Discoveries from five early stage companies based at NJIT’s Enterprise Development Center (EDC), the state’s oldest business incubator program, received last week more than $1m in funding from the New Jersey Commission on Science and Technology.
The following five companies received the awards:
– Edge Therapeutics Inc., a recipient of $500,000, has three drugs to treat serious types of brain injury based on a patent-pending drug delivery platform technology;
– Phoenix Labs, LLC, a recipient of $250,000, has developed and validated a patent-pending algorithm for precision-timing synchronization, which is essential for the evolution of 3G and 4G wireless networks;
– Simphotek, Inc, a recipient of $250,000, is developing simulation software for biomedical, nanotechnology, renewable energy and photonic materials markets;
– Healthy Functions received a $50,000 fellowship for the development of a mechanical pressure reduction mattress;
– AcquiSci Inc received a $21,936 fellowship to develop a systemic anti-inflammatory treatment of cardiovascular diseases with underlying inflammation.
Commenting on the awards, Judith Sheft, associate vice president of EDC, said: “Support from the Commission to these early stage companies in a variety of technology disciplines will help them accelerate their path to success and ultimately add to job growth in the state. A recent study from the Kauffman Foundation shows that newly created and young companies such as these are the primary drivers of job creation in the United States”.
In addition, EDC, which hosts 95 new companies, received a $300,000 grant to maintain and supplement its specialized training initiatives and other programs made available to tenant companies on a weekly basis.
“We will receive this year a total of almost $1.4m from the Commission to strengthen both our most promising companies as well as our actual programs which help companies succeed”, she added.