PRINCETON, N.J.--(BUSINESS WIRE)--
Advaxis, Inc. (ADXS), a late-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, has received approval for a $4.8 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 $4.5 million in cash by the end of 2017.
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 additional R&D, buy equipment and/or facilities, or cover other allowable expenditures. Advaxis is one of 39 emerging companies to share in more than $45 million in funding this year.
“The NJEDA’s NOL program is an innovative funding mechanism that enables companies like Advaxis to grow and succeed in New Jersey,” said Anthony Lombardo, interim Chief Executive Officer of Advaxis. “This funding helps us maintain the personnel, laboratory and manufacturing facilities and R&D work needed to advance our clinical pipeline of potentially life-saving immuno-oncology therapeutics for patients battling a variety of cancers.”
About Advaxis, Inc.
Advaxis, Inc., located in Princeton N.J., is a late-stage biotechnology company focused on the discovery, development and commercialization of proprietary Lm-based antigen delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement in immunotherapy as they integrate multiple functions into a single immunotherapy as they access and direct antigen presenting cells to stimulate anti-tumor T-cell immunity, stimulate and activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable the T-cells to eliminate tumors. Advaxis has four franchises in various stages of clinical and pre-clinical development: HPV-associated cancers, prostate cancer, neoantigen therapy and hotspot mutation therapy.
Advaxis Forward-Looking Statement
This press release contains forward-looking statements, including, but not limited to, statements regarding Advaxis’ ability to develop and commercialize the next generation of cancer immunotherapies, and the safety and efficacy of Advaxis’ proprietary immunotherapies. These forward-looking statements are subject to a number of risks including the risk factors set forth from time to time in Advaxis’ SEC filings including, but not limited to, its report on Form 10-K for the fiscal year ended October 31, 2016, which is available at http://www.sec.gov.
Any forward-looking statements set forth in this presentation speak only as of the date of this presentation. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof other than as required by law. You are cautioned not to place undue reliance on any forward-looking statements.