TRENTON, N.J.--(BUSINESS WIRE)--

The biotechnology industry in New Jersey continues to demonstrate vitality, experiencing important increases in both the number of companies operating in the State and the number of employees working for those companies, according to the results of a survey conducted by Ernst & Young on behalf of BioNJ. The survey also confirmed data derived from previous BioNJ surveys which indicate that access to funding remains the primary challenge impacting the growth of early-stage companies.

The number of biotechnology companies with operations in New Jersey increased from more than 300 in a previous BioNJ study in July 2010 to more than 340 today, representing an increase of more than 13 percent, according to the study, Biotech in New Jersey: Finding Its Way Through Continuing Challenges.

The number of employees working directly at those New Jersey biotechnology companies also increased, rising 9.3 percent in the last two years, from approximately 15,000 employees in July 2010 to an estimated 16,400 in 2012.

The full report is available at: http://www.bionj.org/wp-content/uploads/2012/08/1207-1376406-BCNJ-survey-2012-8-1final.pdf

We are thrilled to see that the biotechnology industry in New Jersey continues to grow despite the ongoing issues facing the national and international economies, said Debbie Hart, President of BioNJ. Keeping with past reports, growth in New Jersey is coming from both within the State in the form of new company formations; spinouts from other companies and our universities; and from companies relocating to New Jersey from other states and other countries, with the latter taking on increasingly more prominence.

Hart said the growth is the result of several factors that include access to a variety of life science companies operating in New Jersey, a strong academic environment, an experienced and highly educated workforce and the long-term support of State government, which Governor Chris Christie and Lt. Governor Kim Guadagno and their Administration have built upon through several new initiatives.

Todays good news about the continued growth of New Jerseys biotechnology industry is not unexpected, said New Jersey Lt. Governor Kim Guadagno. Early on, this Administration identified life sciences as a critical driver of the Garden State economy, taking action to increase investment through comprehensive tax reform and enhancing financial incentives for these companies. More than ever, we remain firmly committed to the expansion of the industry to ensure New Jerseys well-earned reputation for life science excellence.

Study Highlights

Among the highlights the survey reports:

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NJ Biotechnology Industry Continues to Grow; Number of Companies and Employees Increasing