The New Jersey Economic Development Authority (EDA) has announced that 40 New Jersey technology and biotechnology companies have been approved to share more than $35 million in Fiscal Year 2017 through the state’s Technology Business Tax Certificate Transfer (NOL) Program.
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 non-dilutive cash to finance their growth and operations, according to a statement provided by the EDA.
“Entrepreneurs have long touted the NOL program as critical to the continued growth of their companies,” EDA Chief Executive Officer Melissa Orsen said. “We routinely hear from the industry about the positive effects the program has on providing them with working capital they need to hire new employees or to further their development.”
ContraVir Pharmaceuticals is new to the NOL program this year. Located in Edison, the biotechnology company is developing a cure for Hepatitis B through a combination of anti-viral compounds, according to the statement. The company’s pipeline also includes FV-100, which demonstrated the potential to reduce the prevalence of shingles-related pain in a Phase 2 clinical study and is currently in Phase 3 development.
“ContraVir is very excited to participate in this valuable program,” said James Sapirstein, CEO of ContraVir. “The funds will be used to move our clinical programs forward as well as increase our employee footprint in New Jersey. I relocated our company from out of state in order to take part in the NOL Program. We believe it will help to sustain the growth of our company and advance the development of our antiviral therapies.”
Hurel Corporation is another first-time participant. The company provides high-functioning, long-enduring in vitro liver models and microfluidic assay (testing) platforms that improve the predictive reliability of pre-clinical drug development and help reduce costly late-stage attrition in drug-makers’ pipelines, according to the statemenet. After graduating from CCIT earlier this year, Hurel moved into its own dedicated laboratory space within the Technology Center of New Jersey’s campus in North Brunswick.
“Funding from the NOL will enable us expand our sales and marketing reach, and to continue to develop our prototype microfludic assay platform, trade-named HurelFlow,” Hurel Chairman and CEO Robert Freedman said.
Other local companies received funding include Angel Medical in Shrewsbury, Avlino in Holmdel, CytoSorbents Medical in Monmouth Junction, EOS Energy Storage in Edison, Nanotech Industrial Solutions in Woodbridge, Rive Technology in South Brunswick, TAXIS Pharmaceuticals in Monmouth Junction, United Silicon Carbide in Monmouth Junction and Vydia in Holmdel.