The State of New Jersey has an affinity for life sciences innovators.
That’s the message of last week’s meeting sponsored by the NJ Economic Development Agency (“NJEDA”) at the Hackensack Meridian Health System Center for Discovery and Innovation in Nutley, NJ. The meeting was headlined by Judith Sheft, Executive Director of the NJ Commission of Science, Innovation and Technology. Judith emphasized the interest of the State in promoting innovation and the establishment and growth of innovative companies in the Garden State.
Judith outlined the grants available to innovative companies with a footprint in the State and the interest of the State in helping them. She was followed by Sandra Powell-Elliott, Vice President of Innovation and Health Ventures at Hackensack Meridian Health. Hackensack Meridian Health has made a major commitment not only to delivering world-class healthcare but also to supporting research that can lead to new therapies and diagnostics that will improve healthcare worldwide.
Kara Moore, Sector Lead at NJEDA for the Life Sciences, gave a comprehensive overview of the programs EDA has in place to support innovators. These include, among other:
Net operating loss sales – a program to permit companies with tax losses under NJ tax income tax law to sell those to profitable companies at a discount
Angel investor tax credit – a refund of 20% and a potential 5% bonus
Manufacturing voucher programs – provides help for companies to manufacture their products
NJ Evergreen Innovation Fund – a vehicle for matching VC investments in innovative companies
Pavita Howe, Vice President of Innovation and Entrepreneurship, at Bio NJ described some of their programs. Bio NJ is the leading trade organization for the biotech industry in New Jersey and provides programs to advocate for companies to government, advocate for patients, reduce biotech company input costs and identify career opportunities for workers in the biotech ecosystem.
It is true that New Jersey is a challenging environment in which to conduct business. Nonetheless, the state government of New Jersey and Bio NJ are committed to using the deep and rich talent pool of the State to accelerate innovations in the delivery of innovative new therapies. As Bio NJ likes to say: “Patient can’t wait”.