electroCore Completes Sale of New Jersey Tax Advantages

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ROCKAWAY, NJ, April 26, 2022 (GLOBE NEWSWIRE) — electroCore, Inc. ECORa commercial-stage bioelectronic medicine company, today announced that it has completed the sale of its tax benefits available under the New Jersey Economic Development Authority’s Technology Company Tax Certificate Transfer Program for the United States. fiscal year 2021. As a result, the company received approximately $445,000 in non-dilutive cash from the sale of these net operating loss (NOL) tax benefits.

“We are delighted to have received $445,000 from the New Jersey NOL program,” commented Brian Posner, chief financial officer of electroCore. “This is the third consecutive year that we have benefited from this program which provides us with non-dilutive funding which will benefit us as we continue to invest in our sales channels and marketing initiatives to increase consumer awareness of gammaCore. .”

The New Jersey Technology Business Tax Certificate Transfer program allows qualified, unprofitable technology or biotechnology companies based in New Jersey with fewer than 225 U.S. employees (including parent company and all subsidiaries) to sell a percentage of their tax credits. NOL tax and research and development to unrelated profitable businesses. companies. NOLs can be sold for at least 80% of their value, up to a maximum lifetime profit of $20 million per company. This allows qualifying technology and biotechnology companies with NOLs to turn losses and tax credits into cash proceeds to fund their growth and operations, including research and development or other eligible expenses.

About electroCore, Inc.
electroCore, Inc. is a commercial-stage bioelectronic medicine company dedicated to improving patient outcomes through its noninvasive vagus nerve stimulation therapy platform, initially focused on treating multiple conditions in neurology. The company’s current indications are the preventive treatment of cluster headache and migraine, the acute treatment of migraine and episodic cluster headache, the acute and preventive treatment of migraine in adolescent, paroxysmal hemicrania and continuous hemicrania in adults.

For more information, visit www.electrocore.com.

About gammaCore™
gammaCore™ (nVNS) is the first non-invasive manual medical therapy applied to the neck to treat migraine and cluster headache through the use of mild electrical stimulation of the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore is self-administered by patients as needed without the potential side effects associated with commonly prescribed medications. When placed on a patient’s neck above the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may result in reduced pain for patients.

gammaCore (nVNS) is cleared by the FDA in the United States for adjunctive use for the preventive treatment of cluster headaches in adult patients, the acute treatment of pain associated with episodic cluster headaches in adult patients, and the acute treatment and preventive of migraine in adolescents (12 years and older) and adult patients, and paroxysmal hemicrania and continuous hemicrania in adult patients. gammaCore is CE marked in the European Union for the acute and/or prophylactic treatment of primary headache (migraine, cluster headache, trigeminal autonomic headache and hemicrania continua) and medication overuse headache in adults.

gammaCore is contraindicated for patients if they:

  • Have an active implantable medical device, such as a pacemaker, hearing aid implant, or other implanted electronic device
  • Having a metal device, such as a stent, bone plate, or bone screw, implanted at or near the neck
  • Use another device at the same time (eg TENS unit, muscle stimulator) or any portable electronic device (eg cell phone)

The safety and efficacy of gammaCore have not been evaluated in the following patients:

  • Adolescent patients with congenital heart problems
  • Patients diagnosed with narrowing of the arteries (carotid atherosclerosis)
  • Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy)
  • Pediatric patients (under 12 years old)
  • Pregnant women
  • Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia

For more information, please visit gammaCore.com

Forward-looking statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding electroCore’s business prospects, plans for sales and marketing and product development, future cash flow projections, anticipated costs, its product pipeline or potential markets for its technologies, the availability and impact of payer coverage, the potential of nVNS in general and of gammaCore specifically to address COVID-19, and other statements that are not historical in nature, particularly those that use terms such as “anticipates”, “expects”, “believes”, “has intention”, other words of similar meaning, derivations of these words and the use of future dates. Actual results could differ from those projected in the forward-looking statements due to many factors. These factors include, among others, the ability to obtain additional financing necessary to pursue electroCore’s business, sales and marketing and product development plans, the uncertainties inherent in the development of new products or technologies, the ability to successfully market gammaCore™, competition in the industry in which electroCore operates and general market conditions. All forward-looking statements are made as of the date of this press release, and electroCore undertakes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. , unless necessary. by the law. Investors should refer to all information contained in this document and should also refer to the disclosure of risk factors contained in the reports and other documents filed by electroCore with the SEC, available at www.sec.gov.

Contact:
rich rooster
CG Capital
404-736-3838
[email protected]

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