|For Immediate Release
Tuesday, May 19, 2006
|For More Information:
$1.3 Million in Grants Will Help Grow State Technology Industry
Trenton– The New Jersey Commission on Science and Technology today announced its first round of funding under a pilot program to support entrepreneurs in the technology industry, awarding more than $1.3 million to four New Jersey companies and generating an additional $1.3 million in matching funds.
Work being performed by the grant recipients ranges from research to identify new drugs to slow the progression of Alzheimer’s disease to the development of technology to improve solar panel efficiency.
“New Jersey has long been the home of innovation and invention,” said Commission Chairman Donald L. Drakeman. “By investing in our entrepreneurs, we continue to encourage that spirit of invention and help grow our technology industry so we ensure our state remains a leader in technological breakthroughs.”
The Entrepreneurial Partnering Fund program provides funding to New Jersey technology companies, in partnership with New Jersey research universities, for development activities and ancillary activities necessary for commercialization of an identified technology.
The Commission announced the grant funding at its quarterly meeting held today at Thomas Edison State College.
In order to be eligible for the grants, companies were required to apply with a New Jersey Ph.D. granting university. Both the company and the university are required to partially match the award. In addition, if these projects result in significant commercialization grant awardees will be required to make a 1 percent royalty payment to the state.
The goals of the Entrepreneurial Partnering Fund program include:
- Growing successful technology business in New Jersey;
- Increasing the amount and value of intellectual property;
- Promoting collaboration between New Jersey companies and New Jersey research universities;
- Providing early-stage financing and commercialization support for New Jersey tech companies that are at higher risk in the early stages;
- Advancing companies to the point that they are eligible for lower-risk state financing and loans, and
- Increasing corporate and venture capital investment in New Jersey tech companies.
The Commission received 29 grant proposals. An advisory panel recommended the following awards:
$500,000 to Signum Biosciences, Inc, Monmouth Junction
Partner University: Princeton University
Signum is working to enable a drug discovery research program to identify and develop promising agents from natural product leads that may affect the progression of Alzheimer’s disease.
$330,958 to Princeton Power Systems, Inc., Princeton
Partner University: Princeton University
Princeton Power Systems is working to achieve efficiency improvements in their grid-tied inverter used in solar power. Funding will be used to improve algorithms, resulting in higher system efficiency.
$300,000 UV Solutions Inc., Newark
Partner University: Rutgers University
UV Solutions Inc. is developing an innovative and efficient method for the generation of photons for the use in photochemistry. They will focus on three markets: surface treatment of materials, surface treatment of paints and adhesives, and surface treatment of skin for therapeutic dermatology.
$182,000 ProFACT Proteomics, Inc. North Brunswick
Partner University: UMDNJ-RWJMS
ProFACT Proteomics proposes to use their patent-protected technology to identify Cancer-specific manifestations of the Ubiquitin/Proteasome pathway (UBB).
The $1.3 million in Entrepreneurial Partnering Fund grants were part of the nearly $2.5 million the Commission awarded today to 18 technology companies, including $695,000 in New Jersey Technology Fellowships to companies hiring New Jersey PhD graduates. The Commission also announced $500,000 in funding to support the creation of NJ NANO@ RU, a nanotechnology facility at Rutgers which will provide equipment and expert support for nanotechnology work that will be accessible to universities and corporations throughout the state.
For a complete listing of grant awards and to access the report Nanotechnology: Assets and Opportunities for New Jersey, visit the Commission’s website at http://www.state.nj.us/scitech/.