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Cancer Genetics Awarded $1.8M from New Jersey Tax Program

NEW YORK (GenomeWeb News) – Cancer Genetics today said that it was awarded $1.8 million from New Jersey's Technology Business Tax Certificate Transfer program.

The program allows technology and biotechnology businesses with net operating losses to sell their unused net operating loss carryover and unused R&D tax credits for at least 80 percent of the value of the tax benefits to a profitable corporate taxpayer in New Jersey that is not an affiliated business. The $1.8 million awarded to Cancer Genetics is net of transaction costs.

In October, the Rutherford, NJ-based cancer genetics testing firm raised $42.2 million in a public offering of its shares.