New Jersey Provides Support to Emerging Leader in Life Sciences R&D to
Ensure Continued Growth
TRENTON, N.J., Dec. 6 /PRNewswire/ -- The New Jersey Economic Development Authority (EDA) announced today that Tris Pharma, Inc. will expand its pharmaceutical manufacturing capacity with the help of $4.9 million in tax-exempt bonds issued under the state's Edison Innovation Fund. Representatives from the EDA joined company officials today to tour Tris Pharma's Monmouth Junction-based facility as part of Life Sciences Week, which was proclaimed by Governor Jon S. Corzine to recognize the contributions of the industry to the state's economy.
The EDA has supported Tris Pharma, a pharmaceutical company engaged in the research and development of drug delivery technologies, since March 2002, and has helped the company grow from a staff of eight to more than 70 over the past five years. The company anticipates that the resulting manufacturing expansion will result in the creation of an additional 50 or more new jobs.
"Tris Pharma epitomizes the kind of company that the Edison Innovation Fund was designed to support and is truly a success story for the state," said EDA Chief Executive Officer Caren S. Franzini.
EDA Director of Technology and Life Sciences Kathleen Coviello added, "It is entirely fitting to celebrate New Jersey's first Life Sciences Week with Tris Pharma at its headquarters in Monmouth Junction -- a state-of-the-art facility that will help ensure the company's continued success."
"The availability of low-cost capital in the form of tax-exempt bonds
is a great opportunity for companies like us and helps add manufacturing
capacity right here at home in New Jersey," said Ketan Mehta, Chief
Executive Officer of Tris Pharma. "This is the second time we have been a
beneficiary of EDA's bond program. Our continued investment in first-rate
technology infrastructure is greatly facilitated by this bond-fin
|SOURCE Tris Pharma|
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