MYOS RENS Technology Inc., a biotherapeutics and bionutrition company based in Cedar Knolls, announced Thursday it has been given approval from the New Jersey Economic Development Authority to transfer $1.2 million in available tax benefits.
“This non-dilutive funding will be used for general working capital without reducing investor value or adding debt to our balance sheet,” CEO Joseph Mannello said.
MYOS said it will be able to move its tax benefits through the NJEDA New Jersey Technology Business Tax Certificate Transfer Program, which is a mechanism that allows technology and biotechnology companies to sell their unused net operating loss carryovers and research and development tax credits for cash.
MYOS expects to receive $1.1 million from the sale of its tax benefits by the end of 2018 or January 2019, it said.
“We appreciate the support of the NJEDA to promote innovation in the State of New Jersey and its commitment to growing businesses in the state. Last year we launched two clinical studies, including one at Rutgers University, The State University of New Jersey. As we seek to conduct additional clinical studies, we will continue to look at opportunities in our home state,” Mannello said.
