On January 18, 2023 Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, reported it has received approximately $4.7 million of non-dilutive funding through the New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program (Press release, Palatin Technologies, JAN 18, 2023, View Source [SID1234626332]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"We are pleased to take advantage of the New Jersey NOL program which allows us to convert certain state operating losses into tangible working capital today," said Stephen T. Wills, Palatin’s Chief Financial Officer and Chief Operating Officer. "We have received approximately $18 million in non-dilutive funding through the NOL program to date, and we are thankful to the NJ Economic Development Authority for aiding our efforts as we continue to develop drugs for various indications."

The NOL program enables qualified, NJ-based technology or biotechnology companies to sell net operating losses to unrelated profitable corporations. This allows qualifying technology and biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund growth and operations, including research and development or other allowable expenditures.