We are writing to advise that the New Jersey Economic Development Authority (EDA) on November 14 announced the names of 75 emerging biotechnology and other high-tech companies that have been approved for the Technology Business Tax Certificate Transfer Program under the State's 2012 Fiscal Budget Year.
Conceived of and advocated for by BioNJ in 1999, this competitive program enables companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. Earlier this year, Governor Christie and the Legislature agreed upon a plan that restored the pool under the Tax Certificate Transfer to its 2010 level of $60 million after a cut to $30 million in 2011. BioNJ advocated strongly for that increase.
"Access to funding, particularly in the continuing difficult economic climate, remains the most critical issue affecting the growth of biotechnology companies today," said Debbie Hart, President of BioNJ. "We are grateful that the Governor and the Legislature's support of the Tax certificate Transfer Program has now been realized through the provision of needed financial resources to companies that are working in New Jersey to discover and develop innovative medicine and therapies directed at meeting unmet medical needs."
In a press release announcing the awards, the EDA highlighted Advaxis, Inc. of Princeton and Emisphere Technologies of Cedar Knolls. Please CLICK HERE to read the EDA press release and obtain the full list of participating companies.
Yours in BioNJ,
Debbie Hart
President
