To: New Jersey Biotechnology Community
From: Debbie Hart, President
Re: Funding Available to Help Life Sciences and Tech Companies Leverage Angel and Venture Fund Investments
We are writing to advise of the following announcement issued today by Governor Christie.
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TRENTON - Governor Chris Christie announced on August 2 that funding is now available for life sciences and tech companies through three programs offered by the New Jersey Economic Development Authority (EDA). The products target emerging companies that have attracted capital through angel and venture capital investors.
"The success of New Jersey's life sciences companies is critical to growing the State's economy and essential to maintaining our role as a leader in the development of innovative technologies that enhance and save lives while creating high-paying jobs and attracting private investment," said Governor Christie. "These programs will strengthen New Jersey's entrepreneurial environment by providing businesses that have attracted matching investments from angel investors and venture funds with the additional resources they need to thrive."
The three programs, which are structured as subordinated convertible debt, will benefit early stage, emerging technology and life sciences companies by providing growth capital to directly fund uses such as hiring key staff, product marketing and sales: