Rutgers research partner Stemcyte, Inc., expands to New Jersey

To further encourage this industrial-academic research and development partnership, the New Jersey Economic Development Authority is supporting StemCyte’s move with a 10-year Business Employment Incentive Program (BEIP) grant that will facilitate the 12 new executive-level jobs the company is bringing to the state.

“New Jersey continues to provide an innovative and collaborative environment for landmark stem cell research opportunities,” Gov. Jon S. Corzine said. “The addition of StemCyte to our portfolio of companies represents an important economic investment that brings with it the promise of discovery and cures for some of our most devastating diseases and injuries. I am proud to welcome StemCyte to the Garden State.”

Proximity to Rutgers and the BEIP grant were both important considerations in StemCyte’s decision to move to New Jersey.

“The research being done by Dr. Young at Rutgers is top notch,” said Kenneth J. Giacin, chair and chief executive officer of StemCyte. “In addition, Gov. Corzine’s plan for developing New Jersey as an active hub for stem cell research and therapeutics development was an important reason for our decision to move our East Coast operations to the state. We’re pleased to become an integral part of New Jersey’s life sciences community with our focus on therapies derived from umbilical cord blood.”

StemCyte, which also has announced the development of a facility in India in collaboration with Cadila Pharmaceuticals and Apollo Hospitals, has operations in California and Taiwan. These facilities collect, process and store UCB stem cells to be used as therapeutic treatments. Unlike embryonic stem cells, which have been the subject of much public controversy, UCB stem cells are harvested from umbilical cords that would otherwise be discarded at the time of childbirth.