IMUNON Receives $1.3 Million from Sale of its New Jersey Net Operating Losses
25 March 2024 - 11:30PM
IMUNON, Inc. (NASDAQ: IMNN), a
clinical-stage drug-development company focused on developing
DNA-mediated immuno-oncology therapies and next-generation
vaccines, announces receipt of $1.3 million in net cash
proceeds from the sale of approximately $1.4 million of
its unused New Jersey net operating losses (NOLs). The
NOL sales are administered through the New Jersey Economic
Development Authority’s (NJEDA) Technology Business Tax Certificate
Transfer (NOL) program. This non-dilutive funding further
strengthens the Company’s balance sheet.
“This program offered by the NJEDA provides
IMUNON with investor-friendly ways to finance its clinical
development programs,” said Jeffrey W. Church, IMUNON’s executive
vice president and CFO. “The sale of more than $19
million of unused New Jersey NOLs over the past six years
reflects the balance between the high cost of research and drug
development and a focus on our shareholders. We extend thanks to
the NJEDA for their efforts to foster continued investment and
growth for businesses in New Jersey.”
The Technology Business Tax Certificate Transfer
administered by the NJEDA enables qualified companies to sell up
to $20 million of their unused New Jersey net
operating losses and R&D tax credits to unaffiliated,
profit-generating corporate taxpayers in the state of New
Jersey. The economic development program is designed to allow
technology and biotechnology companies with NOLs to turn their tax
losses and credits into cash proceeds to fund more R&D, expand
its workforce and cover other allowable expenditures. IMUNON
is one of several biotechnology/technology companies to qualify in
this competitive process to share in the funding this year.
For more details on this NOL program, please
visit www.njeda.com.
About IMUNON
IMUNON is a clinical-stage biotechnology company
focused on advancing a portfolio of innovative treatments that
harness the body’s natural mechanisms to generate safe, effective
and durable responses across a broad array of human diseases,
constituting a differentiating approach from conventional
therapies. IMUNON is developing its non-viral DNA technology across
its modalities. The first modality, TheraPlas®, is developed for
the coding of proteins and cytokines in the treatment of solid
tumors where an immunological approach is deemed promising. The
second modality, PlaCCine®, is developed for the coding of viral
antigens that can elicit a strong immunological response. This
technology may represent a promising platform for the development
of vaccines in infectious diseases.
The Company’s lead clinical program, IMNN-001,
is a DNA-based immunotherapy for the localized treatment of
advanced ovarian cancer currently in Phase 2 development. IMNN-001
works by instructing the body to produce safe and durable levels of
powerful cancer-fighting molecules, such as interleukin-12 and
interferon gamma, at the tumor site. Additionally, the Company is
entering a first-in-human study of its COVID-19 booster vaccine
(IMNN-101). We will continue to leverage these modalities and to
advance the technological frontier of plasmid DNA to better serve
patients with difficult-to-treat conditions. For more information
on IMUNON, visit www.imunon.com.
Forward-Looking Statements
IMUNON wishes to inform readers that
forward-looking statements in this news release are made pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Readers are cautioned that such
forward-looking statements involve risks and uncertainties
including, without limitation, unforeseen changes in the course of
research and development activities and in clinical trials; the
uncertainties of and difficulties in analyzing interim clinical
data; the significant expense, time and risk of failure of
conducting clinical trials; the need for IMUNON to evaluate its
future development plans; possible acquisitions or licenses of
other technologies, assets or businesses; possible actions by
customers, suppliers, competitors or regulatory authorities; and
other risks detailed from time to time in IMUNON’s filings with the
Securities and Exchange Commission. IMUNON assumes no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events, new information or otherwise.
Contacts:
IMUNON |
LHA Investor Relations |
Jeffrey W. Church |
Kim Sutton Golodetz |
Executive Vice President, CFO |
212-838-3777 |
and Corporate Secretary |
Kgolodetz@lhai.com |
609-482-2455 |
|
jchurch@imunon.com |
|
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