Xechem Receives $560,000 From Sale Of New Jersey State Net Operating Losses
Xechem International, Inc. (OTC BB: XKEM) Xechem International announced today it has received $566,360 from the sale of net operating losses (NOL's) generated in prior tax years by the Company and its wholly owned subsidiary, Xechem, Inc. as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority (NJEDA). Under the NJEDA's Program, emerging biotechnology firms such as Xechem operating within specified zones in the State of New Jersey with unused net operating loss carryovers and unused research and development credits are allowed to surrender those benefits for use by other tax-paying entities in exchange for cash payments. The goal of the Program is to offer qualifying companies financial resources to conduct research and transfer research discoveries into viable commercial products. This marks the fifth year in a row that Xechem has received cash for the sale of tax losses under the Program.
Dr. Ramesh C. Pandey, the Chairman and Chief Executive Officer of Xechem International and Xechem Inc. said "We are pleased and grateful that the State of New Jersey places such a high priority on helping advance the prospects of emerging biotechnology companies such as Xechem by allowing us to generate cash from net loss carryovers that would otherwise have little if any value to us. The monies available under the NJEDA Program have provided Xechem with a consistent source of meaningful funding year after year, and we hope and expect to continue benefiting from this worthwhile program in the years to come."
About Xechem
Xechem International, Inc. is a development stage biopharmaceutical company focusing on anticancer, antiviral (including AIDS), antifungal, Sickle Cell Disease (SCD), antimalarial and antibacterial products from natural sources, including microbial and marine organisms. Xechem's mission is to bring relief to the millions of people who suffer from these diseases. Its focus is on the development of phyto-pharmaceuticals and other proprietary technologies, including those used in the treatment of orphan diseases. Its primary attention and resources are currently being directed toward the development and commercial launch of its Sickle Cell drug, NICOSAN(TM)/HEMOXIN(TM), which has shown efficacy in the treatment of SCD. |
