For Immediate Release
Tuesday, June 24, 2008
For More Information:
Arti Sahni: (609) 984-1671
NJCST Provides Funding To Strengthen New Jersey’s Science and Technology Companies
Trenton – The New Jersey Commission on Science and Technology today announced more than $3 million in awards that will bolster science and technology companies in the state. These strategic investments will further Governor Corzine’s Economic Growth Strategy.
The awards were made under the state’s innovative Edison Innovation Fund, which was created in October 2006 to support technology and life sciences companies throughout their discovery, development and commercialization stages. Through the Edison Innovation Fund, New Jersey has delivered more than $256 million in financing assistance, business incentives and tax credits to early-stage and established technology and life sciences businesses. In addition, nearly $460 million in total project costs has been leveraged by Edison Innovation Fund investments.
The Commission’s priorities remain focused on helping New Jersey regain its high-technology edge,” said Commission Chairman James Coleman Jr, “Our initiatives are designed to strengthen New Jersey’s science and technology economy and to provide companies with the necessary resources and support to succeed and advance critical research for promising technologies.”
The Commission awarded nearly $290,000 through its Incubator Seed Fund to six companies. The Incubator Seed Fund helps emerging incubator companies meet critical milestones in their commercialization path. The Commission awarded a total of $1.5 million and leveraged another $1.3 million through its Edison Innovation R&D Fund to three companies. This fund provides early stage financing and commercialization support to companies at an early stage in their development.
The Commission awarded nearly $900,000 for 12 New Jersey Technology Fellowships, including nine first- year fellowships and three 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 the New Jersey Institute of Technology, Rutgers University and the University of Medicine and Dentistry of New Jersey.
The Commission awarded over $400,000 to Rutgers University under the Edison Innovation Centers of Excellence Federal Matching Program for the federal grant awarded under the Armed Forces Institute of Regenerative Medicine to principal investigator Joachim Kohn. The Edison Innovation Centers of Excellence Program is designed to provide matching funds to leverage federal funding to New Jersey research universities and institutions. This specific award will bring in over $2 million of federal funding to New Jersey universities in the first year and over $40 million over the course of the five-year project.
The Commission awarded $100,000 in funding through the Small Business Innovation Research Bridge Grant Program. This program is designed to increase the success and maximize the growth of small businesses in New Jersey by leveraging federal SBIR or STTR funding. These awards are given to companies to bridge the gap between a federal Phase I SBIR/STTR project and a Phase II award. Eligible companies must have finished the Phase I project and be in negotiation for a Phase II award. The awards for this program were made to BanDeMar Networks and Simphotek Inc, both from Newark.
At today’s meeting, the Commission welcomed Dr. Peter R. Reczek, Ph. D., the newly appointed executive director of the Commission. Dr. Reczek has over 20 years of experience in biotechnology, especially in the area of pharmaceutical discovery. He has extensive academic and industrial experience at both the administrative and research level.
“We welcome Dr. Reczek to the Commission,” said Coleman “Dr. Reczek brings a unique blend of science and entrepreneurial experience to the Commission. He is a proven advocate for the technology community and I am eager to work with him to advance science and technology in the New Jersey state economy.”
The New Jersey Commission on Science and Technology, 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 executive director of the New Jersey Commerce Commission, the commissioner of Education, a representative of the Governor, and four legislators.