Business
PDS receives $4.5m from net sale of tax benefits
PDS receives $4.5m from net sale of tax benefits.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9055Y\n NetScientific PLC\n 18 May 2021\n \n \n \n \n NetScientific plc\n \n \n (\"NetScientific\", the \"Group\" or the \"Company\")\n \n \n \n \n \n PDS Biotech Receives $4.5M After Selling Its Net Operating Loss Tax Benefits Through The New Jersey Economic Development Program\n \n \n \n \n \n \n London, UK - 18 May 2021\n \n - NetScientific plc (AIM: NSCI), the international life sciences and sustainability technology investment and commercialisation Group, announces that its portfolio company PDS Biotechnology Corporation (Nasdaq: PDSB) yesterday announced the receipt of $4.5 million from the net sale of tax benefits to an unrelated, profitable New Jersey corporation pursuant to the Company's participation in the New Jersey Technology Business Tax Certificate Transfer Net Operating Loss (NOL) program for State Fiscal Year 2020.\n \n \n \n \n \n \n Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotech commented:\n \n \n \"We are pleased to receive an allocation from the New Jersey NOL program. The funding will be beneficial to us as we continue to efficiently utilize our resources to advance our immuno-oncology pipeline through development.\"\n \n \n \n \n \n \n \n Dr. Ilian Iliev, CEO of NetScientific and Director of PDS Biotechnology commented: \n \n \n \"We are pleased at PDS' successful sale of historical losses for a substantial amount. This is a great example of a NetScientific portfolio company using non-dilutive sources of funding to further its growth objectives.\"\n \n \n \n \n \n \n NetScientific holds 5.75% of PDS on an undiluted basis.\n \n \n \n \n The full text of the announcement from PDS Biotechnology is reproduced below and is available online here: https://www.pdsbiotech.com/investors/news-center/press-releases/press-releases1/113-2021-news/521-iotecheceives45fterellingtsetperating20210517\n ###\n \n FLORHAM PARK, N.J., May 17, 2021 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company's proprietary Versamune® T-cell activating technology, today announced the receipt of $4.5 million from the net sale of tax benefits to an unrelated, profitable New Jersey corporation pur...