UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
December 23, 2014
CELATOR PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 000-54852 | 20-2680869 | ||
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
| of incorporation) | Identification No.) |
| 200 PrincetonSouth Corporate Center | ||
| Suite 180 | ||
| Ewing, New Jersey | 08628 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (609) 243-0123
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| £ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| £ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| £ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| £ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. | Other Events. |
On December 23, 2014, we received approximately $1,937,000 from the sale of our net operating losses for the year 2014 under the New Jersey Technology Business Tax Certificate Transfer Program of the New Jersey Economic Development Authority, or the NJEDA. This program enables approved, unprofitable New Jersey-based technology and biotechnology businesses to sell their unused net operating loss carryovers and unused research and development tax credits to unaffiliated, profitable corporate taxpayers in New Jersey for at least 80% of the value of the tax benefits. This allows those technology and biotechnology businesses to turn their tax losses and credits into cash to fund equipment and facilities, and for other allowable expenditures. The NJEDA determines eligibility, and the New Jersey Division of Taxation determines the value of the tax benefits. We have been approved to participate in the program for each of the last six years, with the amount received this year being the largest to date.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CELATOR PHARMACEUTICALS, INC. | |||
| By: | /s/ Fred M. Powell | ||
| Fred M. Powell, | |||
| Vice President and Chief Financial Officer | |||
Date: December 23, 2014
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