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Cellphire Investors Again Receive 50% Maryland Biotechnology Investment Incentive Tax Credit

November 17, 2017

Cellphire, Inc. announced today that investors who participated in the $3,000,000 Cellphire funding round that closed in June have received their Final Tax Credit Certificates from the Maryland Department of Commerce awarding them a 50% refundable tax credit for their investments in Cellphire.  They are now able to claim the tax refund by filing their 2017 Maryland resident or non-resident tax return.  In the event they do not owe Maryland income tax, they will receive a check from the State of Maryland.  The Maryland Biotechnology Investment Incentive Tax Credit (BIITC) Program was established to promote private investment in qualified Maryland biotechnology companies like Cellphire.  “The Maryland biotech tax credit continues to be a powerful incentive for private investors to invest in great biotech companies like Cellphire,” said Cellphire CEO Stephen Willard. “Cellphire has now grown to 32 employees and with the State’s continued support we expect to almost triple that number by 2020.”  The BIITC program requires continues to require annual renewal by the Maryland legislature, and it is expected that it will be renewed for the next year at a funding level at or above the current year $12 million appropriation.

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 About Cellphire, Inc. 

Cellphire, Inc. (www.cellphire.com) is working to solve the ubiquitous shortage of platelets for treatment of traumatic bleeding and other blood-related problems.  Platelets are critical to the body’s vascular system, responsible for the body’s ability to stop bleeding.  Unlike other blood products that can be frozen and stockpiled for use when needed, platelets must be stored at room temperature, and they spoil after just five days. Cellphire’s lead product, Thrombosomes®, a human platelet-derived hemostatic agent, uses a proprietary technology to freeze-dry platelets into a powder that can be stored for years, then reconstituted and brought back to life with sterilized water. Cellphire’s platform technology has tremendous potential across a wide range of medical applications from trauma to wound care, anti-coagulant reversal, imaging, targeted drug delivery and regenerative medicine.  

Cautionary Note Regarding Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “anticipated”, “believe”, “expect”, “may”, “plan”, “potential”, “will”, and similar expressions, and are based on Cellphire’s current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the conduct of clinical trials, increased regulatory requirements, Cellphire’s reliance on third parties over which it may not always have full control, and others. Any forward-looking statements speak only as of the date of this press release and are based on information available to Cellphire as of the date of this release, and Cellphire assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Thomas Dann
(240) 268-2489
tdann@cellphire.com

 

Source:  Cellphire, Inc.