by Sean Ruppert, Staff Writer
South Brunswick-based pharmaceutical company Tris Pharma, Inc. was issued $4.9 million in tax-exempt bonds provided under the state’s Edison Innovation Fund.
The fund assists life science and technology companies and was created and managed by the New Jersey Economic Development Authority, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology.
The EDA is an independent state financing and development agency working to promote economic growth and job creation in New Jersey. It provides financing assistance, technical support, entrepreneurial training and aides in real estate development.
The bonds were issued for 10 years with a fixed, low-interest rate and interest only payments for the first three months. They were purchased directly by The Provident Bank, and the EDA provided a $1 million guarantee.
The Monmouth Junction company, located in the Brunswick Business Park on Route 130, said in a press release that it employs more than 70 people, but expects to add as many as 50 new jobs with the expansion.
”Tris Pharma epitomizes the kind of company that the Edison Innovation Fund was designed to support and is truly a success story for the state,” EDA CEO Caren Franzini said.
Established in 2000, Tris Pharma is a private company that researches and develops new drug delivery products. The company has created technology that enhance drug solubility, timed-release formulations for sold and liquid dosages, and orally disintegrating tablets.
”The availability of low-cost capital in the form of tax-exempt bonds is a great opportunity for companies like us and helps add manufacturing capacity right here at home in New Jersey,” Tris Pharma CEO Ketan Mehta said.

