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Another life sciences company is putting the state’s Technology Business Tax Certificate Transfer Program to good use.

Agile Therapeutics Inc., a women’s health care company based in Princeton, on April 11 announced it has received $4.7 million in net proceeds from the program, which is sponsored by the New Jersey Economic Development Authority and allows life sciences and tech companies to sell a percentage of their unused net operating loss and R&D tax credits to an unrelated profitable corporation in the state.

“We are pleased to receive these non-dilutive funds from the New Jersey NOL program,” Dennis Reilly, Agile Therapeutics senior vice president and chief financial officer, said in a statement. “The funding will be beneficial to us as we continue to execute on our business plan in 2022. I am most thankful to the New Jersey State leadership and NJEDA for supporting NJ biotechnology companies.”

Under the New Jersey Economic Recovery Act of 2020, the NOL program allows qualifying technology and biotechnology companies to turn their tax losses and credits into cash proceeds to fund growth and operations, including research and development or other allowable expenditures.

On April 7, health technology company CytoSorbents Corp., which has facilities in Monmouth Junction and Princeton, also announced it was participating in the program, receiving approximately $740,000.