Date: Feb 21, 2013 Source: (
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NORTH BRUNSWICK — Start-up life-science businesses are thriving at the New Jersey Economic Development Authority's (EDA) Commercialization Center for Innovative Technologies (CCIT), which runs along the Route 1 research and development corridor.
CCIT is part of the Technology Centre of New Jersey, which sits on more than 50 acres in North Brunswick. CCIT, the state's leading life-sciences incubator, has welcomed 14 new tenants since January 2010, including Linnovision Inc., which moved to the facility last month. CCIT has helped support the creation of an estimated 1,000 new jobs in the state.
"This is a place where we mentor so that they can grow and expand," said Michele A. Brown, chief executive officer of the state EDA. "Our vision is for them to never totally leave these grounds. As they graduate, our hope is for them to become a tenant in one of our buildings on the site."
Brown visited the site for a tour on Feb. 14, meeting with Orthobond Chief Operating Officer Marc Burel and Randell Clevenger, vice president for research and development for the company.
Founded in 2003, Orthobond is developing surface-modification technology that can be applied to virtually any material to produce a desired biological response. Orthobond's goal is to produce safe and effective bio-interfaces for current and future generation medical devices that will ultimately lead to improvements in patients' health and lifestyle.
Since moving to CCIT in 2009, the company has grown from two to four laboratories and expanded from a staff of three to 11, creating six new jobs over the past two years alone.
Now that that company has been at CCIT for three years, Burel said, employees don't like to think of Orthobond as a start-up company.
"We are one of the largest tenants here with four labs," he said. "We have 11 fulltime employees, of which nine are Ph.Ds."
Burel and Clevenger discussed that they are now growing and garnering partners along the way, thanks to the state's assistance.
"As a growing biotechnology business, the ability to sell losses for cash through the Technology Business Tax Certificate Transfer program has been critical to keeping us on track during these early years," Burel said. "Our location at CCIT has also provided us with a host of resources essential to a young company's growth, including the opportunity to interact with our neighbors, share instrumentation, and discuss technology and network."
Brown discussed recent efforts by Gov. Chris Christie's administration to further enhance support of the industry, with specific focus on nurturing the growth of earlystage life sciences and technology companies.
Christie recently signed into law the Angel Investor Tax Credit Program, which will provide tax credits for up to 10 percent of a qualified investment in an emerging technology business that has a physical presence in New Jersey and conducts research, manufacturing or technology commercialization in the state. The governor previously increased the state's Research & Development Tax Credit from 50 to 100 percent, providing technology businesses additional yield for their investments in New Jersey.
Last week, Christie announced that the EDA is looking for a private partner to operate a Life Sciences/Healthcare IT Accelerator at CCIT to help catalyze commercialization and growth for the industry's most promising entrepreneurs. This initiative builds on the market success of TechLaunch, which was created last year as New Jersey's first technology accelerator in partnership with industry pioneer Mario Casabona.
The EDA plans to reposition space on the second floor of CCIT to host the new accelerator.
"Our budget was approved on Tuesday [Feb. 12]," said Kathleen Coviello, director of Technology and Life Sciences at EDA.
She said a marketing manager will be hired and new companies will have a chance to vie for the 10 slots open in the accelerator.
"We hope to be up and running by later summer, early fall," she said.
Brown said the process is similar to ABC's reality show "Shark Tank," which has entrepreneurs pitch their ideas to a panel of potential investors.
Coviello said the 10 new businesses will be working in the same space and there will be interaction among one another.
For information on the Technology Business Tax Certificate Transfer Program and CCIT, visit www.njeda.com.
To learn more about opportunities for business growth throughout New Jersey, visit the state's business portal at www.NewJerseyBusiness.gov.
Contact Kathy Chang at
kchang@gmnews.com.
