CRANBURY — A new biotech firm on Clarke Road in Cranbury will create 200 jobs and spur innovations in cancer research.
Sen. Robert Menendez, Lt. Governor Kim Guadagno attended the ribbon cutting ceremony for the new Oncobiologics lab Friday.
. Sen. Menendez, a Democrat, Lt. Gov. Kim Guadagno and regional leaders of the biopharmaceutical industry unveiled the biotech firm enabled, in part, by the U.S. Affordable Care Act.
”We are committed to advancing innovative and improved biotherapeutics to treat serious diseases, including cancer and immune disorders, by leveraging proprietary technologies and expert science and engineering,” said Oncobiologics founder and CEO Pankaj Mohan.
”Companies like Oncobiologics hold so much promise for our health-care system and our economy in general, but oftentimes they’re not able to survive in an economic environment where private capital is simply unavailable,” Sen. Menendez said. “This grant, made possible thanks to the Affordable Care Act and the Therapeutic Discovery Project Credit we were able to successfully include in the legislation, is about investing in the future. It’s about boosting the economy, creating new jobs and shining a light on the best and brightest from some of our most distinguished top-tier global pharmaceutical and biotech companies. When I look at companies like Oncobiologics, I see the best of America and the best of New Jersey. I see the promise for another American century within our reach, starting right here at home.”
Oncobiologics was founded in January 2011 and expects to employ nearly 200 people within two years.
The company received initial funding through the Qualifying Therapeutic Discovery Project, Sen. Menendez’s initiative that was part of the health insurance reform legislation President Barack Obama signed into law in March. The company also has received support through the Small Business Administration and the New Jersey Small Business Development Center.
”The opening of Oncobiologics’ new facility in Cranbury reinforces New Jersey’s status as a world leader in the life science industry,” said Lt. Gov. Guadagno. “The groundbreaking work being done here will save lives and prolong life. We are honored to have Oncobiologics in New Jersey.”
Attendees at the Oncobiologics ribbon cutting event toured the 25,000-square-foot research and development facility.
”With more than 325 biotechnology companies operating in New Jersey, the biotechnology industry is becoming increasingly more important to the economic future of our state,” said Debbie Hart, president of BioNJ, at the ribbon-cutting ceremony. “And as demonstrated by the opening of Oncobiologics here today, biotech in New Jersey continues to grow despite a tough economy and competition from other states and countries.”
She added, “Oncobiologics is a perfect example of how a biotechnology company is born. Working from the foundation of an exciting new technology, a group of intrepid entrepreneurs have been able to bring together resources from the public and private sectors to fashion a company that is exploring new therapies for unmet medical needs and bringing high-paying jobs to the state.”
Oncobiologics was founded to spur innovation and the development of new technologies in the biotech field by providing tax credits and grants to small and emerging biotechnology firms that provide the most promising research in areas of unmet need, reduce long-term health-care costs, help New Jersey stay at the forefront of innovation and advance the goal of finding a cure for cancer within the next 30 years.
Oncobiologics was founded by a group of scientists and engineers from a variety of major biotech companies. The company’s signature development is a one-stop proof-of-concept “engine” that will enable biologic drug developers to develop more of their pre-clinical drug candidates more cost effectively.
