Soligenix receives $750,000 in financing from New Jersey program
The program allows approved, unprofitable biotechnology companies to sell unused net operating loss carryovers and unused research and development tax credits to unaffiliated corporate taxpayers who are considered profitable in New Jersey. New Jersey's program lets biotechnology companies turn their tax losses and credits into proceeds to buy equipment and facilities, fund more research and development and cover other allowable expenses.
Soligenix will add the approximately $750,000 to other non-dilutive funding it received from the Biomedical Advanced Research and Development Authority and the National Institute of Allergy and Infectious Diseases.
"As we are always looking for non-dilutive ways to fund our company, we are once again very pleased with (the New Jersey Economic Development Authority's) decision to approve our application in this year's program," Christopher Schaber, the president and CEO of Soligenix, said. "This NOL funding is a nice addition to other non-dilutive funding we have recently been awarded from BARDA and NIAID. We are very thankful for New Jersey's continued support of its biotechnology industry."
Soligenix said New Jersey was the originator of the program and the first state to both implement and fund the program.
Through its biodefense division, Soligenix is developing countermeasures for inclusion in the U.S. government's Strategic National Stockpile, including a ricin vaccine, RiVax, and an anthrax exposure vaccine, VeloThrax.