In another example of how the HELIX is helping energize New Jersey’s role in the life science startup ecosystem, the N.J. Economic Development Authority and RWJBarnabas Health are each committing $5 million to support New Jersey life sciences companies based at the New Jersey Innovation Hub at the HELIX.
This investment will help advance innovative startups focused on drug discovery and translational medicine — supporting entrepreneurs, creating jobs, strengthening community health and driving long-term growth in the state’s innovation economy.
The funds will be managed by Portal Innovations, a venture-development platform with a proven track record of building and backing early-stage life science companies.
Gov. Mikie Sherrill applauded the announcement, saying it matches the mission of the HELIX as one of the state’s Strategic Innovation Centers.
“The partnership between the NJEDA and RWJBarnabas Health shows the power of public-private partnerships in building our state’s innovation economy and will further New Jersey’s leadership in the life sciences sector,” she said.
George Helmy, EVP and Chief Corporate Affairs Officer, RWJBarnabas Health, agreed.
“At RWJBarnabas Health, we know the most promising breakthroughs in medicine shouldn’t stall on their way from bench to bedside,” he said. “We see this collaboration with the NJEDA and Portal Innovations as a direct expression of Gov. Sherrill’s vision for a more competitive, innovation-driven New Jersey — one where economic growth and improved health outcomes advance hand in hand.
“This strategic investment allows us to walk alongside entrepreneurs from their earliest ideas through clinical application, ensuring that life sciences innovation translates into better outcomes for the patients and communities we serve.”
Portal Founder and CEO John Flavin said his group will provide a comprehensive national network encompassing multiple locations and exclusive services tailored to the needs of members and founders.
“Successful life sciences ecosystems are built through collaboration, and public-private partnerships are essential to creating the conditions where entrepreneurs can thrive — and we’ve already had success in New Brunswick by signing 18 members at the New Jersey Innovation Hub,” he said.
“The investment from NJEDA and RWJBarnabas Health is a seminal moment for life sciences innovation in the state. These funds represent an important commitment to giving New Jersey startups the resources they need to reach their next milestones and build on the momentum already underway in the state’s life sciences ecosystem.”
Strategic Innovation Centers are purpose-built facilities that support research, commercialization and entrepreneurship through mentorship, hands-on training, business support services and access to capital. By providing a physical home where founders can collaborate, SICs help cultivate new innovators and drive long-term economic growth. Robust public-private partnerships — like the one announced today — expand the resources available to startups and strengthen New Jersey’s innovation economy.
Building One of the HELIX development in downtown New Brunswick includes the New Jersey Innovation Hub, a collaborative environment equipped with full-service workspaces, wet and dry laboratories, conference facilities, food services and other amenities for participating startup companies.
Strategic partnerships with private-sector leaders like RWJBarnabas Health, which is matching the EDA’s $5 million commitment, will help engage and guide New Jersey Innovation Hub startups to real-world patient needs, allowing healthcare innovations to quickly transition from discovery to bedside.
EDA CEO Evan Weiss said the numbers add up.
“The NJEDA’s $5 million investment to Portal Innovations, partnering with RWJBarnabas Health’s $5 million match, will bolster the state’s leadership in the life sciences sector, advance novel research and development, and strengthen New Jersey’s entrepreneurial ecosystem, encouraging the Garden State’s continued economic growth,” he said.
The New Jersey Innovation Hub is further supported by public and private partners, including Rutgers University, Hackensack Meridian Health, Johnson & Johnson, the New Brunswick Development Corporation and Middlesex County.
BioNJ, which has opened an office at the Hub, is thrilled by the investment.
“Given BioNJ’s role representing the full life sciences continuum — from startups to global biopharmaceutical companies — and the growing competition from both other states and other countries seeking to capture New Jersey’s biomedical leadership, this investment is especially encouraging,” CEO Debbie Hart said. “We look forward to seeing this effort strengthen New Jersey’s life sciences ecosystem, help grow the companies that call our state home, and deliver meaningful benefits for patients. BioNJ stands ready to support this important work in every way we can.”
