|[December 12, 2013]
Advaxis Approved to Receive Cash Allocation Through New Jersey Technology Business Tax Certificate Transfer (NOL) Program
PRINCETON, N.J. --(Business Wire)--
Advaxis, Inc., (NASDAQ:ADXS), a leader in developing the next generation
of cancer immunotherapies, announced that it is one of 54 companies
approved to share the $60 million allocation through the New Jersey
Technology Business Tax Certificate Transfer (NOL) Program in Fiscal
Year 2014. Each of the 54 selected companies is expected to receive
approximately $1.1 million which is a 21% increase from last year.
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 greatly appreciative of the NJEDA's decision to approve our
application," commented Daniel J. O'Connor, CEO of Advaxis. "We are
continuously identifying programs and resources to bring non-dilutive
funding into the Company. We are grateful to the State of New Jersey for
its continued support of the biotechnology industry and its
unprecedented commitment to growing businesses in the state."
Debbie Hart, President and CEO of BIONJ, commented, "After 14 years,
this program remains an important tool in New Jersey's arsenal in
support of the biotech industry and awards to promising companies such
as Advaxis is exactly the vision that its architects intended."
About Advaxis, Inc.
Advaxis is a clinical-stage biotechnology company developing the next
generation of cancer immunotherapies. Advaxis immunotherapies are based
on a novel platform technology using live, attnuated bacteria that are
bio-engineered to secrete an antigen/adjuvant fusion protein(s) that is
designed to redirect the powerful immune response all human beings have
to the bacterium to the cancer itself.
ADXS-HPV is currently being evaluated in Phase 1 and 2 clinical trials
for HPV-associated cancers: recurrent cervical cancer (completed Phase 2
study conducted in India), locally advanced cervical cancer (GOG/NCI
U.S. study, Clinical Trials.gov Identifier NCT01266460), head & neck
cancer (CRUK study, Clinical Trials.gov Identifier NCT01598792, Mt.
Sinai study, Clinical Trials.gov Identifier NCT02002182), and anal
cancer (BrUOG U.S. study, Clinical Trials.gov Identifier NCT01671488).
Advaxis has over 15 distinct immunotherapies in various stages of
development, developed directly by Advaxis and through strategic
collaborations with recognized centers of excellence such as: the University
of Pennsylvania, the Georgia
Regents University Cancer Center, Icahn
School of Medicine at Mount Sinai, and others.
For more information please visit: www.advaxis.com
This news release contains forward-looking statements, including,
but not limited to: statements regarding Advaxis' ability to sell its
tax losses and credits and raise capital through the New Jersey
Technology Business Tax Certificate Transfer Program and buy equipment
or facilities, or for other allowable expenditures; statements regarding
Advaxis' ability to develop the next generation of cancer
immunotherapies; the safety and efficacy of Advaxis' proprietary
immunotherapy, ADXS-HPV; and whether Advaxis immunotherapies can
redirect the powerful immune response all human beings have to the
bacterium to cancers. These forward-looking statements are
subject to a number of risks, including the risk factors set forth from
time to time in Advaxis' SEC (News - Alert) filings, including but not limited to its
report on Form 10-K for the fiscal year ended October 31, 2012, which is
available at http://www.sec.gov.
Advaxis undertakes no obligation to publicly release the result of any
revision to these forward-looking statements which may be made to
reflect the events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events, except as required by law. You
are cautioned not to place undue reliance on any forward-looking
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