OncoSec to Receive Approximately $885,000 Through New Jersey Technology Business Tax (NOL) Program
SAN DIEGO and PENNINGTON, N.J., Dec. 16, 2019 /PRNewswire/ -- OncoSec Medical Incorporated ("OncoSec") (Nasdaq:ONCS), a company developing late-stage intratumoral cancer immunotherapies, today announced the Company has received preliminary approval for a tax credit from the New Jersey Technology Business Tax Certificate Transfer (NOL) Program for the year 2019. The Company anticipates it will be able to transfer this credit and receive approximately $885,000 in cash.
This competitive program – administered by the New Jersey Economic Development Authority (EDA) – enables companies to sell New Jersey net operating losses and R&D tax credits for at least 80 percent of the value of the tax benefits, up to a maximum lifetime benefit of $15 million per business. This allows technology and biotechnology companies 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.
"We are very pleased the New Jersey EDA has approved our NOL application, as it offers the opportunity to bring approximately $885,000 of non-dilutive funding to OncoSec," said Daniel J. O'Connor, CEO of OncoSec. "As a biotech company committed to being careful stewards of our shareholder's capital, we moved our corporate headquarters to the State of New Jersey for its terrific tax incentive program and dedication to fostering innovation in the New Jersey biotechnology industry. We expect proceeds from the NOL program to continue to grow annually and help fund further development of our TAVO™ programs."
About OncoSec Medical Incorporated
OncoSec is a clinical-stage biotechnology company focused on developing cytokine-based intratumoral immunotherapies to stimulate the body's immune system to target and attack cancer. OncoSec has built a deep and diverse clinical pipeline utilizing its primary technology, TAVO™ (tavokinogene telseplasmid) as a potential treatment for multiple cancer indications either as a monotherapy or in combination with leading checkpoint inhibitors; with the latter potentially enabling OncoSec to address a great unmet medical need in oncology: anti-PD-1 non- responders. In addition to TAVO™, OncoSec is identifying and developing new DNA-encoded therapeutic candidates and tumor indications for use with its new Visceral Lesion Applicator (VLA), to target deep visceral lesions, such as liver, lung or pancreatic lesions. For more information, please visit www.oncosec.com.
TAVO™ is a trademark of OncoSec Medical Incorporated.
Forward Looking Statements
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The factors that could cause our actual results to differ materially include: the status, progress and results of our clinical programs; our ability to obtain regulatory approvals for, and the level of market opportunity for our product candidates; our business plans, strategies and objectives, including plans to pursue collaboration, licensing or other similar arrangements or transactions; expectations regarding our liquidity and performance, including expense levels, sources of capital and ability to maintain operations as a going concern; the competitive landscape of our industry; and general market, economic and political conditions; and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.
Head of Corporate Communications
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SOURCE OncoSec Medical Incorporated
Released December 16, 2019