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Celularity Receives $12.2 Million From Sale of New Jersey Net Operating Losses
Celularity Inc. (Nasdaq: CELU) ("Celularity"), a longevity-focused regenerative and cellular medicine company, today announced receipt of $12.2 Million in net cash proceeds from the sale of approximately $126.3 Million of its unused New Jersey net operating losses (NOLs) and $1.9 Million of unused New Jersey research and development (R&D) tax credits.
The NOLs and R&D tax credits sale was administered through New Jersey's Technology Business Tax Certificate Transfer Program, which enables qualified New Jersey-based technology and life science companies to sell their New Jersey NOLs and R&D tax credits for cash to buyers who purchase and apply the credits to reduce taxable income. The program is operated by the New Jersey Economic Development Authority (NJEDA), which serves as the State's principal agency for driving economic growth.
"The funds Celularity received under this program provide non-dilutive, tax-free capital that strengthens our balance sheet and enhances liquidity as well as supports disciplined capital allocation to commercial opportunities for our GMP-level stem cell and other cell therapies and regenerative medicine programs, all targeting longevity and the preservation of human performance," said Robert J. Hariri, M.D., Ph.D., Chairman and Chief Executive Officer of Celularity. "We are grateful to the New Jersey Economic Development Authority (NJEDA) for their assistance in administering this valuable program supporting technology companies like Celularity," added Dr. Hariri.
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