Citius Pharmaceuticals has received $3.8 million in non-dilutive capital through New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, which is funded by the New Jersey Economic Development Authority (NJEDA).
The biopharmaceutical company in Cranford is dedicated to developing and commercializing first-in-class critical care products.
The NOL Program enables Citius to convert net operating losses into meaningful non-dilutive capital, the company said in a release.
The Technology Business Tax Certificate Transfer Program enables approved technology and biotechnology businesses with net operating losses to sell their unused net operating loss carryover (NOL) and unused research and development tax credits (R&D Tax Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that is not an affiliated business.
This is the latest effort by NJEDA to support the state’s health care and pharmaceutical industry. In December, Hill Research, an AI startup relocating from Boston to Bridgewater, received $1.75 million from the NJEDA. The women-led company develops Generative AI agents that accelerate the “last mile” of clinical trials for pharmaceutical companies, helping bring new treatments to market faster.
In October, the Coriell Institute for Medical Research, a renowned biomedical research institution, with the help of NJEDA, officially broke ground on a landmark project that will establish a new life sciences campus and the NJ Coriell Labs Innovation Center in Camden.
The new facility will also house the NJ Coriell Labs Innovation Center, which has been designated as a Strategic Innovation Center (SIC) by the NJEDA.
