Industry News and Notes – September 2012

Trenton Report

Christie Administration Launches Talent Search Service for New Jersey Employers

NEWARK — Lt. Governor Kim Guadagno on August 7 joined Department of Labor and Workforce Development officials at the corporate headquarters of Public Service Enterprise Group to unveil the OnRamp service for employers, a new Internet tool helping employers find the skilled workers necessary to remain competitive in a volatile, global market.

Joined by Labor Commissioner Harold J. Wirths and PSEG Chairman, President and CEO Ralph Izzo, Lt. Governor Guadagno spoke at the OnRamp employer service launch with a demonstration for nearly 100 employers and business association leaders who gathered at PSEG’s corporate headquarters.

“Many people continue to seek jobs, but many employers are also struggling to find skilled workers for key positions,” said Lt. Governor Kim Guadagno. “While state training programs have helped many workers upgrade their skills for these positions, today New Jersey is making it easier for employers to find and put qualified New Jerseyans to work.”

The features that set apart the new OnRamp tool from other Internet job-listing sites include the fact that it is part of the State-owned Jobs4Jersey.com, where all services are free of charge. OnRamp also uses state-of-the-art technology, allowing employers to conduct a talent search by listing specific skills, not merely job titles.

Whether an employer seeks one or dozens of people with specialized skills, OnRamp will quickly obtain a list of candidates with the exact talents required.

Learn more.

 

Washington Report

Biotech Leader Provides Testimony at Congressional Hearing on Sarbanes-Oxley

WASHINGTON, DC — The House Subcommittee on Capital Markets on July 26 held a hearing entitled “The 10th Anniversary of the Sarbanes-Oxley Act.” On behalf of the Biotechnology Industry Organization (BIO), Jeff Hatfield, President and CEO of Vitae Pharmaceuticals, presented testimony at the hearing on the effect the regulatory burdens in Sarbanes-Oxley (SOX) have had on emerging biotech companies.

“Small biotech companies face numerous obstacles on the road to finding breakthrough therapies, including severe uncertainty in the lab and an extremely high cost of conducting research,” said Jim Greenwood, President and CEO of the BIO. “Also standing in the way are onerous regulations that stifle progress without providing any real benefit to the investors they purport to protect. By unburdening growing biotech companies, Congress has the opportunity to inspire scientific breakthroughs that could lead to the discovery of important medicines and treatments.”

Hatfield testified about the cost burden associated with Sarbanes-Oxley Section 404(b) compliance, which SEC studies have found can cost small companies more than $1 million per year. Hatfield spoke in support of Rep. Mike Fitzpatrick’s (R-PA) Fostering Innovation Act (H.R. 6161), which would amend the filing status definitions under SEC Rule 12b-2 to provide regulatory relief to small companies with a low public float or little product revenue.

Learn more.

BIO Praises Rep. Michael Fitzpatrick on Introduction of Fostering Innovation Act

WASHINGTON, DC — Representative Michael Fitzpatrick (R-PA) on July 20 introduced H.R. 6161, the Fostering Innovation Act, to update SEC filing status classifications for public companies, which will help to ease regulatory burdens on emerging biotechnology companies and reduce the bureaucratic hurdles and red tape that lengthen the time to bring cures from discovery to patient.

SEC Rule 12b-2 establishes three classifications for public companies to determine their filing status, which include large accelerated filers (companies with a public float of more than $700 million); accelerated filers (companies with a public float of more than $75 million but less than $700 million); and non-accelerated filers (companies with a public float of less than $75 million).

The market has continued to evolve since the current definitions were set and the public float markers have become outdated. Due to their relatively high public floats, biotech companies often find themselves grouped with the accelerated filers despite their simple corporate structure and lack of product revenue. This can lead to burdensome regulatory requirements for growing companies.

Rep. Fitzpatrick’s legislation would modify these definitions by raising the minimum public float for accelerated filers to $250 million. It would also add a revenue component to the accelerated filer definition, ensuring that companies with less than $100 million in revenues are not burdened by costly regulations.

Learn more.

 

Funding Opportunities

New Jersey Health Foundation Initiates Program to Spur Innovative Research

NEW BRUNSWICK — To help advance research in the scientific process, New Jersey Health Foundation is proud to announce the establishment of the New Jersey Health Innovation Stage Funding Program.

Through the new program, $500,000 has been allocated to provide funding in amounts starting at $10,000 up to a maximum of $50,000 each to researchers with promising ideas that may lead to developing patents or intellectual property. At the current time, researchers with these objectives affiliated with the University of Medicine and Dentistry of New Jersey (UMDNJ) are able to apply for funding.

“New Jersey Health Foundation currently uses its own board-designated assets to support two programs to fund faculty affiliated with UMDNJ,” explained Dean Janeway, chairman of the New Jersey Health Foundation Board. “This new program now allows us to fund research that needs investment toward commercialization in all stages — at the very beginning, in the middle stage, and toward the end.”

Research funding through New Jersey Health starts with the New Jersey Health Annual Grants Program, which has provided more than $50 million in grants to researchers and faculty members since inception of the program. The grants, up to $40,000 each, provide seed and bridge funding for research projects and education programs. Typically, recipients are researchers who may not yet otherwise be eligible for traditional grant funding.

For more information, contact Dr. Heinrich at (908) 731-6607 or heinrichmd@njhf.org or James M. Golubieski, president, at (908) 731-6601 or jgolubieski@njhf.org.

Click here to read the full release.

 

News from Our Colleges and Universities

RUCDR Infinite Biologics Launches Strategic Alliance with BioStorage Technologies

PISCATAWAY — To meet the rapidly growing demand for its services, RUCDR Infinite Biologics, the world’s largest university-based biorepository, announced on August 15 that it has launched a strategic alliance with BioStorage Technologies, a global corporation. RUCDR, formed in 1998 as the Rutgers University Cell and DNA Repository, offers a complete and integrated selection of biological sample processing, analysis, and storage services.

Jay A. Tischfield, founder and Chief Executive Officer of RUCDR and Duncan and Nancy Macmillan Professor of Genetics, said this is the repository’s first alliance with a commercial entity.

Learn more.

Learn More about Technology Transfer at UMDNJ

RUCDR Infinite Biologics is just one of the interesting articles featured in the latest version of Technology Transfer, the quarterly newsletter from the UMDNJ Office of Technology Transfer and Business Development, which is now available online.

Learn more.

 

Items of Note

Cancer Genetics, Inc. Named to the 2012 Inc. 500|5000 List

RUTHERFORD — Cancer Genetics, Inc. (CGI), a leader in oncology-focused personalized medicine, announced on August 21 that Inc. magazine ranked the company #232 among private healthcare companies and #2859 overall on its sixth annual Inc. 500|5000 list, an exclusive ranking of the nation’s fastest-growing private companies. The list represents a comprehensive look at the most important segment of the economy — America’s independent entrepreneurs. This was the first year the Company has been on the list, and it is among the first oncology-focused molecular diagnostic companies on the list.

Learn more.

JBK Associates Earns Spot on Inc. 500|5000 List of America’s Fastest-Growing Private Companies

ENGLEWOODInc. magazine on August 20 ranked executive talent solutions firm JBK Associates #1815 on its sixth annual Inc. 500|5000 list, an exclusive ranking of the nation’s fastest-growing private companies. Headquartered in Englewood, with an office in West Palm Beach, FL, JBK Associates joins Yelp, yogurt maker Chobani, Giftcards.com, KIND, and famed hatmaker Tilly’s, among other prominent brands featured on this year’s list.

Learn more.

Dates Announced for 12th Annual New Jersey SBIR/STTR Conference

The 12th Annual New Jersey SBIR/STTR Conference will be held from Wednesday, November 28, through Friday, November 30.

The agenda includes:

  • Nov. 28: Phase I Proposed Development, NJIT EDC, Newark
  • Nov. 29: Cost Proposal Preparation, NJIT EDA, Newark
  • Nov. 30: Phase II Proposal Preparation, NJEDA Commercialization Center

For more information and online registration, visit the website beginning October 1.