Citius Pharmaceuticals, Inc., a biopharmaceutical company committed to the development and commercialization of first in-class critical care products recently announced that it received $3.8 million in non-dilutive capital from New Jersey’s Technology Business Tax Certificate Transfer Program. The program, which is also known as the Net Operating Loss (NOL) Program, is funded through the New Jersey Economic Development Authority (NJEDA).
“We are pleased to once again participate in New Jersey’s NOL Program, which enables us to convert net operating losses into meaningful non-dilutive capital,” said Jaime Bartushak, Chief Financial Officer of Citius. “As expected, this funding strengthened our balance sheet and enhances our financial flexibility as we continue executing on our strategy, including supporting the commercial launch of LYMPHIR and advancing our late-stage pipeline programs. We appreciate the continued support of the New Jersey Economic Development Authority and remain committed to disciplined capital allocation that drives long-term shareholder value while advancing important therapies for patients.”
The NOL Program allows 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 for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in New Jersey that is not an affiliated business. This allows these companies that have net operating losses to turn their tax losses and credits into cash to buy equipment, facilities or any other necessities. The NJEDA determines whether a business is eligible and the New Jersey Division of Taxation determines the value of the tax benefits.
Citius Pharmaceuticals, Inc. is a biopharmaceutical company that focuses on first in-class critical care products. Citius Pharmaceuticals owns roughly 74.8% of Citius Oncology, which recently launched LYMPHIR, a targeted immunotherapy for the treatment of adults with relapsed or refractory Stage I-III CTCL who had at least one prior systemic therapy. The company’s late-stage pipeline also includes Mino-Lok®, a catheter lock solution to salvage catheters in patients with catheter-related bloodstream infections, as well as CITI-002 (Halo-Lido), which is a topical formulation for the relief of hemorrhoids.
The $3.8 million secured by the company through the program allows them to continue working on these projects. The additional funding helps promote their work, which in turn helps people in the Garden State and beyond.