Advaxis to get $1.6M through New Jersey Technology Business Tax (NOL) Program

Advaxis, a clinical-stage biotechnology company developing cancer immunotherapies, has received preliminary approval for a $1.8 million tax credit from the New Jersey Technology Business Tax Certificate Transfer (NOL) Program for the year 2015.

Daniel J. O’Connor, Advaxis CEO

Advaxis said in a press release on Tuesday it expected to be able to transfer this credit and receive approximately $1.6 million in cash in December.

Advaxis notes that the New Jersey Economic Development Authority (EDA) administers this program that enables companies to sell New Jersey net operating losses and R&D tax credits for at least 80 percent of the value of the tax benefits, up to a maximum lifetime benefit of $15 million per business.

This allows technology and 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, Advaxis says.

Daniel J. O’Connor, CEO of Advaxis has welcomed the New Jersey EDA’s preliminarily approval, as it offers the opportunity to bring approximately $1.6 million of non-dilutive funding to Advaxis.

“The State of New Jersey continues to demonstrate its commitment to fostering innovation in the New Jersey biotechnology industry, and proceeds from the NOL Program will enable further development of our Lm Technology platform,” O’Connor said.

Advaxis adds that over the past three years, it has received approximately $4 million of non-dilutive funding from New Jersey through the NOL program.