Advaxis to Receive $1.7M Through New Jersey Technology Business Tax Program

Advaxis, Inc.

, a clinical-stage biotechnology company developing cancer immunotherapies, announced it has received preliminary approval for a $1.9M tax credit from the New Jersey Technology Business Tax Certificate Transfer (NOL) Program for the year 2014. The Company anticipates that it will be able to transfer this credit and receive approximately $1.7 million in cash in mid-December. This competitive program enables companies to sell New Jersey tax losses and/or research and development tax credits for at least 80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. This allows biotechnology businesses with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, buy equipment and/or facilities, or cover other allowable expenditures. The program is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury's Division of Taxation. "We are very pleased the NJEDA has preliminarily approved our NOL application as it offers the opportunity to bring approximately $1.7 million of non-dilutive funding to Advaxis," commented Daniel J. O'Connor, CEO of Advaxis. "The State of New Jersey continues to be a strong supporter of the biotechnology industry, which is critical for Advaxis as we rapidly advance the clinical development of our Lm-LLO cancer immunotherapy platform in multiple, high-need cancer indications."