Business
electroCore Completes Sale of $1.4 Million of NJ NOL Tax Benefits
ROCKAWAY, NJ, June 09, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced that it
About this update from Electrocore, Inc.
[{"type":"text","content":"ROCKAWAY, NJ, June 09, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced that it has completed the sale of $1.4 million of its available tax benefits through the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer program for fiscal years 2019 and 2020. As a result, the Company has received approximately $1.4 million in non-dilutive cash from the sale of these net operating loss (NOL) tax benefits. “This transaction strengthens our balance sheet and further improves our cash position,” commented Brian Posner, Chief Financial Officer of electroCore. “The funding will extend our efforts in commercializing gammaCore and fortify our ability to expand our non-invasive vagus nerve stimulation (nVNS) therapy into new markets.” The New Jersey Technology Business Tax Certificate Transfer program enables qualified, NJ-based technology or biotechnology companies with NOLs and fewer than 225 U.S. employees to sell a percentage of their NOL tax credits to unrelated profitable corporations. NOLs may be sold for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business. This allows qualifying technology and biotechnology companies with NOLs to turn tax losses and credits into cash proceeds to fund their growth and operations, including research and development or other allowable expenditures. About electroCore, Inc. electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its platform non-invasive vagus nerve stimulation therapy initially focused on the treatment of multiple conditions in neurology. The company’s current indications are for the preventative treatment of cluster headache and migraine and acute treatment of migraine and episodic cluster headache. For more information, visit www.electrocore.com. About gammaCoreTM gammaCoreTM (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated...