For Immediate Release
Tuesday, December 4, 2007
For More Information:
Five New Jersey Companies Each Receive $500,000 Grants
(TRENTON) – The New Jersey Commission on Science and Technology awarded a total of $2.5 million to five New Jersey Technology companies through the Edison Innovation R&D Fund at its quarterly meeting today. The Commission’s R&D Fund is part of the Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy that was created to support technology companies throughout their discovery, development and commercialization stages.
“The state is committed to nurturing the development of new technologies and ensuring that the state continues to be a leader in innovation through strategic investments,” said Governor Jon Corzine. “Through the Edison Innovation Fund, the Commission on Science and Technology continues to provide grants to promising technology companies that will assist them along their path toward commercialization.”
The Edison Innovation R&D Fund supports the research and development activities of New Jersey technology companies needed to commercialize an identified technology. The $2.5 million in funding awarded today leverages an additional $1.9 million in matching support from the awardees.
Work being conducted by the five Edison Innovation R&D Fund grant recipients includes: repositioning drug products for nervous system disorders, developing a more efficient, less expensive fuel cell plate, developing a software package for 3G wireless and conference phones, bringing next generation protein therapies to the oral healthcare market and the commercialization of a passive and semi-passive wireless radio frequency identification (RFID).
The Edison Innovation R&D Fund encourages companies to partner with either a New Jersey university, a not-for--profit organization or a company to assist in the advancement of their technology. Recipients of these awards are partnering separately with Rutgers University, NJIT and Colgate-Palmolive.
The Commission also awarded a total of $450,000 for six New Jersey Technology 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. Research undertaken by these new fellows will include studying drugs for ALS and Alzheimer’s Disease, developing a biochip for clinical analysis and energy efficiency projects.
Action at today’s meeting also included the awarding of a total of $150,000 through the Incubator Seed Fund to three companies located in one of the 13 Commission supported incubators. New Jersey’s incubators provide mentoring, networking and other essential business services crucial to creating successful new businesses.
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.