TIDMNSCI
RNS Number : 9055Y
NetScientific PLC
18 May 2021
NetScientific plc
("NetScientific", the "Group" or the "Company")
PDS Biotech Receives $4.5M After Selling Its Net Operating Loss
Tax Benefits Through The New Jersey Economic Development
Program
London, UK - 18 May 2021 - NetScientific plc (AIM: NSCI), the
international life sciences and sustainability technology
investment and commercialisation Group, announces that its
portfolio company PDS Biotechnology Corporation (Nasdaq: PDSB)
yesterday announced the receipt of $4.5 million from the net sale
of tax benefits to an unrelated, profitable New Jersey corporation
pursuant to the Company's participation in the New Jersey
Technology Business Tax Certificate Transfer Net Operating Loss
(NOL) program for State Fiscal Year 2020.
Dr. Frank Bedu-Addo, President and Chief Executive Officer of
PDS Biotech commented: "We are pleased to receive an allocation
from the New Jersey NOL program. The funding will be beneficial to
us as we continue to efficiently utilize our resources to advance
our immuno-oncology pipeline through development."
Dr. Ilian Iliev, CEO of NetScientific and Director of PDS
Biotechnology commented: "We are pleased at PDS' successful sale of
historical losses for a substantial amount. This is a great example
of a NetScientific portfolio company using non-dilutive sources of
funding to further its growth objectives."
NetScientific holds 5.75% of PDS on an undiluted basis.
The full text of the announcement from PDS Biotechnology is
reproduced below and is available online here:
https://www.pdsbiotech.com/investors/news-center/press-releases/press-releases1/113-2021-news/521-iotecheceives45fterellingtsetperating20210517
###
FLORHAM PARK, N.J., May 17, 2021 (GLOBE NEWSWIRE) -- PDS
Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage
immunotherapy company developing novel cancer therapies and
infectious disease vaccines based on the Company's proprietary
Versamune(R) T-cell activating technology, today announced the
receipt of $4.5 million from the net sale of tax benefits to an
unrelated, profitable New Jersey corporation pursuant to the
Company's participation in the New Jersey Technology Business Tax
Certificate Transfer Net Operating Loss (NOL) program for State
Fiscal Year 2020.
"We are pleased to receive an allocation from the New Jersey NOL
program," said Frank Bedu-Addo, Chief Executive Officer of PDS
Biotech. "The funding will be beneficial to us as we continue to
efficiently utilize our resources to advance our immuno-oncology
pipeline through development."
The NOL program enables qualified, unprofitable NJ-based
technology or biotechnology companies with fewer than 225 U.S.
employees (including parent company and all subsidiaries) to sell a
percentage of net operating losses and research and development
(R&D) tax credits 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. PDS Biotech is one of 49 early-stage
companies to share in approximately $54.5 million of tax credit
transfers approved by NJEDA for the 2020 period.
About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing
a growing pipeline of cancer immunotherapies and infectious disease
vaccines based on the Company's proprietary Versamune(R) T-cell
activating technology platform. Our Versamune(R)-based products
overcome the limitations of current immunotherapy by inducing in
vivo, large quantities of high-quality, highly potent
polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells.
PDS Biotech has developed multiple therapies, based on combinations
of Versamune(R) and disease-specific antigens, designed to train
the immune system to better recognize diseased cells and
effectively attack and destroy them. Our immuno-oncology product
candidates are initially being studied in combination therapy to
potentially enhance efficacy without compounding toxicity across a
range of cancer types. The company's lead investigational cancer
immunotherapy product PDS0101 is currently in Phase 2 clinical
studies in HPV-associated cancers. To learn more, please visit
www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
Forward Looking Statements
This communication contains forward-looking statements
(including within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended) concerning PDS
Biotechnology Corporation (the "Company") and other matters. These
statements may discuss goals, intentions and expectations as to
future plans, trends, events, results of operations or financial
condition, or otherwise, based on current beliefs of the Company's
management, as well as assumptions made by, and information
currently available to, management. Forward-looking statements
generally include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include
words such as "may," "will," "should," "would," "expect,"
"anticipate," "plan," "likely," "believe," "estimate," "project,"
"intend," "forecast," "guidance", "outlook" and other similar
expressions among others. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: the Company's ability to protect its
intellectual property rights; the Company's anticipated capital
requirements, including the Company's anticipated cash runway and
the Company's current expectations regarding its plans for future
equity financings; the Company's dependence on additional financing
to fund its operations and complete the development and
commercialization of its product candidates, and the risks that
raising such additional capital may restrict the Company's
operations or require the Company to relinquish rights to the
Company's technologies or product candidates; the Company's limited
operating history in the Company's current line of business, which
makes it difficult to evaluate the Company's prospects, the
Company's business plan or the likelihood of the Company's
successful implementation of such business plan; the timing for the
Company or its partners to initiate the planned clinical trials for
PDS0101, PDS0203 and other Versamune(R) based products; the future
success of such trials; the successful implementation of the
Company's research and development programs and collaborations,
including any collaboration studies concerning PDS0101, PDS0203 and
other Versamune(R) based products and the Company's interpretation
of the results and findings of such programs and collaborations and
whether such results are sufficient to support the future success
of the Company's product candidates; the success, timing and cost
of the Company's ongoing clinical trials and anticipated clinical
trials for the Company's current product candidates, including
statements regarding the timing of initiation, pace of enrollment
and completion of the trials (including our ability to fully fund
our disclosed clinical trials, which assumes no material changes to
our currently projected expenses), futility analyses, presentations
at conferences and data reported in an abstract, and receipt of
interim results, which are not necessarily indicative of the final
results of the Company's ongoing clinical trials; the acceptance by
the market of the Company's product candidates, if approved; the
timing of and the Company's ability to obtain and maintain U.S.
Food and Drug Administration or other regulatory authority approval
of, or other action with respect to, the Company's product
candidates; and other factors, including legislative, regulatory,
political and economic developments not within the Company's
control, including unforeseen circumstances or other disruptions to
normal business operations arising from or related to COVID-19. The
foregoing review of important factors that could cause actual
events to differ from expectations should not be construed as
exhaustive and should be read in conjunction with statements that
are included herein and elsewhere, including the risk factors
included in the Company's annual and periodic reports filed with
the SEC. The forward-looking statements are made only as of the
date of this press release and, except as required by applicable
law, the Company undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
###
Further details and the information required in accordance with
the requirements of Article 19(3) of the EU Market Abuse Regulation
No 596/2014 are set out at the end of this announcement.
For more information, please contact:
NetScientific Via Walbrook PR
Ilian Iliev, CEO
WH Ireland (NOMAD, Financial Adviser
and Broker)
Chris Fielding / Darshan Patel +44 (0)20 7220 1666
Walbrook PR +44 (0)20 7933 8780 or netscientific@walbrookpr.com
Nick Rome / Nicholas Johnson / Paul 07748 325 236 / 07884 664 686 / 07980
McManus 541 893
About NetScientific
NetScientific plc (AIM: NSCI) is a holding company, that invests
in, develops, commercialises and realises shareholder value in life
sciences/healthcare, sustainability and technology companies, which
offer significant growth potential predominately in the UK and USA,
as well as globally.
With the acquisition of EMV Capital in August 2020, the Group
doubled its portfolio from 8 to 17 companies, either through direct
subsidiary, balance sheet investment or capital under advisory,
varying from start-up private companies to publicly listed
equities.
NetScientific delivers shareholder returns through a proactive
and hands-on management approach to their portfolio companies;
identifying, investing in, and helping to build game-changing
companies. The Group targets value inflection points and the
release of value through partial or full exits from trade sales,
public listings, or equity sales. The Company has a strong
transatlantic and growing international presence, providing
attractive expansion prospects.
NSCI can deploy a capital-light investment structure; utilising
the power of the PLC Brand, and the NetScientific balance sheet to
anchor future investments and achieve a multiplier effect by
attracting 3rd party investment for the portfolio companies.
NetScientific is headquartered in London, United Kingdom, and
was admitted to trading on AIM, a market operated by the London
Stock Exchange, in 2013 (website: www.netscientific.net ).
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