Lisata Therapeutics announced that it has received $2.2 million in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer 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 delighted to once again be chosen to participate in the New Jersey NOL program, which allows us today to convert certain state operating losses into tangible working capital," stated David J. Mazzo, Ph.D., Chief Executive Officer of Lisata. "We appreciate the NJEDA’s ongoing support of the New Jersey biopharma community under this program, through which we have cumulatively received nearly $18 million of non-dilutive funding over the past four years. This capital will be allocated towards further advancement of the Company’s clinical development programs."
Published first on TheFly
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