LAWRENCEVILLE, N.J. - IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage biotechnology company, has announced the receipt of $1.3 million in net cash proceeds from the sale of its unused New Jersey net operating losses (NOLs).
The transaction was made possible through the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer (NOL) program, which allows companies to sell their NOLs to other profit-generating corporations within the state.
This non-dilutive funding is part of IMUNON's strategy to strengthen its balance sheet without affecting shareholder equity. According to Jeffrey W. Church, IMUNON’s executive vice president and CFO, the company has sold over $19 million of unused NOLs in the past six years, which reflects a balance between the high costs of research and drug development and the company's commitment to its shareholders.
The NOL program is designed to support technology and biotechnology companies by converting tax losses and credits into cash to fund research and development, expand the workforce, and cover other approved expenses. IMUNON is among several companies that qualified for this competitive funding this year.
IMUNON focuses on developing DNA-mediated immuno-oncology therapies and next-generation vaccines. Its lead clinical program, IMNN-001, targets advanced ovarian cancer and is currently in Phase 2 development. The company is also progressing with a first-in-human study of its COVID-19 booster vaccine, IMNN-101.
The company's statement also contained forward-looking information, cautioning that such statements involve risks and uncertainties, including changes in research and development activities, clinical trial analysis, and the inherent risks associated with clinical trials.
This financial move is based on a press release statement and represents a step by IMUNON to secure additional funding for its ongoing clinical programs and operational needs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.