VaxInnate Corporation said on Tuesday that it received $2.1 million through New Jersey's Technology Business Tax Certificate Transfer Program to further vaccine research and development.
VaxInnate said this is the fifth year the company has been selected to participate in the program. The program was designed to stimulate innovation and create jobs by offering assistance to early-state biotechnology life sciences and technology firms.
VaxInnate said it would use the funding to continue research and development of vaccines for infectious diseases, including seasonal and pandemic flu, dengue and Clostridium difficile.
The company is one of 54 to receive funding from the program, which supplies approximately $60 million annually. Companies that receive funding are allowed to sell New Jersey tax losses and research and development tax credits in order to raise money.
The companies must be approved by the N.J. Economic Development Authority. The N.J. Division of Taxation determines the value of tax benefits and the N.J. Commission on Science and Technology assesses the technology.
"Programs like this one help make it possible for scientific advancements to take place here in the Garden State and we have every confidence that VaxInnate will contribute in that arena," VaxInnate President and CEO Wayne Pisano said.