NJEDA’s NOL program at 20: $1B funded

Jessica Perry//December 10, 2018

NJEDA’s NOL program at 20: $1B funded

Jessica Perry//December 10, 2018

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