“With over 50 different registries for clinical trials being conducted in more than 90 countries worldwide, TrialScope’s services and expertise guide scientists as they strive to discover breakthrough therapies and develop life-saving cures,” Chief Executive Officer Jeff Kozloff said. “Leveraging the NOL Program and an influx of capital from the Edison Partners investment has enabled us to offer a trifecta of services to our clients.”
In addition to benefitting from close proximity to the 13 top pharmaceutical companies located in New Jersey and the Garden State’s 3,200 life sciences facilities, TrialScope’s location in New Jersey also allows it to benefit from the State’s Technology Business Tax Certificate Transfer Program, also known as the Net Operating Loss (NOL Program). Kozloff said the program has been instrumental in his company’s growth this past year, helping TrialScope expand from 35 to 40 employees in New Jersey.
Heralded as a lifeline for companies to raise funding before they reach profitability, the NOL Program enables eligible technology and life sciences companies to sell New Jersey net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The NOL program is jointly administered by the NJEDA and the New Jersey Department of Treasury’s Division of Taxation. Emerging technology and life sciences companies in the Garden State have until the June 30 deadline to apply to this year’s program. The application can be found at http://www.njeda.com/nol.
In addition to supporting TrialScope through the NOL program, the NJEDA also made a strategic investment in the company through Edison VII, a fund of the growth equity firm Edison Partners. Princeton-based Edison Partners’ family of funds has a longstanding history of combining strong fund performance with significant job creation in New Jersey. Through its nine funds, 47 investments have been made in New Jersey-based companies totaling more than $200 million and resulting in the creation of over 3,400 jobs. The NJEDA has invested in six of Edison Partners’ funds.
“New Jersey has long been an epicenter of the pharmaceutical world, but we cannot take our leadership in this growing sector for granted,” NJEDA Chief Executive Officer Tim Sullivan said. “Providing the resources innovative young companies like TrialScope need to grow is critical to building a stronger innovation economy in New Jersey and supporting long-term, equitable growth.”
To learn more about NJEDA resources for life sciences companies, call NJEDA Customer Care at 609-858-6767 or visit http://www.njeda.com/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.