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August 14, 2013 - Tax Credit Law Benefits NJBIN Graduate
NJBIN Graduate Company First to Benefit From Angel Investor Tax Credit
CAMDEN, N.J. (Aug. 14, 2013) – The New Jersey Economic Development Authority (EDA) recently approved the first investment under the Angel Investor Tax Credit for Edge Therapeutics, Inc., a graduate company of the New Jersey Business Incubation Network (NJBIN).
The tax credit program is a result of legislation Governor Christie signed in January to spur job creation and growth in New Jersey’s emerging technology industries. The program provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in certain emerging technology businesses.
“The passage of the Angel Investor Tax Credit legislation was a top priority for NJBIN during the past two years,” said Suzanne Zammit, director of the Rutgers Camden Business Incubator and president of NJBIN. “There are many startup and early-stage companies in our incubators who will be able to grow and be successful New Jersey-based technology companies because of the tax credit. We are pleased that one of our graduates was the program’s first success story.”
The approved $17,500 investment for New Providence-based Edge Therapeutics, Inc. was made by Jonathan Perelman in exchange for stocks in the business. The clinical-stage biopharmaceutical company is focused on developing and commercializing life-saving hospital products that improve patient outcome by addressing acute, fatal or debilitating conditions after brain hemorrhage that have no current effective treatment. Edge Therapeutics is affiliated with the Economic Development Center (EDC) at the New Jersey Institute of Technology. The EDC is a member of NJBIN.
For more information on the Angel Investor Tax Credit Program, visit www.njeda.com/angeltaxcredit. To learn more about the New Jersey Business Incubation Network, visit www.NJBIN.org.
|Last Updated on Wednesday, 14 August 2013 18:58|