ContraVir Pharmaceuticals to Receive Non-Dilutive Funding through New Jersey Technology Business Tax Certificate Transfer (NO...
November 06 2017 - 6:00AM
ContraVir Pharmaceuticals, Inc. (NASDAQ:CTRV), a biopharmaceutical
company focused on the development and commercialization of
targeted antiviral therapies, announced today it received approval
from the New Jersey Economic Development Authority’s (NJEDA)
Technology Business Tax Certificate Transfer (NOL) program to sell
a percentage of its unused New Jersey net operating losses (NOL’s)
and R&D tax credits. As a result, the company expects to
receive approximately $1.6 million of net cash proceeds prior to
the end of 2017.
"We are pleased to receive additional non-dilutive funding from
the NOL program to help support our clinical development programs
in HBV,” said James Sapirstein, CEO of ContraVir. “This program
serves as an extra source of capital to companies working to save
patient lives, and we greatly appreciate the strong support and
commitment in promoting innovation in our industry in the state of
New Jersey.”
Administered by the New Jersey Economic Development Authority,
the NOL program enables companies to sell New Jersey net operating
losses and R&D tax credits for at least 80 percent of the value
of the tax benefits, up to a maximum lifetime benefit of $15
million per business.
About ContraVir Pharmaceuticals
ContraVir is a biopharmaceutical company focused on the
development and commercialization of targeted antiviral therapies
with a specific focus on developing a potentially curative therapy
for hepatitis B virus (HBV). The Company is developing two novel
anti-HBV compounds with complementary mechanisms of action. TXL™
currently in Phase 2a, is designed to deliver high intrahepatic
concentrations of TFV, while minimizing off-target effects caused
by high levels of circulating TFV. CRV431, the other anti-HBV
compound, is a next-generation cyclophilin inhibitor with a unique
structure that increases its potency and selective index against
HBV. In vitro and in vivo studies have thus far demonstrated that
CRV431 reduces HBV DNA and other viral proteins, including surface
antigen (HBsAg). For more information
visit www.contravir.com.
Forward Looking Statements Certain statements
in this press release are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by the use of forward-looking words such as
"anticipate," "believe," "forecast," "estimated" and "intend,"
among others. These forward-looking statements are based on
ContraVir's current expectations and actual results could differ
materially. There are a number of factors that could cause actual
events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, substantial competition; our ability to continue as a
going concern; our need for additional financing; uncertainties of
patent protection and litigation; uncertainties with respect to
lengthy and expensive clinical trials, that results of earlier
studies and trials may not be predictive of future trial results;
uncertainties of government or third party payer reimbursement;
limited sales and marketing efforts and dependence upon third
parties; and risks related to failure to obtain FDA clearances or
approvals and noncompliance with FDA regulations. As with any drug
candidates under development, there are significant risks in the
development, regulatory approval, and commercialization of new
products. There are no guarantees that future clinical trials
discussed in this press release will be completed or successful, or
that any product will receive regulatory approval for any
indication or prove to be commercially successful. ContraVir does
not undertake an obligation to update or revise any forward-looking
statement. Investors should read the risk factors set forth in
ContraVir's Form 10-K for the year ended June 30, 2017 and other
periodic reports filed with the Securities and Exchange
Commission.
For further information, please contact:
Sharen Pyatetskaya Director of Investor Relations
sp@contravir.com; (732) 902-4028
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