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NJEDA's NOL program at 20 1B funded.

Byline: Jessica Perry

The New Jersey Economic Development Authority is marking dual milestones for its Technology Business Tax Certificate Transfer Program, or Net Operating Loss Program: its 20th anniversary and topping $1 billion in provided funding.The New Jersey Economic Development Authority is marking dual milestones for its Technology Business Tax Certificate Transfer Program, or Net Operating Loss Program: its 20th anniversary and topping $1 billion in provided funding.

Through the NOL program the NJEDA has provided support to more than 540 technology and life sciences companies since its inception.

In 2018, the EDA said, 48 companies including 14 new to the program have been approved for the program to share the maximum allocated amount of funding, $60 million. The average award was $1.25 million.

There was a 27 percent increase in the number of companies admitted and an 18 percent increase in the number of applicants compared to 2017, the agency said.

"The vision Gov. Phil Murphy has laid out for the innovation economy reiterates the need for tools like the NOL Program to fuel technology and life sciences companies' growth from their earliest stages through commercialization and beyond," EDA Chief Executive Officer Tim Sullivan said in a release.

A considerable number of this year's participants hail from the areas of biotechnology and health technology, according to the EDA.

NOL allows eligible companies to sell state net operating losses and unused R&D tax credits to unrelated profitable companies for cash, which can in turn be used to fund research or as working capital.

The program is administered by the EDA with the Division of Taxation.

A chart with the complete list of 2018 recipients follows.

Company

Municipality

County

Acuitive Technologies Inc.

Allendale

Bergen

Admera Health LLC.

South Plainfield

Middlesex

Angel Medical Systems

Eatontown

Monmouth

Arable Labs Inc.

Princeton

Mercer

Bellerophon Therapeutics Inc.

Warren

Somerset

Brilliant Light Power Inc. fka BlackLight Power

Cranbury

Middlesex

Cancer Genetics Inc.

Rutherford

Bergen

Celsion Corporation

Lawrenceville

Mercer

CircleBlack Inc.

Kingston

Middlesex

Connotate Inc.

New Brunswick

Middlesex

ContraVir Pharmaceuticals Inc.

Edison

Middlesex

CorMedix Inc.

Berkeley Heights

Union

Crescenta Biosciences Inc.

Union

Union

CytoSorbents Medical Inc.

Monmouth Junction

Middlesex

Deltronic Crystal Industries Inc.

Dover

Morris

doForms NJ Inc.

Cranford

Union

Edge Therapeutics

Berkeley Heights

Union

Elite Laboratories Inc.

Northvale

Bergen

Engage Therapeutics

Summit

Union

Enhatch Inc.

Hoboken

Hudson

Eos Energy Storage LLC

Edison

Middlesex

Gadget Software Inc.

Newark

Essex

Hemispherx Biopharma Inc.

New Brunswick

Middlesex

Impactivate Networks Inc.

Atlantic City

Atlantic

IoTecha Corp

Piscataway

Middlesex

Matinas Biopharma Nanotechnologies

Bedminster

Somerset

MDx Medical, Inc.

Lyndhurst

Bergen

Miami International Holdings Inc.

Princeton

Mercer

Moblty Inc.

Livingston

Essex

MYOS RENS Technology Inc.

Cedar Knolls

Morris

Nanotech Industrial Solutions

Avenel

Middlesex

Nephros Inc.

South Orange

Essex

Ocean Power Technologies Inc.

Monroe Township

Middlesex

Oncobiologics

Cranbury

Middlesex

Provention Bio Inc.

Oldwick

Hunterdon

Radius8 Inc.

Princeton

Mercer

Rafael Pharmaceuticals Inc. fka Cornerstone Pha

Newark

Essex

Reflik Inc.

Somerset

Somerset

Rive Technology Inc.

Monmouth Junction

Middlesex

SCYNEXIS Inc.

Jersey City

Hudson

Solidia Technologies

Piscataway

Middlesex

Soligenix Inc.

Princeton

Mercer

Special Needs Ware Inc. dba Oneder

Newark

Essex

Svelte Medical Systems Inc.

New Providence

Union

TAXIS Pharmaceuticals Inc.

Monmouth Junction

Middlesex

TrialScope Inc

Jersey City

Hudson

United Silicon Carbide Inc.

Monmouth Junction

Middlesex

WellSheet Inc.

Newark

Essex

View the full article from NJBIZ at http://www.njbiz.com/article/20181210/NJBIZ01/181219996/njedas-nol-program-at-20-1b-funded. Copyright 2018 BridgeTower Media. All Rights Reserved.

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Publication:NJ Biz
Date:Dec 10, 2018
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