Business
CytoSorbents Receives $1.1 Million in Non-Dilutive Funding from the New Jersey Business Tax Certificate Transfer Program
Returning $1.4 Million Received from Paycheck Protection Program MONMOUTH JUNCTION, N.J., April 29, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ:
About this update from Cytosorbents Corporation
[{"type":"text","content":"Returning $1.4 Million Received from Paycheck Protection Program\n\n\n\n MONMOUTH JUNCTION, N.J., April 29, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat cytokine storm and deadly inflammation in critically-ill and cardiac surgery patients around the world, today announced that it has received $1,092,698, net of transaction costs, in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority (NJEDA). \n\n \n \n \n \n \n \n\n \n\"We are extremely grateful to the NJEDA for their continued support under this program, through which we have cumulatively received more than $4.8 million in non-dilutive funding. This year's funding of approximately $1.1 million was the largest in our history,\" stated Dr. Phillip Chan, Chief Executive Officer of CytoSorbents. \"Our company and technology have been the beneficiary of approximately $30 million in non-dilutive funding from federal and state agencies through grants, contracts, and other sources. This has helped to advance our technologies and to develop CytoSorb as a leading therapy to treat cytokine storm in life-threatening illnesses around the world.\"\nDr. Chan continued, \"As a result of this funding, access to public capital markets, and our current favorable financial and operating position, we have decided to return the $1.4 million Paycheck Protection Program (PPP) loan we previously received. We applied for this loan when the program was first announced, but we believe these funds should be deployed to small businesses in greater need of support during this difficult time.\"\nThe New Jersey Technology Business Tax Certificate Transfer Program enables approved Technology and Biotechnology Businesses with Net Operating Losses to sell their Unused Net Operating Loss Carryover (NOL) and Unused Research and Development Tax Credits (R&D Tax Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that is not an Affiliated Business. This allows Technology and Biotechnology Businesses with Net Operating Losses to turn their tax losses and credits into cash to buy equipment or facilities, or for other...