BioNJ launches tool kit to assist bioscience companies in troubled economy

31 December 2008

Bioscience companies by design are lean operations with heavy up-front funding requirements, which makes them especially vulnerable in today’s economy. BioNJ, the trade association for the US state of New Jersey's bioscience industry, has launched the Troubled Times Tool Kit.

The virtual program was developed to assist New Jersey's bioscience companies by providing strategies and tactics for weathering the current economic storm.

“New Jersey’s bioscience industry has a longstanding tradition of coming together to support colleagues when times get tough,” said Debbie Hart, President of BioNJ.

“We believe that the Tool Kit will provide ongoing strategic support through these challenging times.”

The Tool Kit covers a variety of topics related to the current business environment, including:

  • Overall crisis: Resources which provide an overview of the economic crisis and its impact on the bioscience industry;
  • Strategies: Strategies and commentary/opinion pieces on how best to address the current economic climate;
  • Funding: Resources for identifying funding, making relevant contacts, links to N.J. Government Programs, VCs and others;
  • Experts: Links to BioNJ member experts in such areas as legal, accounting, real estate, careers and others;
  • Cost-saving tools: Programs that can help reduce costs and improve efficiencies; and
  • Career tools: Tips for employers and employees.

Hart noted that the site will be continually evolving with new information added frequently. “BioNJ invites and encourages its members and other interested parties to contribute any resources that they believe will be of use to their colleagues,” she said.

“Their contributions could include white papers/articles on funding, advice on cash retention, legal issues, and restructuring and collaboration strategies as well as expert contacts.”

The programme was introduced at a December 11 BioNJ CFO Forum, Weathering the Current Economic Storm: A Tool Kit for Life Science Companies. The conference featured information and advice from legal, finance, and investor relations/communications professionals, as well as presentations from member companies on their current practices. A detailed summary of the CFO Forum can be found at

The toolkit cn be found on the BioNJ website,

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