Navigation Links
Edison Innovation Fund Helps Tris Pharma Expand
Date:12/6/2007

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-financing," Mehta said. The bonds, directly purchased by The Provident Bank were issued for 10 years with a fixed, low-interest rate and interest-only payments due for the first three months. The EDA also provided a $1-million guarantee.

Franzini said the EDA has assisted technology and life sciences companies for over a decade, and the Edison Innovation Fund works to further encourage the location and growth of these companies in New Jersey. The fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages and is managed by the EDA in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.

Tris Pharma, established in 2000, is a privately owned, product-driven specialty pharmaceutical company engaged in the research and development of innovative drug delivery technologies. The company's proprietary technologies enhance solubility and bioavailability, provide controlled release formulations for solid and liquid dosages, and offer orally disintegrating tablets for immediate and controlled release. For more information on the company, visit http://www.trispharma.com.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey's communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state's business portal at http://www.NewJerseyBusiness.gov.

Photos available upon request.


'/>"/>
SOURCE Tris Pharma
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Elekta Demonstrates Commitment to Stereotactic Innovation at EANS
2. Elekta To Showcase Innovations in Radiotherapy and Unveil New Product That Expands Cancer Treatment Availability
3. Aware Celebrates Fifteen Years of Innovation and Leadership in the Biometrics Industry
4. Alliance for Medical Devices, Instrumentation and Diagnostics formed between Fraunhofer Center for Manufacturing Innovation and Boston University
5. Atrium Innovations Announces Management Changes
6. Small Bone Innovations Introduces the Artelon(R) STT Spacer to Increase Treatment Options for Thumb Arthritis
7. Small Bone Innovations Introduces New Distal Radius Plating System to Repair Complex Fractures
8. NCIIA Announces Launch of 4th Annual Student Biomedical Innovation Competition
9. Mediatech Moves to Prince William County Innovation Park
10. The USC Stevens Institute for Innovation Opens Shop on US Health Sciences Campus
11. Inverness Medical Innovations Agrees to Acquire Panbio Ltd.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:11/30/2016)... 2016 /PRNewswire/ - Portage Biotech Inc. ("Portage" or "the ... excited to announce the formation of EyGen, Ltd. ... ophthalmology assets through proof of concept. EyGen,s lead ... Portage Pharmaceuticals Limited and being developed for topical ... anterior segment diseases. This agent has the potential ...
(Date:11/30/2016)...  The Allen Institute for Cell Science has ... available collection of gene edited, fluorescently tagged human ... structures with unprecedented clarity. Distributed through the Coriell ... a crucial first step toward visualizing the dynamic ... human cells healthy and what goes wrong in ...
(Date:11/30/2016)... , Nov. 30, 2016  Tempus, a technology ... care, and Penn,s Abramson Cancer Center have partnered ... positive response to immunotherapy treatment based on next ... As part of a research collaboration, Tempus will ... melanoma cancer patient data to Penn. Utilizing next-generation ...
(Date:11/30/2016)... , 30. November 2016   ... hat heute die Unterzeichnung einer Reihe von ... zufolge wird Evotec AG Screeningleistungen für Mercks ... bereitstellen. Der Zugriff auf diese Bibliotheken in ... eröffnet einen schnelleren Weg zur Ermittlung und ...
Breaking Biology Technology:
(Date:6/21/2016)... VANCOUVER, British Columbia , June 21, 2016 ... been appointed to the new role of principal ... has been named the director of customer development. ... , NuData,s chief technical officer. The moves reflect ... development teams in response to high customer demand ...
(Date:6/15/2016)... ALBANY, New York , June 15, 2016 ... published a new market report titled "Gesture Recognition Market ... Trends and Forecast, 2016 - 2024". According to the ... at USD 11.60 billion in 2015 and is ... and reach USD 48.56 billion by 2024.  ...
(Date:6/7/2016)... -- Syngrafii Inc. and San Antonio Credit Union (SACU) ... Syngrafii,s patented LongPen™ eSignature "Wet" solution into SACU,s ... in greater convenience for SACU members and operational ... document workflow and compliance requirements. Logo ... Highlights: ...
Breaking Biology News(10 mins):