Five technology-based high-tech ventures that have achieved success in the health care field with the assistance of NJIT’s Enterprise Development Center (EDC) are the recipients of more than a million dollars in funding awarded in 2009 and 2010 under the federal program “Qualifying Therapeutic Discovery Project Grants for the State of New Jersey.”
The Internal Revenue Service (IRS), in conjunction with the Department of Health and Human Services, approved applications from companies having no more than 250 employees for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. The IRS determined the amount to be awarded to each company.
“The EDC provided the mentoring to enable our life science companies to participate in this federal program,” said Judith Sheft, associate vice president of technology development at NJIT. “We made the companies aware of the opportunity, arranged for a seminar featuring tax accounting experts and helped companies prepare their applications. The outcome encouraged us all.”
Companies receiving the award, all based at EDC, were
Edge Therapeutics, Inc. transforms well-established off-patent drugs into targeted, locally delivered therapies that address medical conditions in the central nervous system.
Healthy Functions, LLC develops state-of-the-art support surfaces to help prevent and treat pressure ulcers.
HiLin Life Products, Inc. offers products and services that improve women's reproductive health.
Urovalve Inc.’s mission is to design, develop and commercialize superior medical devices that address serious problems with urinary flow and control.
Samos Pharmaceuticals, LLC, an EDC graduate now headquartered in Kendall Park, has developed a platform technology that allows for the oral or parenteral delivery of drugs over a several-day period, such as 7 days or 30 days, with the administration of a single pill or capsule.
The EDC is New Jersey’s largest high-technology business incubator, and one of the largest in the nation. Over 90 companies presently housed at the EDC employ some 300 people. They have attracted more than $55 million in third-party funding and have had revenues of approximately $40 million.