NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Dec. 29, 2005--Xechem International, Inc. (OTC BB: XKEM) Xechem International announced today it has received $566,360 from the sale of net operating losses (NOL’s) generated in prior tax years by the Company and its wholly owned subsidiary, Xechem, Inc. as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority (NJEDA). Under the NJEDA’s Program, emerging biotechnology firms such as Xechem operating within specified zones in the State of New Jersey with unused net operating loss carryovers and unused research and development credits are allowed to surrender those benefits for use by other tax-paying entities in exchange for cash payments. The goal of the Program is to offer qualifying companies financial resources to conduct research and transfer research discoveries into viable commercial products. This marks the fifth year in a row that Xechem has received cash for the sale of tax losses under the Program.
