On January 9, 2023 Hepion Pharmaceuticals, Inc. (NASDAQ:HEPA), a clinical stage biopharmaceutical company focused on Artificial Intelligence ("AI")-driven therapeutic drug development for the treatment of fibrotic diseases, including non-alcoholic steatohepatitis ("NASH"), hepatocellular carcinoma ("HCC"), and other chronic diseases, reported the receipt of $2.9 million in net proceeds from the sale of tax benefits pursuant to the Company’s participation in the New Jersey Economic Development Authority ("NJEDA") NOL program under the New Jersey Economic Recovery Act of 2020, and receipt of a C$416,415 (US$309,000) Alberta Innovation Employment Grant (Press release, Hepion Pharmaceuticals, JAN 9, 2023, View Source [SID1234626063]).
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NJEDA’s NOL program enables qualified, New Jersey-based technology or biotechnology companies to sell net operating losses 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 ("R&D") or other allowable expenditures.
Alberta’s Innovation Employment Grant program encourages economic growth by supporting small and medium-sized businesses that invest in R&D with a grant worth up to 20% of qualifying expenditures. The program promotes investment and diversification by rewarding all R&D spending in Alberta, Canada, regardless of the industry.
"We appreciate the support of both the State of New Jersey and the Province of Alberta to support innovation within their respective business communities," said Robert Foster, PharmD, PhD, Hepion’s CEO. "This non-dilutive funding adds to the approximate $59.1 million in cash we had as of the end of Q3-2022, further strengthening the Company’s balance sheet as we continue to advance rencofilstat, our lead oral drug candidate for the treatment of NASH and HCC."