07102.

Event Calendar

To subscribe to ToutingTech, please visit www.njeda.com/TLSFeatures

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