SunGen Pharma, led by Dr. Isaac Liu, cites CCIT resources as vital tools for his company's growth.
TRENTON (September 22, 2016) – A year after becoming a tenant at the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, biopharmaceutical company SunGen Pharmaceuticals LLC will graduate from the life sciences incubator next week and move into a larger facility in Middlesex County.
SunGen, which develops, contract manufactures, and sells pharmaceutical finishing products, specializes in the development of oral, solid, extended-release, and complex injectable therapies. Adding to the list of United States-based generic pharmaceutical companies with which it partners, SunGen signed an agreement with Elite Pharmaceuticals last month to collaborate, to develop and commercialize four generic pharmaceutical products. Two of the generic pharmaceutical products are central nervous system stimulants and the other two are classified as beta blockers.
SunGen Co-Chief Executive Officer and President Isaac Liu told @NJEDATech that his company plans to graduate from its 2,775 square feet of space at CCIT to a 12,000-square-foot facility within the College Road Research Park in Forrestal Village. The company currently employs 18 and expects to expand further in the coming years.
“CCIT proved to be a great environment for networking with other small companies, vendors and industry leaders through its organized events,” Dr. Liu said. “Support from EDA, along with our ability to utilize outside resources, enabled us to conduct two product submission batches with our partners for US Food and Drug Administration submission. These projects could have easily cost three times more if we were not at CCIT.”
Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT not only offers the most wet labs of any incubator in New Jersey, but also provides access to a wide array of resource and networking opportunities essential to the startup community. These include helping to identify funding sources and providing access to small business development resources and administrative support. Tenants can also take advantage of CCIT events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, and Lunch and Learn presentations that bring in industry experts to discuss topics relevant to emerging companies.
Of note, other successful graduates of CCIT include GENEWIZ, Advaxis and Chromocell, which are all thriving in the Garden State and today employ a total of more than 500 people in New Jersey.
“We are glad to have provided SunGen with an environment that nurtured its development and we are excited that it will join the growing list of graduates that have chosen to remain and expand in New Jersey,” EDA Chief Executive Officer Melissa Orsen said.
With SunGen’s expected graduation, approximately 2,400 square feet of lab space and two offices will soon be available at CCIT for emerging life science companies looking to utilize incubation space as they grow. CCIT is one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies. Companies interested in leasing space at CCIT can call Lenzie Harcum at (732) 839-1880 to schedule a tour.
@NJEDATech spoke to Dr. Liu about his company’s experience at CCIT and its plans for the future:
Why did you choose to grow SunGen in New Jersey?
We chose New Jersey because of its business-friendly environment, its location in the pharmaceutical research corridor, and the plethora of talented individuals that the research corridor attracts.
What did you find most useful during your time at CCIT?
In addition to the many networking opportunities, CCIT provided us with strong support, which was extremely helpful for our small business. The friendly staff administered first-class service and maintained a professional and attractive facility.
What’s on the horizon for SunGen?
SunGen looks forward to continuing its growth, discussing potential acquisitions, and seeking additional partnership opportunities. We plan to bring business to New Jersey and look forward to exploring additional EDA resources to help support our expansion.
What advice do you have for entrepreneurs starting out in New Jersey?
Entrepreneurs need to execute strategies quickly since the business landscape is very dynamic. It is also highly important to seek support and partnerships whenever possible while supporting others as well.
For more information about resources available to support New Jersey’s technology industry, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.