NEW YORK (GenomeWeb) – Cancer Genetics today said that it has received $1.1 million in net cash proceeds from the transfer of tax credits approved by the New Jersey Economic Development Authority's Technology Business Tax Certificate Transfer program. Â
The tax program enables NJ-based tech and biotech firms to sell "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, to turn their tax losses and credits into cash proceeds to fund additional R&D, buy equipment and/or facilities, or cover other allowable expenditures," Cancer Genetics said.
The Rutherford, NJ-based molecular diagnostics developer and lab testing firm received the cash proceeds, which are net of administrative and sales expenses and fees associated with the program, this month.
"This non-dilutive capital will help to accelerate the development and commercialization of precision oncology technologies in multiple cancer indications as well as solidify our commitment to bring innovation in the biotech industry to the state of New Jersey," Cancer Genetics CEO Panna Sharma said in a statement.
Shares of Cancer Genetics were down around 1 percent at $1.85 in early Thursday trade on the Nasdaq.