Benzinga | Feb 23, 2021 09:07AM EST

OncoSec Announces Approval Of $2.5M In Tax Credits From NJEDA NOL Program

PENNINGTON, N.J. and SAN DIEGO, Feb. 23, 2021 /PRNewswire/ -- OncoSec Medical Incorporated ("OncoSec") (NASDAQ:ONCS), a late-stage biotechnology company focused on designing, developing and commercializing innovative therapies and proprietary medical approaches to stimulate and to guide an anti-tumor immune response for the treatment of cancer, today announced the approval of $2.5 million in tax credit certificates from the New Jersey Economic Development Authority (NJEDA).

The tax credit certificates are offered to qualified companies through the NJEDA's Technology Business Tax Certificate Transfer Program, which enables eligible technology and biotechnology companies based in New Jersey to sell unused net operating losses (NOLs) and research and development (R&D) tax credits for cash proceeds.

"We appreciate the support of the NJEDA to foster innovation in the New Jersey biotechnology industry and its dedication to growing businesses in the state," said Daniel J. O'Connor, President and Chief Executive Officer of OncoSec. "The NJEDA NOL program provides a mechanism for OncoSec to sell our unused NOLs and R&D tax credits for cash, in effect, providing non-dilutive funding to further advance development of our cytokine-based intratumoral immunotherapies and other pipeline programs, without reducing investor value or adding debt to our balance sheet."