electroCore Completes Sale of New Jersey Tax Benefits
February 15 2023 - 8:00AM
electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic
medicine and wellness company, today announced that it has
completed the sale of its available tax benefits through the New
Jersey Economic Development Authority’s Technology Business Tax
Certificate Transfer program. As a result, the Company has received
approximately $211,000 in non-dilutive cash from the sale of these
net operating loss (NOL) tax benefits.“We appreciate the support
from the state of New Jersey through its NOL program, which we have
benefited from over the past few years,” stated, Brian Posner,
Chief Financial Officer of electroCore. “This non-dilutive funding
will continue supporting us as we invest in our growing business.
We appreciate the support of New Jersey state leadership and the
New Jersey Economic Development Authority, which has provided us
with approximately $2.7 million of non-dilutive funding over the
last three years.”The New Jersey Technology Business Tax
Certificate Transfer program enables qualified, unprofitable
NJ-based technology or biotechnology companies with fewer than 225
US employees (including parent company and all subsidiaries) to
sell a percentage of their NOL and research and development tax
credits to unrelated profitable corporations. NOLs may be sold for
at least 80 percent of their value, up to a maximum lifetime
benefit of $20 million per business. This allows qualifying
technology and biotechnology companies with NOLs to turn tax losses
and credits into cash proceeds to fund their growth and operations,
including research and development or other allowable
expenditures.
About electroCore, Inc.electroCore,
Inc. is a commercial stage bioelectronic medicine and wellness
company dedicated to improving outcomes through its non-invasive
vagus nerve stimulation (“nVNS”) technology platform. Our focus is
the commercialization of medical devices for the management and
treatment of certain medical conditions and consumer product
offerings utilizing nVNS to promote general wellbeing and human
performance in the United States and select overseas markets.For
more information, visit www.electrocore.com.
Forward-Looking
StatementsThis press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include, but
are not limited to, statements regarding electroCore's business
prospects, its sales and marketing and product development plans,
future cash flow projections, anticipated costs, its product
portfolio or potential markets for its technologies, the
availability and impact of payor coverage, the potential of nVNS
generally, and other statements that are not historical in nature,
particularly those using terminology such as "anticipates,"
"expects," "believes," "intends," other words of similar meaning,
derivations of such words and the use of future dates. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among
others, the ability to obtain additional financing necessary to
continue electroCore's business, sales and marketing and product
development plans, the uncertainties inherent in the development of
new products or technologies, the ability to successfully
commercialize our products, competition in the industry in which
electroCore operates and general market conditions. All
forward-looking statements are made as of the date of this press
release, and electroCore undertakes no obligation to update
forward-looking statements or to update the reasons why actual
results could differ from those projected in the forward-looking
statements, except as required by law. Investors should refer to
all information set forth in this document and should also refer to
the disclosure of risk factors set forth in the reports and other
documents electroCore files with the SEC, available at
www.sec.gov.
Contact:Rich CockrellCG
Capital404-736-3838ecor@cg.capital
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