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BUSINESS: How does New Jersey's biotechnology industry compare with that in the rest of the country?
Tallet: The New Jersey biotech industry is probably similar to the rest of the country. That means raising finance is relatively difficult. I lived through the heady days of the 1980s when promise was everything, and you could raise capital easily. That has changed. People have become more astute investors--partly because of the health-care reform environment and partly because of the cyclical nature of business. Biotech stocks have been less in favor.
BUSINESS: How does New Jersey stack up as a home for the industry?
Tallet: I think it has the third-largest number of firms of any state, but it doesn't have a single large success story, like Amgen in California. Most New Jersey companies are still in their development phase and, as such, need capital and support. Historically, New Jersey has not been a very good state for the industry.
BUSINESS: Why not?
Tallet: First, no initiatives like incubators or loan guarantees existed in the state to support and encourage biotechnology. Second, New Jersey didn't have a reputation of being friendly in terms of environmental regulation and helping young companies through the environmental maze. My company is perfectly happy to follow the rules as long as we know the rules.
BUSINESS: Has this changed at all?
Tallet: I have a strong sense that it is starting to change, particularly with some of the initiatives like the [biotechnology] task force. There is a different mood and more encouragement from the state.
BUSINESS: What would attract a biotechnology firm...