The company has also taken advantage of New Jersey Angel Investor Tax Credit Program. Since its inception in 2013, more than 200 investments have been made through the program, representing an infusion of more than $74 million into New Jersey companies. The program provides tax credits of 10 percent of a qualified investment in an emerging New Jersey technology business that conducts research, manufacturing, or technology commercialization in the state.
Given the breadth of State resources Aucta has tapped into to support its growth, Chief Executive Officer Dr. Shoufeng Li will be one of four panelists participating in the State’s “Partnering with New Jersey” discussion at the BIO International Convention in Philadelphia on June 16. The panel will highlight the array of programs and resources available to help New Jersey technology and biotechnology companies start, grow, and thrive. More information about the BIO International Convention can be found at http://convention.bio.org.
@NJEDATech spoke to Dr. Li about his experience growing his company in New Jersey and Aucta Pharmaceutical’s plans for the future:
What does funding provided through the Angel Investor Tax Credit mean to Aucta Pharmaceuticals?
As an early stage startup, funding from the Angel Investor Tax Credit program helps us to achieve critical business deliverables. Early funding for startup companies is very difficult to get, and this program helps us to make that money work harder for us.
How has Aucta Pharmaceuticals benefited from locating its business at CCIT?
We have enjoyed the friendly help from EDA staff. The Founders and Funders event was quite helpful for Aucta, as is the Executive-in-Residence program. We love the opportunity the program provided for us to access a broad array of high quality talents. The access and education on state wide funding opportunities are also quite useful.
Why did you choose to grow your company in New Jersey?
I graduated from Rutgers with a PhD in Pharmaceutics in 1999. I have been living in New Jersey for close to 20 years; New Jersey is my home so it was the natural choice for me to locate Aucta here in my home state.
What is Aucta Pharmaceutical’s biggest success to date?
In addition to partnering with pharmaceutical companies and raising VC funding, in a relatively short period of time, Aucta has developed itself into an R&D product development company with tangible assets.
What’s in store for your company in the near future?
We are in discussion with a few generic and specialty pharmaceutical firms about our pipeline products and we are hoping to work together with them on some of these exciting opportunities. We believe that these collaborations will be good for them, good for us, and good for the patients.