First Lady Tammy Murphy (immediately left of podium) poses with NJEDA Chief Executive Officer Tim Sullivan (behind podium), CSIT Executive Director Judith Sheft (far right), CSIT staff members and Maternal and Infant Health R&D Grant Program awardees following today’s event.

Trenton, N.J. (January 20, 2023) – The Commission on Science, Innovation and Technology (CSIT) Board today awarded a combined $1.275 million in grants to 17 startups to accelerate the development of technologies, products, and services that support maternal and child wellbeing. The grants were awarded through CSIT’s Maternal and Infant Health Research & Development (R&D) Grant Program, which launched last June.

Through the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to support maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

“New Jersey is home to some of the most innovative startups across a myriad of industries, and it is my honor to be here today to recognize some of the top startups in maternal and infant health,” said First Lady Tammy Murphy. “As we celebrate our sixth annual Maternal Health Awareness Day here in New Jersey, I reflect on the significant work we have accomplished and what has yet to come. In the next three years, a top priority is to build a thriving Maternal and Infant Health Innovation Center in Trenton that will continue this groundbreaking work long past the Murphy administration. I am certain that today’s grant recipients will be essential partners to the Center and to Nurture NJ.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation economy in the nation, the awardees announced today represent a diverse group of entrepreneurs focused on supporting maternal health in New Jersey. Nearly 40 percent of awardees are self-reported minority-owned startups and 33 percent are self-reported women-owned businesses. The following startups within New Jersey’s life sciences, technology, and non-retail food and beverage sectors were each awarded grants of up to $75,000:

“We are proud to work with First Lady Murphy and our partners around the state to support the crucial and lifesaving work being done through the Nurture NJ initiative,” said CSIT Executive Director Judith Sheft. “Helping these startups to advance their products and services from ideas through commercialization will have a lasting impact on the quality of care for New Jersey’s mothers and infants.  The awardees are working on a variety of drug, diagnostic, hardware and software solutions to address and improve maternal and infant health.”

The Maternal & Infant R&D Seed Grant Program started as a $750,000 program, but given the high volume of quality applications and interest from the startup community, the CSIT Board announced additional funding today that nearly doubles the amount available for awards to $1.275 million. As part of the agreement signed last year between the New Jersey Economic Development Authority (NJEDA) and CSIT, the NJEDA dedicated $250,000 from the Economic Recovery Fund towards this program. CSIT provided the remainder of the funding from its Fiscal Years 2022 and 2023 budgets.

NJEDA Chief Executive Officer Tim Sullivan noted that the NJEDA’s investment in this program represents the Authority’s commitment to maternal and infant health innovation. The awardees exemplify the type of innovative work that will be housed at the Maternal and Infant Health Innovation Center currently being developed in Trenton.

“Under Governor Murphy’s and First Lady Murphy’s leadership, CSIT and the NJEDA are finding innovative ways to help make New Jersey the safest place to give birth and focusing on ending racial disparities in maternal and infant health,” Sullivan said. “These grant awards serve the dual purpose of prioritizing investment into programs, research, and services that improve the lives of women and children, while also working to drive down the racial inequities that exist in access to care. In addition, we are furthering opportunities for young, innovative companies in the Garden State.”

First Lady Murphy joined Sheft, Sullivan, CSIT Board members, legislators, and industry leaders to announce the awards today at the NJEDA’s New Jersey Bioscience Center (NJBC) – Step-Out Labs in North Brunswick. Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, the NJBC Step-Out Labs provides a life sciences workplace environment for post-incubation and rapidly growing biopharmaceutical companies.

“Today, through the combined work of so many partners, 17 startups are poised to receive more than $1 million in funding to move their projects forward,” said CSIT Chair Debbie Hart. “We applaud those innovators who are creating solutions where they are so desperately needed, as well as the First Lady for her foresight and commitment to this important work. We are grateful to have the opportunity to partner in this way and that babies and their families will benefit in meaningful ways.”

About the New Jersey CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Opportunity for stakeholders to learn about this first-in-the-nation investment program

TRENTON, N.J. (January 20, 2023) – The New Jersey Economic Development Authority (NJEDA) will hold a virtual information session to provide venture capitalists, private equity investors, and New Jersey startups with information on how they can access capital from the New Jersey Innovation Evergreen Fund (NJIEF). Established by Governor Phil Murphy’s New Jersey Economic Recovery Act of 2020, the NJIEF is a ground-breaking tool designed to grow the state’s innovation economy by catalyzing up to $600 million to support early-stage innovation-focused businesses in New Jersey, while creating mentoring, networking, and educational opportunities to help position these companies for success.

Last month, the NJEDA announced the results of a $50 million tax credit auction, in which established corporations committed funding, technical assistance, and mentorship to help startup businesses in the state. Funds raised through the tax credit auction are expected to help support six to ten high-growth businesses this year.

The information session will be held on January 26th at 9:30 a.m. Register at https://www.njeda.com/event/njeda-innovation-evergreen-fund-investment-program/. A recorded version of the information session will be posted at http://www.njeda.com/evergreen following the event.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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Would-Be Entrepreneurs Can Learn How to Apply for
Up to $400,000 in Income Replacement Funding & Mentorship

TRENTON, N.J. (January 13, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced it will host a webinar next week for would-be entrepreneurs to learn how they can apply for grants of up to $400,000 to pursue their endeavors through the upcoming $10 million New Jersey Innovation Fellows (NJIF) program. The January 19th virtual information session will offer an overview of the program and will provide insight on how the competitive program will support teams of at least three entrepreneurs with mentorship, training, and income replacement capital over a two-year period. Entrepreneurs interested in attending the webinar can register at https://www.njeda.com/event/njeda-innovation-fellowship-program/.

Applications are expected to launch in the first quarter of 2023 for the NJIF, which is designed to replace a stream of income an entrepreneur might forgo to launch an early-stage business. The NJEDA anticipates that support from the NJIF Program will attract innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to the need for income or, in the case of a recent graduate, who would choose to accept employment in lieu of entrepreneurship due to socio-economic constraints. The program will be open to would-be entrepreneurs in the following industries: advanced transportation and logistics, advanced manufacturing, aviation, autonomous vehicle and zero-emissions research or development, clean energy, clean technology, life sciences, hemp processing, information and high technology, finance and insurance, professional services, film and digital media, and non-retail food and beverage business (including food innovation).

The NJIF Program will award 10 to 16 grants across two cohorts annually of $200,000 per team. In keeping with Governor Murphy’s vision for inclusive economic growth, teams may access an additional $50,000 award on top of the $200,000 base award if one entrepreneur verifies residency in a designated Opportunity Zone in New Jersey. Teams may be awarded an additional $50,000 for each entrepreneur leader who self-certifies as a minority or female entrepreneur or is a graduate of a New Jersey college or university. Qualifying teams may receive additional bonuses of up to $150,000 in aggregate for certifying team members, resulting in a total $400,000 award. To be eligible for the NJIF Program, at least half of the team must certify as “first-time entrepreneurs” and at least half of the entrepreneur team must come directly from the workforce. In addition to the financial benefits of the program, all entrepreneur fellows must participate in a mentorship program.

The NJEDA expects to open the NJIF Program application semi-annually in 2023 and 2024, until funds are exhausted.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the state’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

 
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CSIT Begins Managing Newly-Expanded Platform That Showcases Massive Volume of Research Being Conducted Statewide

TRENTON, N.J. (November 28, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the expansion of ResearchwithNJ.com to provide local, national, and international innovation communities with insight into groundbreaking research being conducted at five New Jersey universities – Montclair State University, New Jersey Institute of Technology (NJIT); Princeton University; Rowan University; and Rutgers, the State University of New Jersey. The Commission also announced that it has taken over management of the portal from the New Jersey Economic Development Authority (NJEDA) and the New Jersey Office of the Secretary of Higher Education (OSHE) due to its close ties to both the startup and academic communities.

The free, online portal, which can be accessed at www.researchwithnj.com, offers more than 250,000 pieces of research output that commercial enterprises, ranging from startups to global corporations, can use to fuel their growth. Topics range across a broad spectrum of disciplines, such as biology, chemistry, mathematics, psychology, sociology, and others. The newly-expanded Research with NJ portal now has search capabilities for specific subject matters that align with NJ’s strategic industry sectors through the site’s “strategic pillar” tabs.

Governor Phil Murphy announced the launch of Research with NJ in the summer of 2018, at the same time he announced the establishment of CSIT. Research with NJ was originally developed as a collaborative effort by the NJEDA and the OSHE to forge stronger connections between New Jersey’s research universities and the industry. Given CSIT’s goal of expanding partnerships between early-stage companies, entrepreneurs, and universities, the Commission assumed management of the portal and will work closely with the participating universities to ensure the continued support and growth of the online site. 

“Our close ties to both the startup community and the state’s many academic institutions made the management of Research with NJ by CSIT a natural fit,” said CSIT Executive Director Judith Sheft. “We anticipate the expansion of Research with NJ, combined with our ongoing efforts to enhance outreach to emerging companies and academic professionals, will help strengthen connections between New Jersey’s research universities and the industry.”

Research with NJ highlights the Garden State’s leading research experts and facilities, enhancing the visibility of research output. It also increases opportunities for users to create partnerships and build innovative new businesses and products based on the latest scientific and technological breakthroughs. Businesses can gain access to relevant areas of expertise, facilitating the transfer of technology to the marketplace. This includes information on subject matter experts, facilities, publications, intellectual property, news, and events. Investors considering investing in a startup can also use Research with NJ to learn about research done by members of the company prior to investment.

“One of New Jersey’s greatest assets is our vast network of globally-recognized universities, including all of the academic institutions that are a part of the Research with NJ portal,” said CSIT Chair Debbie Hart. “Through Research with NJ, we are harnessing the brainpower of our state’s highly-talented researchers and providing their intellectual data, free of charge, to individuals worldwide in order to help propel our innovation ecosystem forward.”

To date, the Research with NJ platform has sourced nearly 268,000 outputs from all participating universities, incorporating more than 4,500 individual profiles, over 150 core facilities, and grants/projects topping 6,200.

“New Jersey already has a tremendous story to tell when it comes to the breadth of innovation stemming from our world-class universities and the impact researchers and innovators are having on the global stage,” said Dr. Brian Bridges, the New Jersey Secretary of Higher Education. “Research with NJ will continue to strengthen the state’s ability to promote the high quality and volume of research produced by our researchers to an even broader audience.”   

Research with NJ was developed under the leadership of an Advisory Board consisting of the participating research universities and industry representatives from the NJEDA, OSHE, New Jersey Business & Industry Association, Choose New JerseyBioNJthe HealthCare Institute of New Jerseythe Research & Development Council of New Jersey, and TechUnited. The Advisory Board provides oversight and recommendations to ensure the portal’s sustainability and success.

“The Research with NJ portal offers a glimpse into the groundbreaking developments and discoveries being made at our state’s esteemed research universities,” said NJEDA Chief Executive Officer Tim Sullivan. “I am confident that this expanded resource will foster new opportunities for innovators and companies at every stage of growth and will help us achieve Governor Murphy’s goal of recapturing New Jersey’s role as a national leader in innovation.”

About CSIT
In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Newly-Approved Program Will Help Entrepreneurs Focus Full-Time on Building Their Startups

TRENTON, N.J. (November 17, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced plans to create a competitive program – the New Jersey Innovation Fellows (NJIF), which will offer mentorship and grants of up to $400,000 to teams of first-time entrepreneurs. The program will provide income replacement so that entrepreneurs can devote their full-time attention to building out their startups. The announcement follows yesterday’s NJEDA Board approval of this new program.

“New Jersey is committed to ensuring that passionate entrepreneurs are equipped with the resources they need to turn their innovative ideas and vision into a viable enterprise,” said Governor Phil Murphy. “By supplementing the income of startup founders, we are helping to remove the barriers that too often exist on the path to success. The NJIF Program will be a game-changer by supporting innovators in overcoming the financial obstacles associated with advancing early-stage companies.”

Through the NJIF Program, the NJEDA will support teams of at least three entrepreneurs with mentorship, training, and income replacement capital over a two-year period. The grant funding is designed to replace a stream of income an entrepreneur might forgo to launch an early-stage business. The NJEDA anticipates that support from the NJIF Program will attract innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to the needs for income or, in the case of a recent graduate, who would choose to accept employment in lieu of entrepreneurship due to socio-economic constraints.

“Building a successful company takes both financial resources and guidance from seasoned subject matter experts,” said Senator M. Teresa Ruiz (D-Essex), who sponsored legislation establishing the NJIF Program. “Funding and mentorship are the two most sought-after commodities by entrepreneurs and the NJEDA is packaging both into the NJIF Program to help New Jersey’s innovators thrive.”

NJEDA Chief Executive Officer Tim Sullivan
cited the high correlation between socio-economic background and entrepreneurship as one of the main drivers for the creation of the program.

“Under Governor Murphy’s leadership, we are working to level the playing field for prospective New Jersey entrepreneurs by ensuring they have access to capital and mentorship, regardless of their socio-economic status,” said Sullivan. “Providing grants through the NJIF Program will give more individuals the financial flexibility to take calculated business risks and follow their entrepreneurial dreams.”

The NJIF Program will award grants of $200,000 per team. In keeping with Governor Murphy’s vision for inclusive economic growth, teams may access an additional $50,000 award on top of the $200,000 base award if one entrepreneur verifies residency in a designated Opportunity Zone in New Jersey. Teams may be awarded an additional $50,000 for each entrepreneur leader who self-certifies as a minority or female entrepreneur or is a graduate of a New Jersey college or university. Qualifying teams may receive additional bonuses of up to $150,000 in aggregate for certifying team members, resulting in a total $400,000 award. To be eligible for the NJIF Program, at least half of the team must certify as “first-time entrepreneurs” and at least two-thirds of the entrepreneur team must be coming directly from the workforce.

In addition to the financial benefits of the program, all entrepreneur fellows will participate in a mentorship program. The NJEDA plans to enter into agreements with the New Jersey Institute of Technology’s (NJIT’s) New Jersey Innovation Institute and Rowan University’s Center of Innovation and Entrepreneurship for these universities to design and implement mentorship programs for the fellows. The initial curriculum will train entrepreneurs in such subjects as managerial finance, accounting, and financial statement preparations; human resources development and management; business model design; marketing and customer development; and more. The mentorship will last for the duration of the two-year NJIF Program.

“The personalized expertise NJIF Program participants will receive from NJIT and Rowan University will position them well for future success,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Through the NJIF Program’s mentorship and financial commitments, we are unlocking opportunities for entrepreneurs to follow their passions and turn their ideas into startups and ultimately into thriving companies.”

 Coviello noted that the NJEDA expects to open the NJIF Program application semi-annually in 2023 and 2024.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the state’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

 
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Program Offers Non-Dilutive Funding for Working Capital or Research

TRENTON, N.J. (October 11, 2022) – Twenty-four technology and biotechnology companies that are in the building and investing stages of their business have been approved to participate in the state’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, the New Jersey Economic Development Authority (NJEDA) announced today. Combined, these companies were approved to receive a total of approximately $75 million through the program to fund working capital or research and development (R&D), the maximum amount available through the program. 

Now in its 23rd year, the NOL Program enables participants to sell their New Jersey net operating losses and unused R&D tax credits to unrelated profitable corporations for cash. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the NOL Program, which has routinely been hailed as a “lifeline” by entrepreneurs seeking capital for their companies.

The average award for companies approved to sell their net operating losses through the program in 2022 was over $3.1 million. Thirty-six percent of program applicants are private businesses, while the remaining 64 percent are publicly traded companies. Two applicants are located in an Opportunity Zone, and three are located in an Innovation Zone. Three of the 24 approved companies are participating in the NOL Program for the first time this year. To date, more than $1.17 billion in funding has been distributed to over 570 technology and life sciences companies since the program’s inception in the late 1990s. The complete list of approved participants can be found following this news release.

“One of the many advantages of the NOL Program is that it enables growing companies to obtain cash without sacrificing equity,” said NJEDA Chief Executive Officer Tim Sullivan “Bolstering the amount of extra capital that these businesses can use to create jobs, buy new equipment, or further R&D is a key way that we are working to fulfill Governor Phil Murphy’s goal of cementing New Jersey’s role as a national leader in innovation.”

In January 2021, Governor Murphy signed the New Jersey Economic Recovery Act of 2020 (ERA) which, in part, increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million. This marks the second year that technology and life sciences companies have been able to benefit from the expanded NOL Program.

“Legislation created under the ERA has been extremely beneficial to New Jersey’s innovation community and to NOL Program participants in particular,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Companies that had previously maxed out of the program are able to participate once again due to the increased cap the Act provides to individual businesses. That extra capital has been instrumental in helping young companies commercialize their products and bring them to market.”

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can be applied to potentially reduce the buyer’s state tax obligation. The names of the buyers who chose to be publicly listed are on the NOL Program’s website.

Citius Pharmaceuticals is participating in the NOL Program for the first time this year. The Cranford-based biopharmaceutical company is focused on developing and commercializing critical care products with its diversified pipeline consisting of two late-stage assets. In May, Citius Pharmaceuticals announced it would expand the ongoing Phase 3 trial of its proprietary Mino-Lok therapy internationally. Mino-Lok is used to treat patients with catheter-related bloodstream infections. The Phase 3 trial of its oncology asset was completed at the end of 2021. Citius Pharmaceuticals expects to submit a biologics license application for this asset for the treatment of cutaneous T-cell lymphoma (CTCL) by the end of this year.

“Participating in a program that will connect us with cash in a non-dilutive manner will have a positive impact on our company,” said Citius Pharmaceuticals Co-Founder, CEO and Chairman Leonard Mazur. “As a serial entrepreneur, I know that the most successful businesses use every available resource to grow and scale. We are grateful to the NJEDA, and the State of New Jersey as a whole, for their commitment to emerging companies like ours.”

CytoSorbents Corporation (Nasdaq: CTSO), a Princeton medical device company focused on treating life-threatening conditions in the intensive care unit (ICU) and cardiac surgery with blood purification, has repeatedly benefited from the NOL Program. The company’s flagship product, CytoSorb®, is approved in the European Union and distributed in 75 countries around the world to treat deadly inflammation common to many lethal conditions in the ICU, such as sepsis and infection, COVID-19, trauma, liver failure, and complications of open-heart surgery, by removing inflammatory toxins from the bloodstream. Just recently, CytoSorbents announced final ISO 13485 certification of its new state-of-the-art manufacturing facility at its headquarters in Princeton that has the capacity to support up to $400 million in sales.

“It’s an exciting time for CytoSorbents as we work to positively impact critical care for patients worldwide,” said CytoSorbents Chief Financial Officer Kathleen Bloch. “The funding that we have received from the NOL Program over the years has been instrumental in our global expansion and was vital to our decision, as a vertically integrated manufacturer, to stay in New Jersey. We greatly appreciate the NJEDA’s ongoing support.”

IoTecha Corp. is a Cranbury-based clean technology company that has developed an integrated smart charging platform, including hardware, software, and cloud-based services, for the electric vehicle charging infrastructure. The company, which was recently listed on venture-capital firm Tracxn’s list of Top Electric Vehicle Startups, has benefited from the NOL Program twice in the past.

“New Jersey’s transformation to a green economy, combined with our ability to access state resources like the NOL Program, has been extremely beneficial to our company,” commented IoTecha Corp. CEO Oleg Logvinov. “We thank the NJEDA for its continued support and look forward to leveraging the funding announced today to further expand our activities in the state in the years ahead.”

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit http://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Companies that are new to the program are indicated with an asterisk (*) in the table below.

Approved Company

NJ HQ/Base of Operations

County

1

Acuitive Technologies, Inc

Allendale

Bergen

2

Advaxis, Inc.

Monmouth Junction

Middlesex

3

AIM ImmunoTech, Inc

New Brunswick

Middlesex

4

Angel Medical Systems, Inc.

Eatontown

Monmouth

5

Bellerophon Therapeutics, Inc

Warren

Somerset

6

Brilliant Light Power, Inc.

Cranbury

Middlesex

7

Caladrius Biosciences, Inc.

Basking Ridge

Somerset

8

Celsion Corporation

Lawrenceville

Mercer

9

Citius Pharmeceuticals, Inc.*

Cranford

Union

10

Cytosorbents Corp. (DBA Cytosorbents Medical, Inc.)

Princeton

Mercer

11

ElectroCore, Inc.

Rockaway

Morris

12

Hepion Pharmeceuticals, Inc.

Edison

Middlesex

13

IoTecha Corp

Cranbury

Middlesex

14

IVERIC Bio, Inc.*

Parsippany

Morris

15

Matinas BioPharma Holdings Inc

Bedminster

Somerset

16

Ocean Power Technologies, Inc

Monroe Township

Middlesex

17

OncoSec Medical Inc

Pennington

Mercer

18

Palatin Technologies, Inc.

Cranbury

Middlesex

19

PDS Biotechnology Corporation

Florham Park

Morris

20

Provention Bio, Inc.

Red Bank

Monmouth

21

Rafael Holdings, Inc.*

Newark

Essex

22

Rafael Pharmaceuticals, Inc. (FKA Cornerstone)

Newark

Essex

23

Soligenix, Inc

Princeton

Mercer

24

Truefort, Inc.

Weehawken

Hudson

TRENTON, N.J. (August 8, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) today announced that it has awarded a combined $3.9 million in grants to 45 startups statewide through its Catalyst Seed Research and Development (R&D) Grant and Clean Tech Seed Grant programs. The awards will help these young companies accelerate development of their technologies and transform their discoveries from the research stage into commercially viable products and services.

“Funding New Jersey startups today through grant programs like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant helps to guarantee a strong economy in the future and furthers Governor Phil Murphy’s vision for the state,” said CSIT Executive Director Judith Sheft. “Cultivating companies within our state during their formative years helps us to promote financial growth, sustainability, and economic mobility for years to come.”

CSIT’s Catalyst Seed R&D Grant Program has awarded 27 early-stage startup companies a total of $2.6 million in funding through grants of up to $150,000 for life sciences startups focusing on drug development and therapeutics and up to $75,000 for R&D. Emerging companies receiving awards for R&D are involved in technological innovation across manufacturing, transportation and logistics, film and digital media, life sciences, non-retail food and beverage, finance and professional services, and technology sectors, all of which are identified as targeted industries in Governor Murphy’s economic development plan. Of those receiving awards from CSIT, 95 percent (25) of awardees have five or fewer employees, 43 percent (12) are certified as minority-owned businesses, and 30 percent (9) are certified women-owned. Additionally, 22 percent (6) awardees have licensed technology from a New Jersey university.

“New Jersey’s startups are amongst the very best in the nation and truly place the State at the forefront of innovation and conservation,” said CSIT Vice Chair and BioNJ Founding President and CEO Debbie Hart. “The Catalyst Seed R&D Grant and Clean Tech Seed Grant Programs reinforce the State’s commitment to its small businesses and nurtures advancements in a range of innovation areas including technology, life sciences, and clean tech sectors.”

A total of $1.3 million in funding will also be awarded to 18 companies chosen in Round 2 of the Clean Tech Seed Grant Program. The Clean Tech Seed Grant Program, which was jointly developed by CSIT and the New Jersey Economic Development Authority (NJEDA), provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies that will help them to advance their development on products and services to a point where they can more readily appeal to outside investors and, in some cases, begin to generate revenue. Seventy-two percent (13) of awardees have five or fewer employees. Additionally, 15 percent (3) of the awardees are certified as minority-owned businesses, and 15 percent (3) are certified women-owned. Eleven percent (two companies) awardees have licensed technology from a NJ university.

“Under Governor Murphy’s leadership, New Jersey has become one of the best places in the nation to grow and scale a company, especially a startup,” said NJEDA Chief Executive Officer Tim Sullivan. “CSIT’s Catalyst Seed R&D Grant and Clean Tech Seed Grant programs allow entrepreneurs to secure funding for vitally important research and new technologies that not only better our society, but also create new high-paying jobs grow our economy and solidify New Jersey’s reputation as a leader in equitable, diverse, and transformative innovation.” 

“Grants such as the Clean Tech Seed Program bring us one step closer to achieving Governor Murphy’s goal of 100 percent clean energy by 2050,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “Our partnership with NJEDA and CSIT, coupled with today’s announcement, exemplifies this Administration’s cross-agency approach to developing and implementing initiatives that will simultaneously help us meet our clean energy goals and grow our green economy with exciting innovation.”

The funding for the Clean Tech Seed Grant Program, which is being provided through the NJBPU’s Clean Energy Program, will advance innovation that will help the state achieve Governor Murphy’s clean energy goals as outlined in New Jersey’s Energy Master Plan.  The plan, created in 2019, helps to set New Jersey on a path toward 100 percent clean energy by 2050.  

A list of all awardees can be found below:

Catalyst Seed Grant Program
(Drug Development)

Applicant Name (Funding Amount)

Catalyst Seed Grant Program
Other Categories
Applicant Name (Funding Awarded)

Clean Tech Seed Grant Program Awardees

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization.


About NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.


To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn. 

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Program Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation Companies to Tackle Maternal & Infant Health Challenges

Trenton, N.J. (June 30, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) will open applications for its $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program on Friday, July 1. The application will be available at https://www.njeda.com/maternal-and-infant-health-grant.

Through the Maternal and Infant R&D Seed Grant Program, CSIT will award 10 grants of up to $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women and new mothers. Specifically, the Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage.

With the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to enhance maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

In order to be eligible, applicants must be authorized and in good standing to conduct business in New Jersey, must have $1 million or less in 2021 calendar year sales revenue, and must have 25 or fewer full-time equivalent workers. Complete eligibility requirements can be found at https://www.njeda.com/maternal-and-infant-health-grant. Applications from businesses located in an Opportunity Zone-eligible census tract or a Government Restricted Municipality (Atlantic City, Paterson, or Trenton), or businesses that are minority-, woman-, or veteran-owned are all eligible for bonus points with respect to the scoring criteria.

CSIT hosted an information session about the new grant program earlier this week. A recording of that session is available on CSIT’s website www.njeda.com/csit

CSIT signed an agreement last month with the New Jersey Economic Development Authority (NJEDA) whereby the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget.

About the New Jersey CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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NJ Tech & Life Sciences Companies Can Now Apply to Sell Their
Net Operating Losses & Unused Research & Development Tax Credits for Cash


TRENTON, N.J. (May 3, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has opened applications for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. Hailed as a lifeline for companies that have yet to reach profitability, the NOL Program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The NJEDA is accepting applications online through June 30, 2022 at http://www.njeda.com/nol.

Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with the operating their business such as salaries, R&D, and other working capital expenditures. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

Since the program’s inception in the late 1990s, $1.126 billion in funding has been distributed to more than 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2021 was $1.82 million.

The New Jersey Economic Recovery Act of 2020 (ERA), which Governor Phil Murphy signed into law last year, increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million.

“Innovative New Jersey companies will be able to benefit from enhancements made to the NOL Program by the ERA as they work toward commercialization,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Connecting early-stage businesses with access to non-dilutive funding and helping them fuel their growth are key to achieving Governor Murphy’s goal of recapturing New Jersey’s role as a leader in innovation. We look forward to supporting even more young companies as a result of expanding this critical program.”

Coviello noted that $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.

Potential applicants interested in learning more should visit the program website which covers the program’s eligibility requirements in detail. Companies are strongly encouraged to review the reference materials and  watch the program review and application walk-through videos posted on the program’s website at http://www.njeda.com/nol.

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to reduce the buyer’s state tax obligation. For example: a purchase of $1,000,000 of tax credit at 92 cents on the dollar would enable a buyer to decrease their New Jersey taxes payable by $1,000,000 for the price of $920,000, representing a savings of $80,000. Buyers can be publicly listed are on the NOL Program’s website, if they so choose. Entities interested in becoming a buyer through the NOL Program can visit the website http://www.njeda.com/nol or reach out via email to nol@njeda.com for more information.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Fund Will Drive Investment and Cultivate Entrepreneurship

Trenton, N.J. (April 13, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the New Jersey Innovation Evergreen Fund (NJIEF), a groundbreaking new tool to increase access to strategic resources and venture capital in New Jersey. The NJIEF will create partnerships between the state and the private sector to collaboratively align New Jersey’s well-resourced corporations, and national investors to support entrepreneurs and grow the innovation economy in the state.

Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital groups. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state. Established by the New Jersey Economic Recovery Act of 2020, the NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.

The New Jersey Innovation Evergreen Fund is a groundbreaking public-private partnership that will fuel our innovation economy by attracting entrepreneurs and venture capital to the state,” said Governor Phil Murphy. “The NJIEF draws on the strengths of New Jersey’s world-class corporate leaders to create a steady stream of investment and expertise that will nurture the next generation of innovators. By fostering investments in entrepreneurship and start-up companies, we are driving job creation and economic growth for New Jersey.”

The concept for the NJIEF was first announced in October 2018 as part of Governor Murphy’s economic development strategic plan The State of Innovation: Building a Stronger and Fairer Economy in New Jersey.

“New Jersey has long served as fertile ground for inventions that changed our world – from Thomas Edison and the creation of the lightbulb to Beatrice Hicks and the development of a switch that helped land the Apollo spaceship on the moon,” said New Jersey State Senator Andrew Zwicker. “Our state has a long history of investing in entrepreneurs, and the NJIEF is a key component of reclaiming New Jersey’s leadership role in innovation by creating a vibrant culture of investment that is dedicated to growing the companies of the future.”

“When entrepreneurs think of leaders in innovation, New Jersey should be at the top of their list,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF will not only serve as a novel approach to investing in entrepreneurs, but also a key contributor for job creation and sustainable economic growth. Today’s announcement serves as a testament to Governor Murphy’s leadership in growing NJ’s innovation economy by investing in New Jersey companies and startups.”

“The NJIEF is a game-changing program that will catalyze venture capital investments into New Jersey startups,” said Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer. “The state’s role as an equity investor will encourage established corporations to commit capital and knowledge-sharing resources, creating a dynamic cycle of innovation.”

The seed capital to launch the NJIEF will be raised by auctioning up to $300 million in transferrable tax credits — with an annual cap of $60 million during each of the first five years after program launch — to corporations registered to do business in New Jersey. Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year.

Auction bids will be evaluated according to price and the specific strategic commitments the bidding company makes to support NJIEF’s portfolio companies and the state’s broader innovation ecosystem, including networking and mentorship opportunities. Once the funding is raised, the NJEDA will partner with professional venture capital firms operating anywhere in the country to co-invest the funds in eligible high growth businesses in New Jersey.

Full details on the NJIEF are available at https://www.njeda.com/economicrecoveryact/. The NJEDA expects to launch the NJIEF later this year.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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