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Celator Pharmaceuticals awarded USD1.94m from New Jersey's Technology Business Tax Certificate Transfer Programme.

M2 PHARMA-January 6, 2015-Celator Pharmaceuticals awarded USD1.94m from New Jersey's Technology Business Tax Certificate Transfer Programme

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Biopharmaceutical company Celator Pharmaceuticals (NasdaqCM:CPXX) reported on Monday the receipt of about USD1.937m from the sale of its net operating losses under the New Jersey Technology Business Tax Certificate Transfer Programme for 2014.

The company said the programme enables approved, unprofitable New Jersey-based technology and biotechnology businesses to sell their unused net operating loss carryovers and unused research and development tax credits to unaffiliated, profitable corporate taxpayers in New Jersey for at least 80% of the value of the tax benefits.

This allows technology and biotechnology businesses to turn their tax losses and credits into cash to fund equipment and facilities and for other allowable expenditures.

According to Celator, it was approved to sell approximately USD2.08m of net operating losses through this programme in 2014. It has been approved to participate in the programme for each of the last six years, with the amount received this year being the largest to date.

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Publication:M2 Pharma
Geographic Code:1U2NJ
Date:Jan 6, 2015
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