PDSB - PDS Biotech raises $1.2M via sale of net operating loss tax benefits under New Jersey program

PDS Biotechnology (NASDAQ:PDSB) said that on April 18 it received $1.2M from the net sale of tax benefits to an unrelated, profitable New Jersey corporation as the company participated in the New Jersey Technology Business Tax Certificate Transfer Net Operating Loss (NOL) program for State fiscal year 2021. “The funding will be beneficial to us as we progress through our four Phase 2 oncology trials for PDS0101 and as we transition PDS0103 into human clinical trials," said PDS CFO Matthew Hill. The company said the program enables qualified, unprofitable N.J.-based technology or biotechnology companies with fewer than 225 U.S. employees to sell a percentage of their NOL and research and development tax credits to unrelated profitable corporations. The company added that NOLs may be sold for at least 80% of their value, up to a maximum lifetime benefit of $20M per business. This allows these companies with NOLs to turn tax losses

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PDS Biotech raises $1.2M via sale of net operating loss tax benefits under New Jersey program