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N.J. program lets early-stage companies sell losses and tax credits

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Michele Brown, chief executive of the N.J. Economic Development Authority
Michele Brown, chief executive of the N.J. Economic Development Authority

More than 50 early-stage technology and life sciences companies hope to convert losses to gains with help from a state program.

New Jersey's technology business tax certificate transfer program, which lets emerging companies raise capital by selling losses to profitable companies, will provide $60 million to 54 recipients in fiscal 2014, or about $1.1 million each.

The $1.1 million-per-business allocation represents a 21 percent increase from last year, according to the New Jersey Economic Development Authority. The program is aimed at early-stage companies that employ fewer than 225 U.S. employees.

"These companies have been able to raise capital and build their businesses in New Jersey as a result of this of this innovative program," EDA CEO Michele Brown said in a statement. "This is exactly the kind of vital support the sector needs."

The program allows such companies to raise cash by selling New Jersey tax losses and research development tax credits. Companies can sell these items to unrelated profitable corporations for at least 80 percent of their value up to a lifetime benefit of $15 million per business.

This year's recipients are:

IGI Labs Inc., Buena;
MDX Medical Inc., Lyndhusrt;
ADM Tronics Unlimited Inc., Northvale;
Elite Laboratories Inc., Northvale;
Millennium Biotechnologies Group Inc.; Paramus;
DVTel Inc., Ridgefield Park;
Cancer Genetics Inc., Rutherford;
Circulite Inc, Teaneck;
Eagle Pharmaceuticals Inc, Woodcliff Lake;
I.D. Systems Inc., Woodcliff Lake;
Ivy Sports Medicine LLC, Montvale;
Agilence Inc., Mount Laurel
Antenna Software Inc., Jersey City;
Voxware Inc., Hamilton;
Princeton Power Systems, Lawrenceville;
Ocean Power Technologies, Pennington;
PD-LD Inc., Pennington;
Advaxis Inc., Princeton;
Agile Therapeutics, Princeton;
Midawi Holdings, Princeton;
SightLogix Inc., Princeton;
Soligenix Inc., Biotech;
World Water & Solar Technologies, Princeton;
Alphion Corp., West Windsor;
Amicus Therapeutics Inc., Cranbury;
Blacklight Power Inc., Cranbury;
Palatin Technologies Inc., Cranbury;
Cornerstone Pharmaceuticals, Cranbury;
Oncobiologics Inc., Cranbury;
Replication Medical Inc., Cranbury;
Vaxinate Corp., Cranbury;
Savient Pharmaceuticals Inc., East Brunswick;
Symbolic IO Corp., Edison;
CytoSorbents Inc., South Brunswick;
Insmed Inc., South Brunswick;
Rive Technology, South Brunswick;
TyRx Pharma Inc., South Brunswick;
Liquid Light, South Brunswick;
Connotate Technologies Inc., New Brunswick;
Hemispherx Biopharma, New Brunswick;
Solidia Technologies, Piscataway;
iBiquity Digital Corp., Piscataway;
Celator Pharmaceuticals Inc., Plainsboro;
Angel Medical Systems Inc., Shrewsbury;
Emisphere Technologies Inc., Cedar Knolls;
DataMotion Inc., Morristown;
Aerie Pharmaceuticals, Bedminster;
Conolog Corp., Branchburg;
VPI Systems Corp., Somerset;
Roka Bioscience Inc., Warren;
Edge Therapeutics, New Providence;
Svelte Medical Systems, New Providence;
Celldex Research Corp., Phillipsburg

 
 

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