Celsion Receives $2 Million Allocation Through the New Jersey Technology Business Tax Certificate Transfer (NOL) Program
Celsion Corporation (CLSN)
Last celsion corporation earnings: 11/14 04:05 pm
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Source: GlobeNewswire
Non-Dilutive Funding Strengthens Balance Sheet; Extends Current Operating Runway to Over Three Years LAWRENCEVILLE, N.J., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Celsion Corporation (NASDAQ: CLSN), a clinical stage development company focused on DNA based immunotherapy and next generation vaccines, today announced it has received approval from the New Jersey Economic Development Authority’s (NJEDA) Technology Business Tax Certificate Transfer (NOL) program to sell $2 million of its unused New Jersey net operating losses (NOLs) for the tax years 2018 and 2019. The NOLs are typically sold at a small, single-digit discount to qualified companies with operations in New Jersey. As a result, the Company anticipates it will be able to transfer this credit and receive approximately $1.85 million of net cash proceeds. With this additional funding, the Company expects to report over $54 million in cash and investments at end of the first quarter ending March 31, 2021. This competitive program
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