Life sciences company OncoSec has moved its executive offices from San Diego, Calif., to a onetime municipal building in Pennington.
It plans on hiring at least 10 people in connection with the relocation.
CEO Daniel O’Connor said that the company’s 30 clinical and research and development employees will remain in San Diego for at least two years.
The Westfield native added he was attracted to New Jersey because the state’s Economic Development Authority’s Technology Business Tax Certificate Transfer Program and a high concentration of life sciences companies. The program, aimed at tech and biotech startups, enables unprofitable companies with fewer than 225 total U.S. employees to sell a percentage of their net operating losses and research and development tax credits to unrelated profitable corporations.
O’Connor said in an interview OncoSec will apply to the program once it hires 10 workers.
“The other reason [we moved] is that all around the state are drug experts,” said O’Connor, a former CEO of Princeton-based biopharma company Advaxis. “There’s a high concentration of drug developers, which is critical. If you go to Massachusetts and try to form a company like ours, it would be difficult because you just have this high concentrated pool of drug development companies.
“New Jersey has this constant pool of professionals that are in motion – whether it’s because a pharmaceutical company downsized or something. There’s credentialed people who have a track record of success and see the potential of the company and are willing to join. They’re available, so you can get the right people in addition to having the right technology.”
Nasdaq-listed OncoSec specializes in immunotherapy. It is currently developing its investigational platform, ImmunoPulse, a medication is designed to enhance local delivery and uptake of DNA-based therapeutics directly into cancerous tumors.
OncoSec currently has 30 total employees.
“At some point, we’re probably going to have our back office and clinical operations here in New Jersey,” said O’Connor. “Our clinical team right now is spread throughout the US, but hiring them out of New Jersey gives us an opportunity to file and get the benefit of the NOL program.”