TRENTON, NJ (Nov. 3, 2010) – BioNJ President Debbie Hart issued the following statement today following the announcement by U.S. Treasury Secretary Timothy Geithner and Health and Human Services Secretary Kathleen Sebelius of the recipients of the $1 billion Therapeutic Discovery Project:
“Championed by New Jersey Senator Robert Menendez, the $1 billion Qualifying Therapeutic Discovery Project Credit was designed to further research into critical areas of unmet medical needs by providing early-stage companies conducting that research with additional financial resources.
“BioNJ is pleased to note that based on an initial analysis of the available information, New Jersey ranks among the top states in terms of the amount of funds provided through tax credits and grants awarded to in-state companies, number of companies receiving tax credits or grants and number of projects funded through tax credits and grants.
“A total of 133 New Jersey companies received either a tax credit or grants under the program. These funds totaling approximately $53 million will be used to advance more than 225 research projects in therapeutics areas such as cancer, Alzheimer’s disease, Fabry disease and numerous other diseases, while ensuring that a number of high-paying jobs will remain and, in many cases, come to New Jersey.
“However, there continues to be a significant lack of funding for early-stage companies at the State and national levels and BioNJ joins the Biotechnology Industry Organization (BIO) in urging the newly elected Congress to work toward the extension and expansion of this and similar programs that will foster innovation and promote economic development.
“The Qualifying Therapeutic Discovery Project Credit represents an important opportunity for biotechnology companies located in New Jersey and throughout the nation to advance important medical research that will ultimately benefit millions of people. We salute Senator Menendez for his leadership. And we offer our heartfelt congratulations to the many companies that will participate in the program.”
About Biotech in New Jersey and BioNJ
There are more than 300 biotechnology companies, employing approximately 15,000 people in New Jersey, according to the industry study, Biotech in New Jersey: Dealing with a “New Normal,” which was released by BioNJ and Ernst & Young earlier this year.
With more than 275 member companies, BioNJ is singularly focused on the growth and prosperity of New Jersey’s biotechnology cluster. Founded in 1994 by New Jersey industry CEOs, BioNJ serves as the voice of biotechnology companies located in New Jersey, seeks to advance their economic growth and development and works to encourage new and established companies from around the world to locate to New Jersey. BioNJ represents companies engaged in biopharmaceutical, biomedical, bioagricultural and bioremedial endeavors. To learn more about BioNJ, please visit www.BioNJ.org.
Director of Public Affairs