Welcome to another edition of the Weekender.
Celgene Expansion: Exciting News for the State of New Jersey and Our Robust Ecosystem!
BioNJ Member Celgene Corporation, an integrated global pharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases, has entered into an agreement to purchase the BioNJ Member Merck & Co., Inc. research and office facility located at 556 Morris Avenue in Summit, New Jersey. The site, which has approx. 850,000 square feet of administrative office space and 450,000 square feet of R&D space, will mean new jobs and new, innovative research, which will ultimately translate into new therapies and cures for patients. This is wonderful news. Thank you, Celgene, for your continued commitment to New Jersey!
The Medicines Company Receives Seven Drug Approvals to Date in 2015
Parsippany-based BioNJ Member The Medicines Company has received four U.S. approvals this year (Kengreal, Ionsys, Raplixa and a new formulation of Minocin IV), as well as three approvals in Europe (Orbactiv, Kengrexal and Raplixa) — totaling seven new approvals for The Medicines Company in 2015.
EY Entrepreneur of the Year Winners Announced
A number of BioNJ Members are in the limelight this week as EY announces the winners of this year’s Entrepreneurs of the Year. Daniel O’Connor, President and CEO, Advaxis; Brian Leuthner, President and CEO, Edge Therapeutics; and Dr. Navneet Puri, President and CEO, InnoPharma, were named as 2015 New Jersey Entrepreneur of the Year winners, with Dr. Patricia Devitt Risse, President, ACT Oncology; President and CEO, Cancer Genetics; James Sapirstein, CEO, ContraVir Pharmaceuticals; Dr. Pankaj Mohan, CEO, Oncobiologics and Dr. Frank Bedu-Addo, President and CEO, PDS Biotechnology, named as finalists. BioNJ’s former Chairman of the Board, Dr. Francois Nader, former CEO, NPS Pharma, was one of this year’s prestigious judges.
Brent Ashton, EY Entrepreneur of the Year Program Co-Director for New Jersey, said it best, “These business leaders are accomplished entrepreneurs who have contributed a tremendous amount to the community.” And, we agree! Congratulations to you all!
A Great Success Story for New Jersey
This week the New Jersey Economic Development Authority (EDA) kicked off a series of stories highlighting investors and entrepreneurs who are making a difference to New Jersey companies at all stages of growth. Featured this week is Jeff Stonberg, who invested nearly $1 million in BioNJ Member Edge Therapeutics, based in Berkeley Heights, through the State’s Angel Investor Tax Credit Program. To date, more than 200 investments have been made through the Angel Investor Tax Credit Program, representing an infusion of nearly $75 million into New Jersey technology and biotechnology businesses. Click here to read about Mr. Stonberg’s positive experience investing through the Angel Investor Tax Credit Program and how it benefited Edge Therapeutics.
Wishing you a Happy Fourth of July! Thank you to all of those who have fought for our great country’s freedom!
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