For Immediate Release
June 19, 2007
For More Information:
Trenton– Furthering Governor Corzine’s Economic Growth Strategy, the New Jersey Commission on Science (NJCST) and Technology today announced more than $5.3 million in awards through the Edison Innovation Fund. Strategic investments were made through a number of the Commission’s Edison Innovation Fund programs.
“New Jersey has long been a state that encourages the best of innovation,” said James Coleman, Jr., Commission Chairman. “The investments made today provide innovative companies with the necessary resources and support to succeed and advance critical research for promising technologies.”
The Commission awarded more than $2.2 million and leveraged another $1.5 million through its Edison Innovation R&D Program. This program, in partnership with New Jersey research universities, provides funding to New Jersey technology companies for activities necessary for commercialization of an identified technology. The grants support research and commercialization at five grant recipients and include research for a new treatment for disc related back pain, development of a cleaner and more efficient ignition system, improved sterilization systems, and discovering treatments for Malaria and other infectious diseases.
The Commission’s grants included nearly $1 million for 14 New Jersey Technology Fellowships, including 10 first year fellowships and 4 second year fellowships. The New Jersey Technology Fellowship program helps move cutting-edge research from the lab to the marketplace by providing funding for up to two years to emerging high-tech companies that hire postdoctoral graduates from New Jersey research universities. The recipient companies will be employing fellows from Princeton University, NJIT, Rutgers University, Stevens Institute of Technology and the University of Medicine and Dentistry of New Jersey (UMDNJ).
The Commission also awarded more than $1.5 million in funding through the University Intellectual Property Program to promote creation of new technology businesses in New Jersey through increased technology transfer and commercialization at New Jersey universities. The Commission also announced $240,000 in Incubator Seed Fund Grants to five companies that are located in one of 13 technology incubators around the state. Finally, $200,000 was awarded to four companies receiving SBIR Bridge Grants to help bridge the funding gap that occurs during the federally funded Small Business Innovation Research program.
NJCST, established in 1985, is responsible for the development and oversight of policies and programs promoting science and technology research and entrepreneurship in New Jersey. Commission members include business leaders, university leaders, scientists, the Secretary of Commerce and Economic Growth Commission, the Commissioner of Education, a representative of the Governor and four legislators.