EWING, N.J., Nov. 11, 2015 /PRNewswire/ -- Celator
Pharmaceuticals, Inc. (Nasdaq: CPXX) announced that the company has
been approved to sell $1,802,000 of
its net operating losses and unused research and development
(R&D) credits under the New Jersey Technology Business Tax
Certificate Transfer Program for the year 2015, for which it
expects to receive $1,675,860 in
non-dilutive financing.
"We are pleased the New Jersey Economic Development Authority
(NJEDA) approved Celator to participate in this program again. The
more than $1.675 million strengthens
our financial position and further extends the company's cash
runway into the second half of 2016 as we progress our lead product
candidate, VYXEOS™, and our technology platform work with
molecularly targeted agents (MTAs)," said Fred M. Powell, vice-president and chief
financial officer of Celator. "We expect to have overall survival
data from the Phase 3 study of VYXEOS, in patients with high-risk
(secondary) acute myeloid leukemia, in the first quarter of 2016
and earlier this week we announced positive results working with
MTAs. Lastly, we appreciate New
Jersey's strong support of the biotechnology industry."
This program enables approved, unprofitable New Jersey-based technology and biotechnology
businesses to sell their unused net operating loss carryovers and
unused research and development credits to unaffiliated, profitable
corporate taxpayers in New Jersey.
This allows those technology and biotechnology businesses to turn
their tax losses and credits into cash to fund equipment and
facilities, and for other allowable expenditures. The NJEDA
determines eligibility and the New Jersey Division of Taxation
determines the value of the tax benefits. Celator has been
approved to participate in the program for each of the last seven
years.
About Celator Pharmaceuticals, Inc.
Celator Pharmaceuticals, Inc., with locations in Ewing, N.J., and Vancouver, B.C., is a clinical stage
biopharmaceutical company that is transforming the science of
combination therapy, and developing products to improve patient
outcomes in cancer. Celator's proprietary technology platform,
CombiPlex®, enables the rational design and rapid evaluation of
optimized combinations incorporating traditional chemotherapies as
well as molecularly targeted agents to deliver enhanced anti-cancer
activity. CombiPlex addresses several fundamental
shortcomings of conventional combination regimens, as well as the
challenges inherent in combination drug development, by identifying
the most effective synergistic molar ratio of the drugs being
combined in vitro, and fixing this ratio in a nano-scale
drug delivery complex to maintain the optimized combination after
administration and ensure its exposure to the tumor.
Celator's pipeline includes lead product, VYXEOS™ (formerly
CPX-351), a liposomal formulation of cytarabine:daunorubicin being
studied for the treatment of acute myeloid leukemia; CPX-1, a
liposomal formulation of irinotecan:floxuridine being studied for
the treatment of colorectal cancer; and a preclinical stage product
candidate, CPX-8, a hydrophobic docetaxel prodrug nanoparticle
formulation, being studied by the National Cancer Institute's
Nanotechnology Characterization Laboratory. The company is
advancing the CombiPlex platform and broadening its application to
include molecularly targeted therapies. The company is
seeking research and development collaborations, applying its
proprietary technologies, with other biotechnology/pharmaceutical
companies.
For more information, please visit Celator's website at
www.celatorpharma.com. Information on ongoing trials is available
at www.clinicaltrials.gov.
Forward-Looking Statements:
To the extent that statements contained in this press release
are not descriptions of historical facts regarding Celator, they
are forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Words such as "may," "will," "expect," "anticipate,"
"estimate," "intend," and similar expressions (as well as other
words or expressions referencing future events, conditions or
circumstances) are intended to identify forward-looking statements.
Examples of forward-looking statements contained in this press
release include, among others, statements regarding the
efficacy and therapeutic potential of VYXEOS™ (formerly
CPX-351), the availability of data from clinical studies, and our
expectations regarding our research and development
programs. Forward-looking statements in this release
involve substantial risks and uncertainties that could cause our
research and development programs, the efficacy and commercial
potential of our drug candidates, and our performance and
achievements to differ significantly from those expressed or
implied by the forward-looking statements. Celator undertakes
no obligation to update or revise any forward-looking statements.
For a further description of the risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Celator in general, see Celator's Form 10-K for the
year ended December 31, 2014,
subsequent reports on Form 10-Q and 8-K, and other filings by
Celator with the U.S. Securities and Exchange Commission.
CONTACTS:
Media:
Mike Beyer
Sam Brown, Inc.
312-961-2502
beyer@sambrown.com
Investors:
Adam Krop
The Trout Group
646-378-2963
akrop@troutgroup.com
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SOURCE Celator Pharmaceuticals, Inc.