News Release

US EDA awards $1.5 mill to grow Rutgers incubator

Grant to to develop wet labs for Rutgers-Camden Technology Campus

Grant and Award Announcement

Rutgers University

CAMDEN -- Southern New Jersey’s ability to promote economic growth through bioscience and technology has grown stronger, thanks to a $1.5 million grant from the U.S. Economic Development Administration supporting a new Biotech-Life Science Business Incubator at the Rutgers-Camden Technology Campus.

"Rutgers-Camden has a long history of breeding talented, hard-working science students who go on to lead successful careers in biotechnology," said U.S. Sen. Frank R. Lautenberg (D.—NJ). "The EDA grant will go a long way toward helping New Jersey retain its growing talent pool in biotechnology and create jobs in the Camden region. This is a win for everyone involved: students, residents, Rutgers and local businesses."

"As the medicine chest of America, New Jersey has given birth to some of the most cutting-edge advancements in the biotechnology and life sciences industries," said U.S. Sen. Robert Menendez (D.—NJ). "These funds will spur critical growth and job creation in South Jersey and will solidify the Garden State's leadership in the life sciences sector. This grant is good for Rutgers, good for the Delaware Valley, and good for America."

"America's competitiveness and innovation flourish in vibrant, economically growing communities that are creating jobs and opportunities," said U.S. Commerce Secretary Carlos Gutierrez. "This investment in Camden, New Jersey will help generate a commercial environment that will attract entrepreneurs, businesses and capital."

The $1.5 million grant will be used to construct wet lab space for 18 laboratories in the new Biotech-Life Science Business Incubator and will create 255 jobs and generate more than $17 million in private investment, according to the EDA.

"This investment by the U.S. EDA Grant is a hugely important advancement for the establishment of a Rutgers-driven life science business incubator that will promote collaborations among our regional institutional partners, such as UMDNJ, Coriell, Cooper Health, and Robert Wood Johnson," says Peter Gold, CEO of the Rutgers-Camden Technology Campus and associate provost for economic initiatives at Rutgers-Camden.

"Simultaneously, this will create exceptional practical experiences for Rutgers student and faculty researchers, while accelerating the commercialization of scientific research so that innovations in healing will be brought both to the market and the people of the world much sooner."

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The RCTC currently serves 35 on-site client companies and 15 virtual client companies, representing 155 jobs with a combined payroll of $6 million. These positions represent skilled jobs that otherwise might not have located in Camden.

RCTC company employees may access a complete portfolio of general and targeted business advice, services, and skills training that is transferable to many situations. The RCTC provides office, laboratory, and light manufacturing space in a sub-market cost environment.

The EDA -– a division of the U.S. Department of Commerce -– serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA's mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.


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