Business
IMUNON Receives $1.3 Million from Sale of its New Jersey Net Operating Losses
Non-dilutive funding strengthens balance sheet and extends current operating runway LAWRENCEVILLE, N.J., March 25, 2024 (GLOBE NEWSWIRE) -- IMUNON, Inc.
About this update from Imunon, Inc.
[{"type":"text","content":"Non-dilutive funding strengthens balance sheet and extends current operating runway LAWRENCEVILLE, N.J., March 25, 2024 (GLOBE NEWSWIRE) -- IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage drug-development company focused on developing DNA-mediated immuno-oncology therapies and next-generation vaccines, announces receipt of $1.3 million in net cash proceeds from the sale of approximately $1.4 million of its unused New Jersey net operating losses (NOLs). The NOL sales are administered through the New Jersey Economic Development Authority’s (NJEDA) Technology Business Tax Certificate Transfer (NOL) program. This non-dilutive funding further strengthens the Company’s balance sheet. “This program offered by the NJEDA provides IMUNON with investor-friendly ways to finance its clinical development programs,” said Jeffrey W. Church, IMUNON’s executive vice president and CFO. “The sale of more than $19 million of unused New Jersey NOLs over the past six years reflects the balance between the high cost of research and drug development and a focus on our shareholders. We extend thanks to the NJEDA for their efforts to foster continued investment and growth for businesses in New Jersey.” The Technology Business Tax Certificate Transfer administered by the NJEDA enables qualified companies to sell up to $20 million of their unused New Jersey net operating losses and R&D tax credits to unaffiliated, profit-generating corporate taxpayers in the state of New Jersey. The economic development program is designed to allow technology and biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, expand its workforce and cover other allowable expenditures. IMUNON is one of several biotechnology/technology companies to qualify in this competitive process to share in the funding this year. For more details on this NOL program, please visit www.njeda.com. About IMUNON IMUNON is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. IMUNON is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®, is developed for the coding of p...