PRINCETON, N.J., May 7, 2020 /PRNewswire/ -- Soligenix, Inc. (NASDAQ:SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today that it has received approximately $840,000, net of transaction costs, in non-dilutive financing via the state of New Jersey's Technology Business Tax Certificate Transfer Program.
This competitive program enables approved technology and biotechnology businesses to sell their unused Net Operating Loss (NOL) Carryovers and unused Research and Development (R&D) Tax Credits to unaffiliated, profitable corporate taxpayers in the state of New Jersey. This allows businesses with NOLs to turn their tax losses and credits into cash proceeds to fund additional R&D, purchase equipment and/or facilities, or cover other allowable expenditures. The New Jersey Economic Development Authority's (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.
"Receipt of this non-dilutive funding is a welcomed addition to our non-dilutive government grant and contract funding," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "This is our ninth year receiving NOL funding, which now totals approximately $5.6 million. We are, again, very thankful for NJEDA's continued support of its biotechnology industry."