Benzinga | May 12, 2021 08:03AM EDT

Caladrius Biosciences Receives $1.4M In Non-Dilutive Capital Through New Jersey Technology Business Tax Certificate Transfer Program

Caladrius Biosciences, Inc. (NASDAQ:CLBS) ("Caladrius" or the "Company"), a clinical-stage biopharmaceutical company dedicated to the development of cellular therapies designed to reverse disease, today announced that it has received $1.4 million in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program (the "Program") sponsored by the New Jersey Economic Development Authority (NJEDA). The Program enables qualifying New Jersey-based biotechnology or technology companies to sell a percentage of their New Jersey net operating losses ("NOLs") and research and development tax credits to unrelated qualifying corporations.

"We are extremely grateful to the NJEDA for their continued support under this program, through which we have cumulatively converted NOLs into more than $12 million of non-dilutive funding," stated David J. Mazzo, Ph.D., President and Chief Executive Officer of Caladrius. "This additional capital combined with the $90 million we have raised in the public markets since the beginning of 2021 will, among other things, continue to support the advancement and expansion of our CD34+ cell therapy pipeline."