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02/07/2005 - BIOTECHNOLOGY COUNCIL OF NEW JERSEY ANNUAL MEETING MESSAGE ONE OF PROMISE FOR NJ INDUSTRY
PRINCETON - Monday, February 7, 2005 -- New Jersey has every reason to believe that any challenges it has faced in the past in the growth of its life sciences sector will be lifted, according to Sherrill Neff, of Quaker BioVentures and manager of the Garden State Life Sciences Venture Fund. The trends are shifting to favor the Mid-Atlantic region of which NJ is the hub.
"Large pharma is now dependent on biotechnology, the proximity to large pharma is now a major advantage to industry development, clinical development and commercial development talent pools are in high demand, there is a core of experienced serial entrepreneurs emerging, the flow of federal funds into academic medical research is stronger than ever, tech transfer efforts are improving and venture capital resources are growing," according to Neff in his presentation at the recent annual meeting of the Biotechnology Council of New Jersey (BCNJ).
According to NJ State Treasurer John McCormac who was the champion behind the establishment of the fund in conjunction with the NJ Economic Development Authority and the BCNJ, "The State of NJ believes in the strength of these trends and through our investment of State money into this fund, we are proving this commitment and encouraging biotech companies to locate in and relocate to New Jersey."
Also addressing the group, Jane Brennan Henderson, Managing Director, Healthcare Investment Banking, CIBC World Markets, concurred on the global perspective noting that, "Positive news should drive the biotech sector over the next 12 to 18 months. The biotech financing window is robust; M&A/partnering activity is significant; and 2005 will be a transformational year for many companies."
"With 27 new drug approvals expected in 2005 including three from NJ including Cytogen's COMBIDEX, Celgene's REVLIMID and Barrier's Sebazole, it may well be New Jersey biotech's most exciting year yet", according to BCNJ President Debbie Hart. " In fact, Celgene's REVLIMID is one of the most anticipated cancer products expected to gain U.S. approval in the next 12 months and generate peak sales of more than $1 billion according to Wall Street."
2005 also marks the year that the international industry will convene in the region at the Biotechnology Industry Organization's annual meeting to be held in Philadelphia from June 19-22. According to BCNJ Chairman, Kenneth I. Moch, "This meeting represents an opportunity for the region to capitalize on and strengthen these important trends. The legacy that will ensue following BIO 2005 will be one of growth, opportunity and increased recognition by the international biotechnology community. The State of NJ will be a direct beneficiary."
The Biotechnology Council of New Jersey was founded in 1994 by New Jersey Biotechnology industry CEOs to serve as the voice of the biotechnology industry in New Jersey. Since that time, BCNJ has been working around the clock to support, grow and promote the development of the State's rapidly expanding biotechnology cluster.
The Biotechnology Council of New Jersey is single-minded in its commitment to the growth and prosperity of this important industry and welcomes the input of industry members on ways to bolster that mission.
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