electroCore Completes Sale of New Jersey Tax Benefits
26 Abril 2022 - 9:00AM
electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic
medicine company, today announced that it has completed the sale of
its available tax benefits through the New Jersey Economic
Development Authority’s Technology Business Tax Certificate
Transfer program for fiscal year 2021. As a result, the Company has
received approximately $445,000 in non-dilutive cash from the sale
of these net operating loss (NOL) tax benefits.
“We are pleased to have received $445,000 from the New Jersey
NOL program,” commented Brian Posner, Chief Financial Officer of
electroCore. “This is the third consecutive year that we have
benefited from this program which provides us non-dilutive funding
that will be beneficial to us as we continue to invest in our sales
channels and marketing initiatives to expand consumer awareness of
gammaCore.”
The New Jersey Technology Business Tax Certificate Transfer
program enables qualified, unprofitable NJ-based technology or
biotechnology companies with fewer than 225 US employees (including
parent company and all subsidiaries) to sell a percentage of their
NOL and research and development tax credits to unrelated
profitable corporations. NOLs may be sold for at least 80 percent
of their value, up to a maximum lifetime benefit of $20 million per
business. This allows qualifying technology and biotechnology
companies with NOLs to turn tax losses and credits into cash
proceeds to fund their growth and operations, including research
and development or other allowable expenditures.
About electroCore, Inc.electroCore, Inc. is a
commercial stage bioelectronic medicine company dedicated to
improving patient outcomes through its non-invasive vagus nerve
stimulation therapy platform, initially focused on the treatment of
multiple conditions in neurology. The company's current indications
are the preventive treatment of cluster headache and migraine, the
acute treatment of migraine and episodic cluster headache, the
acute and preventive treatment of migraines in adolescents, and
paroxysmal hemicrania and hemicrania continua in adults.
For more information, visit www.electrocore.com.
About gammaCore™gammaCore™ (nVNS) is the first
non-invasive, hand-held medical therapy applied at the neck to
treat migraine and cluster headache through the utilization of a
mild electrical stimulation to the vagus nerve that passes through
the skin. Designed as a portable, easy-to-use technology, gammaCore
is self-administered by patients, as needed, without the potential
side effects associated with commonly prescribed drugs. When placed
on a patient’s neck over the vagus nerve, gammaCore stimulates the
nerve’s afferent fibers, which may lead to a reduction of pain in
patients.
gammaCore (nVNS) is FDA cleared in the United States for
adjunctive use for the preventive treatment of cluster headache in
adult patients, the acute treatment of pain associated with
episodic cluster headache in adult patients, and the acute and
preventive treatment of migraine in adolescent (ages 12 and older)
and adult patients, and paroxysmal hemicrania and hemicrania
continua in adult patients. gammaCore is CE-marked in the European
Union for the acute and/or prophylactic treatment of primary
headache (Migraine, Cluster Headache, Trigeminal Autonomic
Cephalalgias and Hemicrania Continua) and Medication Overuse
Headache in adults.gammaCore is contraindicated for patients if
they:
- Have an active implantable medical device, such as a pacemaker,
hearing aid implant, or any implanted electronic device
- Have a metallic device, such as a stent, bone plate, or bone
screw, implanted at or near the neck
- Are using another device at the same time (e.g., TENS Unit,
muscle stimulator) or any portable electronic device (e.g., mobile
phone)
Safety and efficacy of gammaCore have not been evaluated in the
following patients:
- Adolescent patients with congenital cardiac issues
- Patients diagnosed with narrowing of the arteries (carotid
atherosclerosis)
- Patients who have had surgery to cut the vagus nerve in the
neck (cervical vagotomy)
- Pediatric patients (less than 12 years)
- Pregnant women
- Patients with clinically significant hypertension, hypotension,
bradycardia, or tachycardia
For more information, please visit
gammaCore.comForward-Looking StatementsThis press
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements regarding electroCore's business prospects, its sales
and marketing and product development plans, future cash flow
projections, anticipated costs, its product portfolio or potential
markets for its technologies, the availability and impact of payor
coverage, the potential of nVNS generally and gammaCore in
particular to treat COVID-19, and other statements that are not
historical in nature, particularly those using terminology such as
"anticipates," "expects," "believes," "intends," other words of
similar meaning, derivations of such words and the use of future
dates. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the ability to obtain additional financing
necessary to continue electroCore's business, sales and marketing
and product development plans, the uncertainties inherent in the
development of new products or technologies, the ability to
successfully commercialize gammaCore™, competition in the industry
in which electroCore operates and general market conditions. All
forward-looking statements are made as of the date of this press
release, and electroCore undertakes no obligation to update
forward-looking statements or to update the reasons why actual
results could differ from those projected in the forward-looking
statements, except as required by law. Investors should refer to
all information set forth in this document and should also refer to
the disclosure of risk factors set forth in the reports and other
documents electroCore files with the SEC, available at
www.sec.gov.Contact:Rich CockrellCG
Capital404-736-3838ecor@cg.capital
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