Tris Pharma moves to South Brunswick State program helps finance firm’s growth

Tris Pharma moves to South Brunswick
State program helps finance firm’s growth

SOUTH BRUNSWICK — A state-sponsored program is helping a local business move and grow.

Tris Pharma Inc. will relocate from the Trenton Business and Technology center to expanded space at a Route 130 industrial park due to the assistance of the N.J. Economic Development Authority’s (EDA) Technology Funding Program.

"The Technology Funding Program is one of several initiatives developed by the EDA to help high technology businesses get off the ground and grow in New Jersey," said EDA Executive Director Caren S. Franzini in a press release Monday. "Continued strong support for high technology businesses is a cornerstone of the state’s strategy to build a solid future for New Jersey’s economy."

With the Technology Funding Program, the EDA makes low-interest loans, provides guarantees of bank loans or combines loans and guarantees to established technology businesses seeking to expand and invest in new facilities and equipment. Participating banks lend their portion of the loans at regular commercial lending rates.

Commerce Bank of Mercerville is providing a $550,000 loan to Tris Pharma, backed by a 50-percent guarantee from the state authority. The company will use the money to relocate. The bank has also approved a $300,00 line of credit to provide working capital for the company to meet its costs of operation.

Tris Pharma works to develop new technologies in the pharmaceutical industry, according to Tris Pharma President Ketan Mehta.

"Tris Pharma develops and patents new platform technologies for a wide variety of existing and new pharmaceutical products," Mehta said. "For example, we have developed a platform technology for the drug Lipisol, that helps the absorption of the drug into the body, providing better results and improving on existing therapies. Typically it takes anywhere from six months to two years to develop and patent a new platform technology."

Mehta, who left a bigger pharmaceutical company six years ago when Tris Pharma Inc. was formed, credits hard work to the success of the company.

"We work to secure clients by participating in industry trade shows and by presenting our technology to potential clients during site visits," Mehta said.

The relocation will be a big boost for Tris Pharma, according to Mehta.

"The new facility is located in central New Jersey, the heart of the state and of the pharmaceutical industry and is easily accessible to major highways," Mehta said. "The relocation will enable Tris Pharma to pursue new technologies and keep more of its work and research in house to speed up development and pursue multiple opportunities at the same time. The goal is to develop at least two platform technologies per year. I believe that this is a pace that can be sustained for the next four to five years."

Mehta is very grateful to the authority for their assistance in the loan.

"EDA’s participation in this loan has helped us acquire a new, larger state of the art facility sooner than we would have been able to otherwise get it, and has allowed us to free up some of our capital for growth," Mehta said. "The N.J. Technology Program is great for a young technology company like ours, that wants to capitalize on growth opportunities.

Mehta continued, "It allowed our company to pursue growth sooner than later, and New Jersey will benefit as a result because more money will remain in the state. The state stepped up to the plate and helped our company by providing a temporary facility and filling a gap while we move into a permanent home."