Advaxis, Inc. (NASDAQ:ADXS), a clinical-stage biotechnology company developing cancer immunotherapies, announced the Company has received preliminary approval for a $1.8 million tax credit from the New Jersey Technology Business Tax Certificate Transfer (NOL) Program for the year 2015. The Company anticipates it will be able to transfer this credit and receive approximately $1.6 million in cash in December.
This competitive program – administered by the New Jersey Economic Development Authority (EDA) – 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. This allows technology and biotechnology companies 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.
“We are very pleased the New Jersey EDA has preliminarily approved our NOL application, as it offers the opportunity to bring approximately $1.6 million of non-dilutive funding to Advaxis,” said Daniel J. O’Connor, CEO of Advaxis. “The State of New Jersey continues to demonstrate its commitment to fostering innovation in the New Jersey biotechnology industry, and proceeds from the NOL Program will enable further development of our LmTechnology™ platform.”
Over the past three years, Advaxis has received approximately $4 million of non-dilutive funding from New Jersey through the NOL program. (Original Source)
Shares of Advaxis are trading at $12.09, down $0.29 or 2.34%. ADXS has a 1-year high of $30.13 and a 1-year low of $2.82. The stock’s 50-day moving average is $11.49 and its 200-day moving average is $16.77.
On the ratings front, Advaxis has been the subject of a number of recent research reports. In a report issued on October 5, H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on ADXS, with a price target of $30, which represents a potential upside of 142.3% from where the stock is currently trading. Separately, on September 14, FBR’s Vernon Bernardino maintained a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Swayampakula Ramakanth and Vernon Bernardino have a total average return of -13.3% and -21.0% respectively. Ramakanth has a success rate of 24.1% and is ranked #3751 out of 3847 analysts, while Bernardino has a success rate of 17.3% and is ranked #3824.
Advaxis Inc is a clinical development stage biotechnology company. The company is engaged in developing safe & effective immunotherapies for cancer & infectious diseases.