Palatin receives $4.7M of non-dilutive funding

Palatin Technologies announced it has received approximately $4.7M of non-dilutive funding through the New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss, or NOL Program. "We are pleased to take advantage of the New Jersey NOL program which allows us to convert certain state operating losses into tangible working capital today," said Stephen T. Wills, Palatin’s CFO and COO. "We have received approximately $18M in non-dilutive funding through the NOL program to date, and we are thankful to the NJ Economic Development Authority for aiding our efforts as we continue to develop drugs for various indications." The NOL program enables qualified, NJ-based technology or biotechnology companies to sell net operating losses to unrelated profitable corporations.