Continuing its commitment to fostering innovation and supporting emerging technology and biotechnology companies in the Garden State, the New Jersey Economic Development Authority (EDA) today announced that 41 companies have been approved to share a total of $47.4 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2016.
Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.
“For more than 15 years, the NOL program has provided a wide variety of New Jersey technology and biotechnology companies with access to capital that is vital to their continued growth in the Garden State,” EDA Chief Executive Officer Melissa Orsen said.
Since the program was established in 1999, more than 500 unique businesses have been approved for awards totaling $860 million. The average benefit amount for companies approved this year totals approximately $1.16 million. Five companies are participating in the NOL program for the first time in Fiscal Year 2016. Twenty-one of the participating companies have previously participated in other programs offered by the State, such as the Angel Investor Tax Credit Program.
“The fact that so many of this year’s participants have benefited from other programs reinforces the State’s pledge to bolster New Jersey’s vibrant technology ecosystem,” Orsen said.
The following companies are among the 41 businesses sharing this year’s NOL funding. A complete list of NOL award recipients can be found following this article and at http://www.njeda.com/press-room.
Electromagnetic Technologies Industries, Inc. (ETI), in Boonton, is a high-tech engineering firm and manufacturer of state-of-the-art radio and microwave frequency, broadband subsystems and components. ETI provides custom solutions and products to the United States Military and NASA, as well as the world’s leading military contractors such as Exelis (now part of the Harris Corporation), Lockheed Martin, and L3 Communications.
ETI President and CEO Dr. John Howard commented on the benefits of the State’s NOL Program. “As an engineering firm, we are always monitoring the trends in both the defense and commercial industries to react quickly to the needs of our existing and potential customers. We pride ourselves on being able to provide alternative solutions not considered by our customer. In order to provide innovative solutions, ETI spends time and money on research and development, typically at its own cost. The NOL Program allows ETI to generate revenue to support its R&D work.”
Roka Bioscience, Inc., located in Warren, is a molecular diagnostics company focused on developing and commercializing advanced testing solutions for the food safety testing market. Roka Bioscience’s proprietary Atlas Detection Assays incorporate its advanced molecular technologies and are performed on the company’s “sample-in, result-out” Atlas System that automates all aspects of molecular diagnostic testing on a single, integrated platform. The assay kits enable food processors and contract laboratories to detect the presence of pathogenic Salmonella, Listeria, & E. coli in their environment, ingredients, and products. The Atlas System and its Detection Assays are designed to provide customers with accurate and rapid results, with reduced labor costs and improved laboratory efficiencies.
Roka BioScience CEO Paul Thomas told @NJEDATech, “We are so pleased to have the opportunity to participate in this State initiative. The proceeds we received through the NOL Program have enabled us to further the development and commercialization of our innovative food safety assays. Programs such as this help us to continue and strengthen our objective of bringing new technologies to the food industry to better protect our nation’s food supply. We sincerely appreciate the support the State of New Jersey has given us.”
Soligenix, Inc. is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. The Princeton-based company is developing two Phase 3 product candidates, one for the treatment of cutaneous T-cell lymphoma and another for the treatment of pediatric Crohn’s disease, as well as a Phase 2 product candidate for the treatment of oral mucositis in head and neck cancer patients. With the support of up to $57 million in funding from the federal government, the company is also developing five biodefense candidates, three therapeutics and two vaccines. The vaccine development programs utilize Soligenix’ patented ThermoVax™ heat stabilization technology a proprietary process that enables vaccines to be stored without refrigeration.
When @NJEDATech asked Soligenix CEO Christopher J. Schaber, PhD. how the company has benefited from the program in the past, he responded, “The funds received from the NOL program have contributed to the advancement of our biotherapeutic product candidates. This program is illustrative of the State’s commitment to fostering the innovation of New Jersey’s biotech and tech companies.”
For additional information about the NOL program, visit http://www.njeda.com/nol and follow @NJEDATech on Twitter and LinkedIn. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at http://www.NewJerseyBusiness.gov.Related Articles: