East Brunswick Tech Firm to Share in $60 Million Statewide Grant

As part of an initiative to grow emerging technology and biotechnology businesses in the state, the New Jersey Economic Development Authority (EDA) awarded 54 companies with a share of $60 million in 2014.

Savient Pharmaceuticals, Inc., an East Brunswick-based biopharmaceutical company, will receive an estimated $1.1 million grant, which is a 21 percent increase over the grant funding awarded last year. The state’s Technology Business Tax Certificate Transfer (NOL) Program allows technology and biotechnology companies to sell New Jersey tax losses, along with research and development tax credits, to raise cash that supports growth and operations.  

"The NOL Program continues to be the most popular and the most effective support for these early stage companies,” said EDA Chief Executive Officer Michele A. Brown via release. "The Christie Administration understands that the success of the State’s greater technology industry is fundamentally tied to the growth of New Jersey’s economy. These companies have been able to raise capital and build their businesses in New Jersey as a result of this innovative program. This is exactly the kind of vital support this sector needs.”

Companies with less than 225 employees are eligible to sell tax credits to unrelated profitable corporations for at least 80 percent of their value, which is permitted up to $15 million per business.

Savient's lead product is Krystexxa, which is a biologic drug for the treatment of chronic gout.