Celsion Receives $2.5 Million in Non-Dilutive Funding from the Sale of its New Jersey State Net Operating Losses and Grant Funding Under the Paycheck Protection Program
Celsion Corporation (CLSN)
Last celsion corporation earnings: 11/14 04:05 pm
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Source: GlobeNewswire
Added Capital Strengthens Balance Sheet, Assures Cash Through Major Phase III OPTIMA Study Data Readout Events Sale of an Additional $2.0 Million of NOL’s Expected in the 4th Quarter of 2020 LAWRENCEVILLE, N.J., April 23, 2020 (GLOBE NEWSWIRE) -- Celsion Corporation (NASDAQ: CLSN), an oncology drug development company, today announced it has received $1.82 million of net cash proceeds from the sale of approximately $1.9 million of its unused New Jersey net operating losses (NOLs) and $632,220 in funding under the Paycheck Protection Program (PPP), the federal government's main initiative to help small businesses disrupted by the COVID-19 pandemic. The NOL sales cover the tax years 2017 and 2018 and are administered through the New Jersey Economic Development Authority’s (NJEDA) Technology Business Tax Certificate Transfer (NOL) Program. With this new $2.5 million funding, coupled with the $4.4 million in net proceeds from the recent registered direct equity offer completed on
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