Innovation New Jersey
  • Home
  • Our Coalition
    • Contact Us
  • News
  • Resources
    • State Supports
    • Federal Supports
    • Higher Ed Supports
  • Join Us

Innovation News

Everything Innovation. Everything New Jersey.
Follow us and stay connected.

EDA Approves Loan to Fuel Growth of Middlesex County-Based Biotech Startup

4/15/2016

0 Comments

 
Trenton, NJ ― Furthering the State’s commitment to support biotechnology companies throughout their lifecycle, the New Jersey Economic Development Authority (EDA) this week approved Admera Health for a $1 million loan through the Edison Innovation VC Growth Fund.
 
Located in South Plainfield, Admera Health is an advanced molecular diagnostics company focused on personalized medicine and non-invasive cancer testing.  Dedicated to developing cutting-edge diagnostics that span the continuum of care, Admera Health seeks to fulfill unmet medical needs with cost-effective tests and accurate analysis to guide patient care.
 
The biotechnology company also aims to redefine disease screening, diagnosis, treatment, monitoring, and management through its innovative, personalized solutions.
 
Admera Health was formed as a spinout from GENEWIZ, a global leader in research and development genomic services, which graduated from the EDA’s Commercialization Center for Innovative Technologies (CCIT) in 2006.
​“We are grateful to the EDA for the loan approved today,” Admera Health President and Chief Executive Officer Guanghui Hu, PhD, said. “We plan to use the funding as working capital as we continue to grow and expand our customer base.”
 
Admera Health has indicated that it plans to maintain its current staff of 51 and create an additional 30 new jobs in New Jersey over the next two years.
 
Created in 2011 to enhance support of early-stage businesses that have attracted funds through venture capital (VC) investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales.
 
Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
 
“Many of our programs and resources are geared toward the earliest-stage companies,” EDA Chief Executive Officer Melissa Orsen said. “The Edison Innovation VC Growth Fund is designed to assist businesses that are further along in their growth, but can still benefit from additional assets as they grow in the Garden State.”
 
To be eligible for the Edison Innovation VC Growth Fund, companies must: be a developer/owner of protected proprietary technology, employ 75 percent of its employees in New Jersey or commit to growing 10 high-paying jobs over two years; and occupy physical commercial office space.
 
A complete list of eligibility requirements can be found at: www.njeda.com/VCGrowthFund.
 
In addition to financing programs, the EDA offers a multitude of resources to support the greater technology industry, including CCIT, New Jersey’s leading life sciences incubator. The facility, which offers tenants affordable lab and office space, has graduated several successful companies. 
 
GENEWIZ was founded in 1999 as a start-up in a 200-square-foot lab at CCIT with two employees; today, the global company employs hundreds.  Other graduates that have since expanded into other areas of the State include Amicus Therapeutics, Chromocell, and Advaxis.
 
To learn about the various programs and resources available to growing technology and life sciences companies in the State, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.
0 Comments



Leave a Reply.

    Do not miss a single innovative moment and sign up for our newsletter!
    Weekly updates


    Categories

    All
    3D Printing
    Academia
    Acquisitions
    Aerospace
    Agriculture
    AIDS
    Algae
    Alumni
    Animals
    Architecture
    Astrophysics
    Autism
    Awards
    Big Data
    Bioethics
    Biofuel
    Biomedical
    BioNJ
    Bioterrorism
    Bit Coins
    Brain Health
    Business
    Camden
    Cancer
    CCollege
    Cellular
    Centenary
    Chemistry
    ChooseNJ
    Climate Change
    Clinical Trials
    Cloud Tech
    Collaboration
    Computing
    Congress
    Coriell
    Council On Innovation
    Crowdfunding
    Cybersecurity
    DARPA
    Defense
    Degree
    Dementia
    Dental Health
    DOC
    DOD
    DOE
    Drew
    Drones
    Drug Creation
    Einstein's Alley
    Electricity
    Energy
    Engineering
    Entrepreneurship
    Environmental
    FAA
    Fairleigh Dickinson
    FDA
    Federal Budget
    Federal Government
    Federal Labs
    Federal Program
    Finance
    Food Science
    Fort Monmouth
    Fuel Cells
    Funding
    Genome
    Geography
    Geology
    Global Competition
    Google
    Governor Christie
    Grant
    Hackensack
    HackensackUMC
    Healthcare
    Health Care
    HHS
    HINJ
    Hospitals
    Immigration
    Incubator
    Infrastructure
    International
    Internet
    Investor
    IoT
    IP
    IT
    Jobs
    Johnson & Johnson
    K-12
    Kean
    Kessler
    Legislation
    Logistics
    Manufacturing
    Medical Devices
    Med School
    Mental Health
    Mentor
    Microorganisms
    Molecular Biology
    Montclair
    NAS
    Neuroscience
    Newark
    New Jersey
    NIFA
    NIH
    NIST
    NJBDA
    NJBIA
    NJ Chemistry Council
    NJCU
    NJDOLWD
    NJEDA
    NJEDge
    NJHF
    NJII
    NJIT
    NJMEP
    NJPAC
    NJPRO
    NJTC
    Nonprofit
    NSF
    OpEd
    Open Data
    OSHE
    OSTP
    Parasite
    Patents
    Paterson
    Patients
    Perth Amboy
    Pharma
    POTUS
    PPPL
    Princeton
    Prosthetics
    Ranking
    Rare Disease
    R&D Council
    Report
    Resiliency
    Rider
    Robotics
    Rowan
    Rutgers
    SBA
    Seton Hall
    Siemens
    Smart Car
    Smart Cities
    Software
    Solar
    Space
    SSTI
    Startup
    State Government
    STEM
    Stevens
    Stockton
    Subatomic
    Supports
    Sustainability
    Taxes
    TCNJ
    Teachers
    Telecom
    Therapy
    Thermodynamics
    Transportation
    Undergraduate
    USEDA
    Verizon
    Video Game
    Virtual Reality
    Water
    WHO
    William Paterson
    Women In STEM
    Workforce Development

Home   Coalition   News   Resources   Events   Join Us
Picture
Innovation New Jersey Coalition
222 West State Street
Suite 302
Trenton, NJ 08608
732-729-9619