Drug delivery co. prescribed tax relief
Tris Pharma receives millions in tax-exempt bonds
BY CHRIS MURINO Staff Writer

SOUTH BRUNSWICK - The New Jersey Economic Development Authority (EDA) announced on Nov. 29 that Tris Pharma, a Monmouth Junction-based pharmaceutical company, will receive $4.9 million in tax-exempt bonds through the state's Edison Innovation Fund.

"It's a good program," said Ketan Mehta, the president and chief executive officer of Tris Pharma. "It helps companies like us stay in New Jersey.

"Tris Pharma epitomizes the kind of company that the Edison Innovation Fund was designed to support and is truly a success story for the state," said EDA Chief Executive Officer Caren S. Franzini in a press release.

Tris Pharma is a technical company that is involved with researching and developing drug delivery technologies. Mehta said the money will be used for an expansion of the manufacturing capabilities and capital expenditure of the company.

"We will be able to do more," Mehta said. "We'll have an expansion of our new

tax relief

warehouse. We'll be able to have a lot more pharmaceutical equipment."

The Edison Innovation Fund was started to "help create, sustain, and grow high-tech businesses that will lead to high paying job opportunities for New Jersey residents," according to edisoninnovationfund. com.

Growing jobs in New Jersey is the main purpose of the EDA, according to Erin Gold, the public affairs officer for EDA.

A lot goes into the EDA deciding who will be granted financing.

"Will it be economically viable, will it bring jobs to New Jersey, does it have a good chance for growth?" Gold said. "These things are all considered."

Members of the EDA, including Franzini, toured the company last Thursday as well.

"They essentially saw our facilities firsthand," Mehta said. "They saw the expansion we've taken to this point."

The EDA has supported Tris Pharma since March of 2002.

"It's great to see how they've grown," Gold said. "It's incredible that in five years, they've added so many jobs. They have 70 people and will add 50 people this year. It is a really great success story, which is why she wanted to go in there and see what was done."

Tris Pharma started out with a staff of eight in 2002.