Guadagno, Menendez Speak at Opening of Cranbury Biotech Company

New Jersey Lt. Gov. Kim Guadagno and U.S. Sen. Robert Menendez, D-N.J. unveiled a new biotech company headquartered in Cranbury at ribbon-cutting ceremony Friday.

Founded in January by Pankaj Mohan, Oncobiologics employs 20 people. In two years the company plans to have around 200 employees.

“Investing in Oncobiologics will create jobs, it will save lives, it will keep us on the cutting edge of research, innovation and discovery, it will help you invest in life saving and potentially cost saving therapeutic break throughs,” Menendez said at the event. “It will help New Jerseyans find a meaningful job and provide opportunities for skilled workers to get to work and it will help find the cures we are all looking for.”

Guadagno said Mohan did not just choose to open Oncobiologics in New Jersey to be near one of the 23 largest pharmaceutical companies in the world, but instead because it was cheaper.

“I think the doctor understands what we have done in the last two years in this administration not only have we cut red tape in New Jersey but we have recognized the importance of the life science biopharmaceutical industry to our economy,” Guadagno said.

The Qualifying Therapeutic Discovery Project was signed into law under the Affordable Care Act in March and provided initial funding for Oncobiologics, according to a news release. Other funding was received from the Small Business Administration and the New Jersey Small Business Development Center.

Oncobiologics partnered with the Fox Chase Cancer Center in Philadelphia to co-develop a “next generation bi-specific antibody cancer platform with enhanced therapeutic capabilities against solid tumors,” the release said. 

“The industry partnerships we have already created with organizations like the Fox Chase Cancer Center and two agreements totaling $80 million that we have just finalized this week will allow Oncobiologics to be an engine for product development in oncology and immunology,” Mohan said in the release.

“It [Oncobiologics] will be a symbol of American promise, a symbol of hope, discovery and innovation, a shining example of power of American ingenuity,” Menendez said at the event. “When I look at companies like Oncobiologics I see the best of America.”