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					                                                                                   NJ News You Need to Know
are going for $808 for a one-bed-        ing a drug for Alzheimer’s disease.
room and $967 for a two-bedroom,         Memory makes drugs for diseases
                                                                                   Core180 Gets $2.5M
Conifer said.                            of the central nervous system, such       For Its Growth Plan
     The project, which cost $30         as Alzheimer’s and schizophrenia.
million, received $9.5 million in per-         Roche said it would pay 61          HOBOKEN — Telecommunications               Survey: 1 in 5 N.J. Firms Will Shrink Payrolls
manent financing with private equi-      cents a share for Memory, which           network integrator Core180, based          Few New Jersey companies plan to hire additional workers in 2009,
ty generated through federal Low         lost no time shooting up 300 per-         in the city, says it secured $2.5 mil-     and one in five say they will shrink their payrolls, according to the
Income Housing Tax Credits; $7.8         cent from previous levels of              lion in financing through a line of        results of the 2009 Business Outlook Survey by the New Jersey
million from the state Department        around 15 cents to 60 cents on            credit with Silicon Valley Bank in         Business & Industry Association.
of Community Affairs’ Home               Nov. 25. Nearly 30 percent of             Santa Clara, Calif. Core180 says it will        NJBIA, a Trenton-based business advocacy group, released the
Express Program and Balanced             Memory’s shareholders, including          use the funding to further the growth      results last week. Only 17 percent of companies said they expect to
Housing funds; and $11 million in        directors and officers, have agreed       of its operations, which include           increase their number of workers in 2009 — a 3 percent drop from last
construction and permanent               to sell their shares to Roche, the        managing last-mile access to voice         year’s survey and the second-lowest level of the past 28 years. Only the
financing loans from the state           latter stated.                            and data networks for businesses.          1991 survey produced a more negative employment outlook.
Housing and Mortgage Finance                   Memory, in partnership with              Core180 has operations in                  Employers reported a sharp drop in sales, profits and
Agency, according to the DCA.            Roche, already has two drugs              Fairfax, Va., and its clients include      employment over the past year, and 69 percent of respondents said
     The complex is located in Mid-      in development. One, for Alzheimer’s      the military and federal agencies.         their industries were in a recession or heading into one when the
dletown, but has an Atlantic High-       and schizophrenia, is in Phase II clin-   Core180 also partners with com-            survey was conducted in September. “Our survey indicates that New
lands mailing address. – Evelyn Lee      
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