Newsroom
New Jersey Economic Development Authority
For Immediate Release
Contact: Glenn J. Phillips
(609) 292-9297
EDA MAKES $100K TECHNIUUM INVESTMENT
IN NEWARK-BASED MEDICAL DEVICE MANUFACTURER
TRENTON, N.J. (June 26, 2006) – Through a $100,000 Techniuum investment, the New Jersey Economic Development Authority (EDA) is supporting the growth of Urovalve, Inc., a Newark-based medical device manufacturer.
The investment represents the sixth business to be funded through Techniuum and the first seed capital loan to an early-stage company since the innovative initiative was launched by the EDA in the fall of 2005. The funding brings total Techniuum investments to date to $4.35 million, which has leveraged more than $42 million in private financing.
Techniuum provides a continuum of customized, streamlined, long-term support to technology and life sciences companies as they advance through their life cycle of growth and expand their products and services. Through Techniuum, the EDA can assist with financing, lease guarantees, access to venture capital and incentive tools as well as affordable office, laboratory and production facilities.
Urovalve, a privately held company located in the Enterprise Development Center at New Jersey Institute of Technology and in Newark’s Innovation Zone, has developed and patented a technology that controls the flow of urine through the male urethra using a magnetically controlled valve.
The $100,000 Techniuum investment will enable the company to finance manufacturing costs of design improvements. The investment was made for five years at a fixed interest rate of 8 percent, with moratorium on principal and interest for the first year, and interest-only payments in the second.
“Techniuum’s customized financing structure provides this early-stage technology company with the time and resources required to complete its clinical trials, obtain regulatory approval and begin to commercialize its product,” said EDA Chief Executive Officer Caren S. Franzini.
Innovation Zones are collaborative state efforts involving the EDA, the New Jersey Commission on Science and Technology, the Commerce, Economic Growth and Tourism Commission and other state agencies. These zones, established in Newark, Camden and the Greater New Brunswick area, are technology neighborhoods designed to spur collaboration among public universities, research institutions and related businesses and encourage the rapid transfer of discoveries from the laboratory to the marketplace. Early-stage and established technology and life sciences businesses can learn more about Techniuum and Innovation Zones by visiting www.njedatechniuum.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.