(Newark, NJ) — Oncobiologics, Inc., a research and development company focusing on low cost innovative oncology and immunology biopharmaceutical treatments for patients, has received a $1 million Small Business Administration (SBA) backed term loan through Hopewell Valley Community Bank, the New Jersey Small Business Development Centers Network Headquarters announced today.
“Our client’s successful loan acquisition was very rewarding,” said Larry Jenkins, regional center director at NJSBDC at Raritan Valley Community College. “We were involved with the financial loan process at every stage, ensuring that our client had the best chance possible of succeeding to obtain financing.”
“We are very grateful for the assistance and services provided by experts at the NJSBDC at Raritan Valley Community College,” said Dr. Pankaj Mohan, founder of Oncobiologics, Inc. “Their guidance with the formulation of our business plan and referrals for company human resources needs as well as identifying the right lenders led to the successful approval of a loan which will help develop and launch cancer therapy at low cost.”
Dr. Mohan is an industry leader with more than 20 years of multi-company biopharmaceutical industrial experience at Genentech, Eli Lilly and BMS. He has played a vital role in the industry concerning the development and manufacture of block buster biologics entities and is the recipient of several top leadership awards. He has published a book, Pharmaceutical Operations, with McGraw-Hill and has authored articles for more than 30 publications.
The financing made available to the firm will help create up to 30 new jobs by year’s end, attracting both R & D scientists, as well as additional administrative and professional support. The company also projects that within one year, up to 60 jobs will be added. The loan will make it possible to get state of the art equipment and speed the process of trials.
Oncobiologics, operating in a 12,000 square foot of state-of-the art development laboratory space with 7,000 square feet of accompanying office and collaboration space, was founded by a group of leading scientists and engineers from top-tier global pharmaceutical and biotech companies, including Genentech, Eli Lilly, Bristol-Myers Squibb, Bayer, Merck, Johnson & Johnson, Schering-Plough and Medarex.
The company will launch itself to the biopharmaceutical industry at the 2011 BIO International Convention. The convention is being held June 27-30 at the Walter E. Washington Convention Center in Washington, DC and is planning a grand opening event with government and industry dignitaries in August 2011.