Citius Pharmaceuticals Inc., a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products, has received $2.4 million in non-dilutive capital through New Jersey’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, funded through the New Jersey Economic Development Authority (NJEDA).
 
The NOL Program enables participants to sell their New Jersey net operating losses and unused R&D tax credits to unrelated profitable corporations for cash. Up to $75 million is available annually. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the NOL Program.
 
“Citius is pleased to have been selected to participate, once again, in New Jersey’s NOL Program. This program allows us to convert certain losses from operations into non-dilutive funding to continue advancing our pipeline. We are thankful to the NJ Economic Development Authority for their support, and the added financial flexibility these funds provide Citius,” stated Jaime Bartushak, Chief Financial Officer of Citius.

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