"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." – less – More from ZoomInfo »