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Agile Therapeutics Receives Approximately $6M in Funding From NJ’s Technology Business Tax Certificate Transfer Program

Princeton-based Agile Therapeutics, Inc., a specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive products, announced today that it has received net proceeds of approximately $6 million in non-dilutive financing through the State of New Jersey’s Technology Business Tax Certificate Transfer Program.  The program makes it possible for biotechnology companies to raise funds to finance their business growth and operations.  The New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation administer the program.

“We are very pleased the NJEDA approved our application in this year’s Program,” said Al Altomari, president and CEO of Agile.  “We are thankful for New Jersey’s continued support of its biotechnology industry and its extraordinary commitment to growing businesses in the state.”

The program enables approved biotechnology companies to sell their unused Net Operating Loss Carryovers (NOLs), and unused Research and Development (R&D) Tax Credits for at least 80 percent of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. This allows biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, buy equipment and/or facilities, or cover other allowable expenditures under the Program. The NJEDA determines eligibility for the Program, the New Jersey Division of Taxation determines the value of the available tax benefits (NOLs and R&D Tax Credits).

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