Caladrius Biosciences to Receive $10.9 Million of Non-Dilutive Capital Through New Jersey Technology Business Tax Certificat...
April 22 2020 - 08:00AM
Caladrius Biosciences, Inc. (Nasdaq: CLBS) (“Caladrius” or the
“Company”), today announced that it has finalized an agreement to
sell $10.9 million in New Jersey net operating losses (“NJ NOLs”)
to a qualifying and approved buyer pursuant to the New Jersey
Economic Development Authority (“NJEDA”)’s Technology Business Tax
Certificate Transfer Program (the “Program”). The Program
enables qualifying New Jersey-based biotechnology or technology
companies to sell a percentage of their NJ NOLs and research and
development tax credits to unrelated qualifying corporations.
“The ability to convert our NJ NOLs into non-dilutive capital is
an exciting development for Caladrius, especially in these
challenging financial times, and we appreciate the NJEDA’s
commitment to supporting research and development for small New
Jersey-based companies,” stated David J. Mazzo, Ph.D., President
and Chief Executive Officer of Caladrius. “I am proud of our team’s
efforts in this process and our continued success accessing
non-dilutive funding from a variety of sources and am delighted
that Caladrius is considered an integral part of New Jersey’s
biopharmaceutical ecosystem. This infusion of capital will, among
other things, support the continued advancement of our CD34+
technology-based clinical programs.”
About Caladrius BiosciencesCaladrius
Biosciences, Inc. is a clinical-stage biopharmaceutical company
dedicated to the development of cellular therapies designed to
reverse, not manage, cardiovascular disease. We are developing a
first- in-class cell therapy product that is based on the notion
that our body contains finely tuned mechanisms for self-repair. Our
technology leverages and enables these mechanisms in the form of
specific cells, using formulations and modes of delivery unique to
each medical indication.
Our leadership team collectively has decades of
biopharmaceutical development experience and world-recognized
scientific achievement in the field of cardiovascular disease,
among other fields. Our goal is to build a broad portfolio of novel
and versatile products that address important unmet medical needs
and bring these products to market to benefit patients, the medical
community and our shareholders. Our current product candidates
include three developmental treatments for ischemic diseases based
on our CD34+ cell therapy platform: CLBS12, recipient of SAKIGAKE
designation (a Japanese regulatory status that is similar in
certain respects to "breakthrough therapy" designation granted by
the U.S. Food and Drug Administration (the "FDA") to eligible
investigational treatments) and eligible for early conditional
approval in Japan for the treatment of critical limb ischemia
("CLI") based on the results of an ongoing clinical trial; CLBS16,
a recently completed Phase 2 proof-of-concept clinical trial in the
U.S. for the treatment of coronary microvascular dysfunction
("CMD"); and CLBS14, an RMAT designated therapy for which we have
finalized with the FDA a protocol for a Phase 3 confirmatory trial
in subjects with no-option refractory disabling angina ("NORDA").
For more information on the company, please
visit www.caladrius.com.
Safe Harbor for Forward Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management’s current
expectations, as of the date of this press release, and involve
certain risks and uncertainties. All statements other than
statements of historical fact contained in this press release are
forward-looking statements including, without limitation, all
statements related to any expectations of revenues, expenses,
cash flows, earnings or losses from operations, cash required to
maintain current and planned operations, capital or other financial
items; any statements of the plans, strategies and objectives of
management for future operations; any plans or expectations with
respect to product research, development and commercialization,
including regulatory approvals; any other statements of
expectations, plans, intentions or beliefs; and any statements of
assumptions underlying any of the foregoing. Without limiting the
foregoing, the words “plan,” “project,” “forecast,” “outlook,”
“intend,” “may,” “will,” “expect,” “likely,” “believe,” “could,”
“anticipate,” “estimate,” “continue” or similar expressions or
other variations or comparable terminology are intended to identify
such forward-looking statements, although some forward-looking
statements are expressed differently. Factors that could cause
future results to differ materially from the recent results or
those projected in forward-looking statements include the “Risk
Factors” described in the Company’s Annual Report on Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
5, 2020 and in the Company’s other periodic filings with the SEC.
The Company’s further development is highly dependent on, among
other things, future medical and research developments and market
acceptance, which are outside of its control. You are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date of this Press Release. Caladrius does not
intend, and disclaims any obligation, to update or revise any
forward-looking information contained in this Press Release or with
respect to the matters described herein.
Contact:
Investors: Caladrius Biosciences, Inc. John Menditto Vice
President, Investor Relations and Corporate Communications
Phone: +1-908-842-0084
Email: jmenditto@caladrius.com
Media: W2O Group Christiana Pascale Phone: +1-212-257-6722
Email: cpascale@w2ogroup.com
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