The New Jersey Economic Development Authority (NJEDA) board voted to approve $3.5 million in Emerge tax credits over seven years to bring the Brooklyn-based EpiBone to Jersey City.
By John Heinis/Hudson County View
EpiBone grows bone and cartilage for skeletal reconstruction using stem cells to create new healthy bone, cartilage, and compound (bone and cartilage) products in a lab and they are expected to bring 90 full-time jobs across the river as part of their 11-year commitment.
They are also a clinical stage company with one product in clinical trials, and two products in various phases of clinical development, requiring it to take on additional space, including a clean room, and hire more support staff.
“By securing EpiBone’s relocation to Jersey City through the ground-breaking Emerge Program, New Jersey is once again expanding its nation-leading life sciences ecosystem,” Gov. Phil Murphy (D) said in a statement.
“EpiBone will serve as an invaluable asset to our growing economy as it brings nearly 100 new jobs to our state and innovates at the cutting edge of life-changing biotechnology. We welcome this women-owned and led small business as we celebrate International Women’s Day and continue to foster a fairer and more inclusive New Jersey.”
EpiBone is co-founded and led by CEO Dr. Nina Marie Tandon, a New York City native and biomedical engineer, who holds several patents and is known for her TED Talks on engineered tissue and the future of personalized medicine.
She has completed a PhD in Biomedical Engineering and MBA from Columbia University, as well as a Master’s in Bioelectrical Engineering from MIT.
Named one the 40 under 40 by Crain’s New York, an Ernst & Young Winning Woman, and one of Goldman Sachs’ 100 Most Intriguing Entrepreneurs; she is also a WEF Young Global Leader and McKinsey alumni.
Prior to NJEDA Board consideration, Tandon submitted a letter of intent to the NJEDA indicating that if the authority approves the tax award as proposed by the NJEDA, EpiBone will proceed with the Project at the Qualified Business Facility located at 95 Greene St. in Jersey City.
“The Board’s approval of EpiBone for tax credits illustrates the ability of the Emerge program to attract growing innovation companies to New Jersey,” added NJEDA CEO Tim Sullivan.
“Governor Murphy’s vision for a stronger, fairer economy and the legislature’s thoughtful approach to the creation of the Economic Recovery Act, combined with New Jersey’s unmatched talent pool and ideal location, creates a stellar value proposition for up-and-coming companies and future technologies.”
The Emerge Program is part of the New Jersey Economic Recovery Act (ERA).
Through this, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another state.
Founded in 2014, EpiBone is the first company approved under Emerge to qualify for the program’s “Small Business” designation, which allows for increased flexibility and enhanced benefits as the company grows in New Jersey.
Notably, Jersey City is home to the highest percentage of venture-funded companies founded by women, according to a study by banking app Tide.
“New Jersey’s educated and diverse talent pool, accessible location, and network of high-profile research universities makes it an ideal spot for a dynamic, rapidly growing business to reach its potential,” Tandon noted.
“New Jersey also offers a robust range of programs to support companies through all stages of growth. Jersey City, in particular, is a model of diversity, has a thriving innovation community, and is accessible via mass transit – all just a short drive from lower Manhattan and major international airports.”
The positions moving to Jersey City also include executive staff, clinical positions, research, system engineers, lab support, quality control and quality assurance specialists, manufacturing support, information technology, and various administrative functions.
“We continue to promote growth and economic development amid one of the greatest renaissances Jersey City has ever seen, and businesses want to relocate here to be part of the progress,” Mayor Steven Fulop stated.
” … We welcome EpiBone as our newest resident. We look forward to the job creation and economic growth that these companies can offer communities like ours, and we’re thankful for the efforts on the state-level to further push this narrative.”