Advaxis (ADXS) Approved for $2.7M NJEDA NOL Program Tax Credit
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Advaxis, Inc. (Nasdaq: ADXS) has received preliminary approval for a $2.7 million tax credit from the New Jersey Economic Development Authority’s (NJEDA) New Jersey Technology Business Tax Certificate Transfer (NOL) program. The company anticipates it will be able to transfer this credit and receive more than $2.5 million in cash by the end of 2016.
This competitive program – administered by the NJEDA – 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 is one of 40 emerging companies to share in more than $35 million in funding this year.
“The EDA’s NOL program is an innovative funding mechanism that enables companies like Advaxis to grow and succeed here in New Jersey,” said Daniel J. O'Connor, CEO of Advaxis. “This funding helps us add jobs, laboratory and manufacturing facilities to support our clinical development programs and develop much-needed immuno-oncology therapeutics for patients with cancer.”
For more details on this funding for this year’s NOL program, please visit www.njeda.com/Press-Room/News-Articles/Press-Releases/40-Emerging-Companies-Share-More-Than-$35-Million.
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