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Tris Expands, Adds Jobs with Second EDA Financing South Brunswick, N.J. (January 26, 2004) Completing its second transaction with the New Jersey Economic Development Authority (EDA) in less than two years, Tris Pharma, Inc., a growing pharmaceutical company specializing in drug delivery technology, is using $2.9 million in low-cost, tax-exempt bond financing to increase its space and add up to 40 jobs. The 10-year bond, backed by a 50% EDA guarantee, was directly purchased by Commerce Bank N.A. at a five-year, fixed-interest rate of 4.17%. Bond proceeds are being used by Tris Pharma to renovate and equip 20,800 square feet of space here. "Pharmaceutical manufacturing is a cornerstone of the New Jersey economy. This transaction is helping a new company with a new technology grow its business and, most important, add good jobs in New Jersey's manufacturing sector," said EDA Chairman Al Koeppe. Caren S. Franzini, chief executive officer of the EDA, said the EDA offers affordable bond financing solutions to credit-worthy companies and not-for-profit organizations seeking financing for capital improvements and expansions, giving them access to capital they cannot obtain on their own and enabling them to borrow money more cheaply. "Financing raised through tax-exempt bond issues offers lower interest rates and longer terms than a conventional bank loan and provides borrowers with flexibility in choosing fixed or variable interest rates," she said. The EDA had guaranteed 50% of a $550,000 loan provided by Commerce Bank in 2002 that helped finance Tris Pharma's original move from the Trenton Business & Technology Center to the Route 130 business and industrial park where it is now located. The guarantee was provided under the EDA's New Jersey Technology Funding Program, a financing partnership through which the EDA provides low-interest-rate participations, loan guarantees or a combination of both in conjunction with banks to technology businesses seeking to expand and invest in new facilities and equipment. Tris Pharma develops and patents new platform technologies for a wide variety of existing and new pharmaceutical products to deliver drugs faster and more effectively into the body. For example, said company President Ketan Mehta, Tris Pharma has developed a new technology called eXsol that enhances the solubility of drugs and the level of drugs in the human bloodstream. "The expansion being financed with the assistance of the EDA means we can invest in manufacturing in "One of our strategic needs is to keep the company's technological know-how intact. So we want to control our manufacturing and protect our proprietary interest in our products and technology," he continued. "The EDA has played an important part in helping us meet this objective by providing the low-cost financing that is letting us grow in a seamless fashion under one roof without having to look elsewhere to get things done." When the expanded plant reaches full capacity the company will have added between 25 and 40 "good jobs in About Tris Pharma: Tris Pharma is a privately owned, product-focused, specialty pharmaceutical company engaged in the research and development of innovative drug delivery technologies. Through its OralXR platform, Tris has pioneered the delivery of sustained release in the liquid, chewable/ODT and strip dosage forms where by patients do not have to swallow a pill. Tris' Nobuse platform provides abuse-deterrence for opioids and other abuse-prone drugs. The company has more than 30 Rx and OTC products in development with pharmaceutical partners. Tris' R&D and manufacturing facilities are located in Monmouth Junction, New Jersey. For more information visit http://www.trispharma.com
SOURCE Tris Pharma
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