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Technology and Life Sciences Success Stories Punctuate Active Year on @NJEDATech

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TRENTON (December 20, 2016) – As New Jersey technology and life sciences companies wind down 2016 and gear up for 2017, the New Jersey Economic Development Authority (EDA) looks back at the ten EDA-supported companies that generated the most buzz on @NJEDATech’s Twitter account this year:

“The companies highlighted today, along with so many others, represent the entrepreneurial spirit that is alive and well in New Jersey,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “I am continually impressed with the broad spectrum of technology and life sciences companies currently calling New Jersey ‘home,’ and I look forward to seeing what’s in store for the State’s technology sector in 2017.”

 

Admera Health (@AdmeraHealth1) aims to utilize next generation technology platforms and advanced bioinformatics to redefine disease screening, diagnosis, treatment, monitoring, and management through innovative, personalized solutions. The South Plainfield-based company, a spinout from the EDA’s Commercialization Center for Innovative Technologies (CCIT) graduate GENEWIZ (@GENEWIZ), received an EDA loan through the Edison Innovation VC Growth Fund, which provided the company with working capital to support its operations, including growing its staff. “Admera has always been on the forefront of patient care and, with EDA support, we hope to become the standard of care across the industry,” Admera CEO Dr. Guanghui Hu said. Read more: EDA Support Enables Nationally-Recognized Admera Health to Expand Patient Care

Chromocell (@ChromocellC) discovers new drugs to manage pain, and develops and commercializes novel technologies beneficial to the average consumer - including new flavors, nutritional ingredients, and therapeutics. Chromocell grew from a small biotechnology startup that utilized space at CCIT into an innovative life sciences company that now employs over 120 people in graduate space on the Technology Centre of New Jersey campus in North Brunswick. “Growing the company in New Jersey has provided a variety of benefits,” Chromocell CEO Christian Kopfli said. “First and foremost, access to talent in the area is unprecedented.” Read more: Partnerships and State Resources Key to CCIT Graduate Chromocell’s Success

Cowerks (@Cowerks) is among the many New Jersey coworking spaces that enable entrepreneurs from different companies to work side by side, sharing ideas. Cowerks, which routinely offers technology-related events and programs, plans to use funding from an EDA loan to expand its existing location in Asbury Park and to occupy and build out another facility in the city. “With the expanded facility will also come opportunities for us to hold even more classes and workshops, enabling us to become the go-to resource for technology and entrepreneurial activities in the area,” Cowerks Co-Founder Bret Morgan said. Read more: With EDA Support, Cowerks Expects to Quadruple Available Space for Startups and Entrepreneurs in Asbury Park

CytoSorbents (@CytoSorbents), a Monmouth Junction medical device company focused on critical care immunotherapy, is commercializing a blood purification technology called CytoSorb® to reduce deadly inflammation common to many lethal conditions in the intensive care unit. CytoSorbents participated in the State’s Technology Business Tax Certificate Transfer (NOL) Program and received funding from the New Jersey Technology Council’s (NJTC) NJTC Fund 1, in which the EDA invested $7.15 million in a limited partnership investment. “We chose to move to New Jersey in 2001 to take advantage of available laboratory space and New Jersey’s excellent workforce,” CytoSorbents Chief Financial Officer (CFO) Kathy Bloch said. Read more: EDA-Supported CytoSorbents Creates Global Partnerships to Commercialize Life-Saving Blood Purification Device

Bergen County-based Eventcombo (@eventcombo) offers an online ticketing platform for events across all the major cities in the United States. The platform brings added value to event organizers, enabling them to “bundle” other amenities event-goers might need along with the tickets, including dinner reservations, merchandise and parking and eventually branding. Eventcombo became the first company to obtain funding as a direct result of networking that occurred at New Jersey Founders and Funder, when it received an investment from NJIT Highlanders Angel Network earlier this year. Eventcombo Co-Founder and Chief Marketing Officer Joseph Kaufman noted, “New Jersey Founders & Funders has been an amazing resource in developing relationships and connections.” Read more: New Jersey Founders & Funders Event Drives Investment in Bergen County-based Eventcombo

Located in Jersey City, Fusar Technologies (@FUSARtech) develops technology that can turn regular helmets into smart helmets for cyclists, motorcyclists, skaters, skiers, and snowboarders to use during their adventures. Fusar, which was featured over the summer on the premier episode of CNBC’s “Adventure Capitalists,” previously participated in New Jersey Founders & Funders  and the NOL Program.  “We wouldn’t be where we are today without the ample support from so many facets of the state’s technology sector,” Fusar Founder and CEO Ryan Shearman said. Read more: Combining Passion and Public and Private Resources, Fusar Technologies Arrives on National Scene

Enabling teachers to create virtual classrooms, NuSkool (@NuSkoolOfficial) offer online access to a complete library of standards-based lesson plans, assessments, quizzes, and test prep exams through its subscription-based entertainment-learning platform. NuSkool, which participated in the New Jersey Founders & Funders event in May, leases space at Cowerks and Vi Innovation Hub, located in Holmdel. “When you form friendships and bonds with other entrepreneurs at co-working spaces like CoWerks and ViHub, you begin to root for one another,” NuSkool Founder Abran Maldonado said. Read more about NuSkool: New Jersey Founders & Funders Event among State Resources Helping Education Technology Company NuSkool Grow

Bedminster-based STOPit (@STOPitcybrbully) creates software that enables anyone who witnesses a bullying incident, either cyber or traditional, to instantly and anonymously report it via their smartphones or computers. National media outlets have praised STOPit for its app, which is currently available for Android and iOS systems. STOPit has received millions of dollars in funding from investors who took advantage of New Jersey’s Angel Investor Tax Credit Program. “The Angel Investor Tax Credit provides a meaningful boost in value to our shareholders,” STOPit CFO Parkhill Mays said. Read more: Somerset County Startup STOPit Receives National Recognition for Giving Students Power to Report Bullying

Based in Totowa, VectraCor (@VectraCor) has developed what it describes as the world’s first cardiac electrical biomarker (CEB®) that may help nurses and doctors potentially detect and diagnose heart attacks. VectraCor participated in October’s New Jersey Founders & Funders and the company’s existing investors have benefited from the State’s Angel Investor Tax Credit Program. “The quality of the talent pool in New Jersey, particularly in the medical technology space, is very high, and that is important to the future success of our company,” VectraCor President and CEO Brad S. Schreck said. Read more: New Jersey Founders & Funders Provides Platform for Passaic County-based VectraCor to Pitch Life-Saving Technology

CCIT tenant Visikol (@Visikol) develops a versatile biological clearing agent, named Visikol®, that penetrates tissue and renders it transparent for optical analysis. Founded in 2012 by Rutgers PhD candidates, Visikol has exclusively licensed the rights to the technology through an agreement with Rutgers University. Visikol CEO Michael Johnson noted, “We know that working in this environment in such close proximity to other companies in the biotechnology arena will help make us stronger as we continue to develop our technology platform for commercialization.” Read more: EDA Welcomes Rutgers University Spinout Visikol as Newest Commercialization Center for Innovative Technologies Tenant


To learn more about resources available to New Jersey’s emerging technology and life sciences companies, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.
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