New Jersey has allocated $60 million to 75 emerging biotechnology and technology companies through a tax credit program, according to a statement from the state’s Economic Development Authority.
It is a $30 million increase over the previous fiscal year.
The funds are made available through the state’s Technology Business Tax Certificate Transfer Program. Gov. Chris Christie’s fiscal year 2012 budget increased the allocation.
Among the companies receiving funds from the program are Advaxis, a biotechnology company developing immunotherapies for cancer and infectious diseases, based in Princeton, New Jersey. This week the company said it has licensed antigen ISG15 in its Lm-LLO based immunotherapies from the University of Pennsylvania, following research conducted in Perelman School of Medicine at the University of Pennsylvania microbiology professor Dr. Yvonne Paterson’s laboratory showing ISG15 was an effective immunological target for the treatment of breast cancer in animal models, according to a statement from the company.
Also receiving funds is Emisphere Technologies, a biopharmaceutical company that focuses on a unique and improved delivery of pharmaceutical compounds, medical foods and dietary supplements, in Cedar Knolls, New Jersey.
The program helps companies with fewer than 225 U.S. employees to sell New Jersey net operating losses as well as research and development tax credits to unrelated profitable corporations for at least 80 percent of their value to raise cash to finance their growth and operations.
It seeks to not only give incentives to companies to move to the state, but also to ensure that they stay there. The consolidation of the pharmaceutical industry reduced the number of jobs in the state and to discourage any future reductions, some wonder whether a penalty should be included as a stick to go with the carrot of economic incentives.
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