PRINCETON, N.J.--(BUSINESS WIRE)-- Advaxis, Inc., (NASDAQ:ADXS), a leader in developing the next generation of cancer immunotherapies, announced that it is one of 54 companies approved to share the $60 million allocation through the New Jersey Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2014. Each of the 54 selected companies is expected to receive approximately $1.1 million which is a 21% increase from last year.
This competitive program enables companies to sell New Jersey tax losses and/or research and development tax credits for at least 80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. This allows biotechnology businesses with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, buy equipment and/or facilities, or cover other allowable expenditures. The program is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasurys Division of Taxation.
We are greatly appreciative of the NJEDAs decision to approve our application, commented Daniel J. OConnor, CEO of Advaxis (ADXS). We are continuously identifying programs and resources to bring non-dilutive funding into the Company. We are grateful to the State of New Jersey for its continued support of the biotechnology industry and its unprecedented commitment to growing businesses in the state.
Debbie Hart, President and CEO of BIONJ, commented, After 14 years, this program remains an important tool in New Jerseys arsenal in support of the biotech industry and awards to promising companies such as Advaxis is exactly the vision that its architects intended.
About Advaxis, Inc.
Advaxis is a clinical-stage biotechnology company developing the next generation of cancer immunotherapies. Advaxis immunotherapies are based on a novel platform technology using live, attenuated bacteria that are bio-engineered to secrete an antigen/adjuvant fusion protein(s) that is designed to redirect the powerful immune response all human beings have to the bacterium to the cancer itself.
ADXS-HPV is currently being evaluated in Phase 1 and 2 clinical trials for HPV-associated cancers: recurrent cervical cancer (completed Phase 2 study conducted in India), locally advanced cervical cancer (GOG/NCI U.S. study, Clinical Trials.gov Identifier NCT01266460), head & neck cancer (CRUK study, Clinical Trials.gov Identifier NCT01598792, Mt. Sinai study, Clinical Trials.gov Identifier NCT02002182), and anal cancer (BrUOG U.S. study, Clinical Trials.gov Identifier NCT01671488). Advaxis has over 15 distinct immunotherapies in various stages of development, developed directly by Advaxis and through strategic collaborations with recognized centers of excellence such as: the University of Pennsylvania , the Georgia Regents University Cancer Center , Icahn School of Medicine at Mount Sinai, and others.
For more information please visit: www.advaxis.com
This news release contains forward-looking statements, including, but not limited to: statements regarding Advaxis ability to sell its tax losses and credits and raise capital through the New Jersey Technology Business Tax Certificate Transfer Program and buy equipment or facilities, or for other allowable expenditures; statements regarding Advaxis ability to develop the next generation of cancer immunotherapies; the safety and efficacy of Advaxis proprietary immunotherapy, ADXS-HPV; and whether Advaxis immunotherapies can redirect the powerful immune response all human beings have to the bacterium to cancers. These forward-looking statements are subject to a number of risks, including the risk factors set forth from time to time in Advaxis' SEC (SCUR) filings, including but not limited to its report on Form 10-K for the fiscal year ended October 31, 2012, which is available at http://www.sec.gov. Advaxis undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. You are cautioned not to place undue reliance on any forward-looking statements.
Lisa Caperelli, 215-206-1822
Senior Director of Investor Relations and Corporate Communications
Source: Advaxis, Inc.Copyright Business Wire 2013