Continuing its commitment to bolster the Garden State’s robust technology ecosystem, the New Jersey Economic Development Authority (EDA) announced today that 40 New Jersey technology and biotechnology companies have been approved to share over $35 million in Fiscal Year 2017 through the State’s Technology Business Tax Certificate Transfer (NOL) Program.
Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise non-dilutive cash to finance their growth and operations.
“Entrepreneurs have long touted the NOL Program as critical to the continued growth of their companies,” EDA Chief Executive Officer Melissa Orsen said. “We routinely hear from the industry about the positive effects the program has on providing them with working capital they need to hire new employees or to further their development.”
Agile Therapeutics, a specialty pharmaceutical company in Princeton that focuses on the development of innovative women’s healthcare products, has repeatedly benefited from the NOL Program. The funding has helped Agile Therapeutics support operations during its IPO process.
“This program has been an important part of our overall funding strategy and we are very appreciative to have been a recipient of this valuable source of non-dilutive financing,” said Al Altomari, President and Chief Executive Officer of Agile. “Proceeds from the program have supported the advancement of our Phase 3 clinical study for our novel once-weekly low dose combined hormonal contraceptive patch that we expect to complete by the end of this year. Programs like this help make it possible for scientific advancements to take place here in the Garden State and we appreciate the strong support that New Jersey provides to our industry.”
Since the program was established in 1999, more than 500 unique businesses have been approved for awards totaling over $905 million. Sixteen companies are participating in the NOL program for the first time this year. Twenty-one companies have previously participated in other programs and initiatives offered by the State, such as the Angel Investor Tax Credit Program, the EDA’s semi-annual New Jersey Founders and Funders event, and additional resources available through the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick.Related Articles: