Business
electroCore Completes Sale of New Jersey Tax Benefits
ROCKAWAY, N.J., Feb. 15, 2023 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, today
About this update from Electrocore, Inc.
[{"type":"text","content":"ROCKAWAY, N.J., Feb. 15, 2023 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, today announced that it has completed the sale of its available tax benefits through the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer program. As a result, the Company has received approximately $211,000 in non-dilutive cash from the sale of these net operating loss (NOL) tax benefits.“We appreciate the support from the state of New Jersey through its NOL program, which we have benefited from over the past few years,” stated, Brian Posner, Chief Financial Officer of electroCore. “This non-dilutive funding will continue supporting us as we invest in our growing business. We appreciate the support of New Jersey state leadership and the New Jersey Economic Development Authority, which has provided us with approximately $2.7 million of non-dilutive funding over the last three years.”The New Jersey Technology Business Tax Certificate Transfer program enables qualified, unprofitable NJ-based technology or biotechnology companies with fewer than 225 US employees (including parent company and all subsidiaries) to sell a percentage of their NOL and research and development 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 $20 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 and wellness company dedicated to improving outcomes through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. Our focus is the commercialization of medical devices for the management and treatment of certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.For more information, visit www.electrocore.com.Forward-Looking StatementsThis press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-...