Princeton-based Soligenix, Inc., a late-stage biopharmaceutical company developing products that address unmet medical needs in the areas of inflammation, oncology and biodefense has recently received approximately $617,000, net of transaction costs, in non-dilutive financing via the State of New Jersey’s Technology Business Tax Certificate Transfer Program.
The Technology Business Tax Certificate Transfer Program enables approved, unprofitable biotechnology businesses to sell their unused Net Operating Loss Carryovers (NOLs) and unused Research and Development (R&D) Tax Credits to unaffiliated, profitable corporate taxpayers in New Jersey. This allows biotechnology businesses 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. The New Jersey Economic Development Authority (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), and the New Jersey Commission on Science and Technology evaluates the technology and its viability. The state of New Jersey was the originator of this program and the first state to implement and fund it.
“As we are always looking for non-dilutive ways to fund our company, we are once again very pleased with NJEDA’s decision to support advancing technology companies with the approval of our application in this year’s program,” stated Christopher J. Schaber, PhD, President and CEO of Soligenix. “This NOL funding is a nice addition to other non-dilutive funding we have been awarded from BARDA and NIAID. We are, again, very thankful for New Jersey’s continued support of its biotechnology industry.”Related Articles: