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.

NJEDA’s Commercialization Center for Innovative Technologies Helps Tenants Have Global Impact, Generate More than $130 Million in Revenues

8/19/2016

0 Comments

 
Trenton, NJ — With the biotechnology world’s eye turned toward BIO International Convention earlier this month, New Jersey’s delegation used the conference as an opportunity to highlight the broad continuum of assistance available to help technology and biotechnology companies at every stage grow in the State.
 
One key asset is the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT), the Garden State’s leading life sciences incubator. Recognized as a hub of activity within New Jersey’s technology sector, CCIT offers tenant companies, and the biotechnology community at large, a variety of resources to help them grow and thrive.
 
[To view the video, click here.]
 
Since the life sciences incubator opened its doors in 2002, tenant companies have generated a total of over $130 million in revenues during their time at CCIT, and received $385 million in outside funding.  The companies also obtained more than $10.6 million through State financing.
 
Companies at the incubator have collaborated with world-renowned New Jersey universities such as Rutgers, Princeton, Stevens Institute of Technology, and New Jersey Institute of Technology. 
​Including New Jersey’s own Princeton University, tenant companies have collaborated with six of the eight Ivy League universities throughout the country, as well as with cancer research/treatment facilities Sloan Kettering in New York and MD Anderson Cancer Center in Texas. CCIT has graduated over 40 companies.
 
“This data corroborates what we’ve known for a long time,” EDA Chief Executive Officer Melissa Orsen said. “CCIT is a bastion of innovative entrepreneurship whose impact reaches far beyond its doors. We look forward to seeing what the future holds for each of our tenant companies.”
 
Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT not only offers the most wet labs of any incubator in New Jersey, but also provides access to a wide array of resource and networking opportunities essential to the startup community.
 
The incubator’s leasable space includes offices, as well as both small and large labs.  CCIT also offers discounted first-year rent for university spinouts. Additionally, CCIT provides tenant companies with educational programs and a wealth of supporting resources, including helping to identify funding sources and providing access to small business development resources and administrative support.
 
From hosting events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, to Lunch and Learn presentations that bring in industry experts to discuss topics relevant to emerging companies, CCIT offers something to each of its tenants and to the greater technology community.
 
CCIT graduates have gone on to have an impact across a broad spectrum of areas, including patient care.
 
Princeton-based biotechnology company Advaxis develops tailor-made immunotherapies customized to target the patient’s unique cancer genes, harness the power of the body’s immune system, and attack various forms of cancer.  
 
In just the past few months, Advaxis has received a fast track designation for ADXS-HER2 for patients with osteosarcoma, announced promising survival rates from their Phase 2 study of AXAL in women with advanced cervical cancer and was awarded $1.1 million from the FDA’s Orphan Products Grants Program to support their ongoing Phase 2 trial with Baylor College of Medicine for axalimogene filolisbac. Advaxis currently employs more than 45 people.
 
Amicus Therapeutics is a global biotechnology company at the forefront of advanced therapies to treat a range of devastating rare and orphan diseases.  Amicus became CCIT’s first graduate in 2005 when it moved from the incubator to its current facility in Cranbury to accommodate its growing workforce.  Amicus currently employs 165 people in the United States, with the majority of the company situated in the Garden State. They also employ 50 people internationally.
 
GENEWIZ, a global leader in research and development genomics services, grew from a two-person operation at CCIT into an internationally-recognized operation. Now headquartered in South Plainfield, GENEWIZ employs more than 700 people across 12 facilities at major biotech hubs around the world.
CCIT is currently 100 percent leased, with nearly two-dozen companies currently calling the facility “home.”
 
Aucta Pharmaceuticals is a new drug product development company concentrating on novel and niche generic product development. Since arriving at CCIT in 2014, Aucta and its founder and CEO Shoufeng Li have enjoyed the collaborative atmosphere that incubator offers. The company also benefited investments made through the Angel Investor Tax Credit Program, which provides a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business.
 
VEESAG Mobile creates devices designed to reduce hospital visits and to help people focus on health and wellness. Late summer, both Verizon and Sprint determined that the company’s smartwatch was compatible for use on their networks. With that critical infrastructure in place, VEESAG has started to scale up the manufacturing of its watches in order to make them widely available to consumers. While VEESAG does not lease wet lab space at CCIT, company founder Raj Sadhu points to numerous CCIT resources that have helped him grow his company - particularly the advice he is able seek from professionals on a wide variety of topics, and synergetic environment that the incubator offers.
 
Visikol, CCIT’s newest tenant, is a Rutgers University spinout that develops a versatile biological clearing agent, known as Visikol, which penetrates tissue and renders it transparent for optical analysis. Visikol received a $500,000 commitment from New Brunswick-based Foundation Venture Capital Group, LLC.
 
 
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