New Jersey Commerce Secretary Receives Biotech Award

SEATTLE, Washington (May 17, 1999) New Jersey Secretary of Commerce Gualberto "Gil" Medina received the BIO Outstanding State Executive of the Year Award today at the BIO '99 International meeting and Exhibition in Seattle. The BIO State Government Relations Committee nominated Medina for his dedication and commitment to the biotechnology industry in New Jersey.

"Secretary Medina has ushered in a new level of public-private sector cooperation that serves as a model for other states hoping to improve the economic climate for high technology industries," said BIO President Carl B. Feldbaum. "Without his stewardship, New Jersey might not have adopted the High Technology Job Retention Act in 1998. This legislation alone has set New Jersey apart from the rest of the country insofar as encouraging and facilitating the growth of this industry."

The High Technology Job Retention Act allows small high technology companies to sell R&D and net operating loss (NOL) tax credits to other New Jersey-based companies. The law also extends the time that small companies can carry forward their R&D and NOL credits.

BIO represents more than 850 biotechnology companies, academic institutions and state biotechnology centers in 47 states and 26 nations. BIO members are involved in the research and development of healthcare, agriculture and environmental biotechnology centers.

###