PDS Biotech raises $1.2 million after sale of its net operating loss tax benefits through the New Jersey Economic Development Program


PDS Biotechnology Corporation

FLORHAM PARK, NJ, April 19, 2022 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer immunotherapies and infectious disease vaccines based on the company’s Versamune® and Infectimune™ T Cell Activation Technologies announced today that on April 18, 2022 the Company paid $1.2 million from the net sale of tax benefits to an independent, profitable New Jersey company as a result of the Company’s interest in the New Jersey Technology Business Tax has received Certificate Transfer Net Operating Loss (NOL) program for the state fiscal year 2021.

“We are excited about the funding from the New Jersey NOL program,” said Matthew Hill, PDS Biotech’s chief financial officer. “The funding will benefit us as we progress through our four Phase 2 oncology studies for PDS0101 and advance PDS0103 into human clinical trials.”

The New Jersey Technology Business Tax Certificate Transfer Program allows qualified, unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 US employees (including the parent company and all subsidiaries) to transfer a percentage of their NOL and research and development tax credits independent profiteers sell businesses. NOLs can be sold for at least 80 percent of their value, up to a maximum lifetime benefit of $20 million per company. This allows eligible technology and biotechnology companies with NOLs to convert tax losses and credits into cash income to fund their growth and operations, including research and development or other eligible expenses.

About PDS Biotechnology
PDS Biotech is a clinical stage immunotherapy company developing a growing pipeline of molecularly targeted immunotherapies for cancer and infectious diseases based on the company’s Versamune® and Infectimune™ T-cell activating technology platforms. Our versamune®-based products have shown the potential to overcome the limitations of current induction-based immunotherapy in vivo, large quantities of high-quality, highly potent polyfunctional tumor-specific CD4+ helper and CD8+ killer T cells. PDS Biotech has developed several therapies based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products treat multiple cancers, including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar), breast, colon, lung, prostate and cancer ovarian cancer.

Our Infectimune™-based vaccines have demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also potent T-cell responses, including long-lasting memory T-cell responses. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Forward-Looking Statements
This release 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) with respect to PDS Biotechnology Corporation (the “Companies “) and other matters. These statements may discuss goals, intentions and expectations regarding 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 and information currently available, management. Forward-looking statements generally include statements that are forward-looking in nature and depend on or relate to future events or conditions and contain words such as “may”, “will”, “should”, “would”, “expects”, “anticipates” . ”, “plan”, “likely”, “believe”, “estimate”, “forecast”, “intend”, “forecast”, “guidance”, “outlook” and other similar expressions. 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 statements due to a number of factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the company’s anticipated capital requirements, including the company’s expected cash position and the company’s current expectations regarding its plans for future equity financing; the Company’s dependence on additional financing to fund its operations and to complete the development and commercialization of its product candidates and the risks that raising such additional capital could limit the Company’s operations or require the Company to acquire rights to the technologies or product candidates of the give up company; 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 a business plan; the timing for the Company or its partners to initiate planned clinical trials for PDS0101, PDS0203 and other Versamune® and Infectimune™-based product candidates; the future success of such studies; the successful implementation of the Company’s research and development programs and collaborations, including all collaboration studies related to PDS0101, PDS0203 and other Versamune® and Infectimune™-based product candidates 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 recruitment and completion of the trials (including the Company’s ability to to fully fund its disclosed clinical trial (which requires no material changes to our current projected expenditures), futility analysis, conference presentations and data reported in an abstract, and receipt of interim results (including, but not limited to, any pre-clinical results or data) not necessarily indicative of the definitive results of the Company’s ongoing clinical trials; all statements by the Company regarding its understanding of the mechanisms of action of product candidates and the interpretation of pre-clinical and early clinical results from its clinical development programs and collaborative studies; and other factors, including legal, regulatory, political and economic developments beyond the Company’s control, including unforeseen circumstances or other disruptions to normal business operations, arising out of or related to COVID-19. The foregoing summary 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 contained herein and elsewhere, including the risk factors contained in The Company’s annual and interim reports filed with us include the S. The forward-looking statements are made only as of the date of this press release and, except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements or to endorse any other forward-looking statements whether as a result of new information, future events or any other reason.

Versamune® is a registered trademark and Infectimune™ is a trademark of PDS Biotechnology.

Investor contact:
Rich Cockrell
CG capital
Telephone: +1 (404) 736-3838
E-mail: [email protected]


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