SILVER SPRING, Md., Feb. 11, 2013 (GLOBE NEWSWIRE) -- Nuvilex, Inc. (OTCQB:NVLX) (the "Company"), a clinical stage provider of natural products and cell and gene therapy solutions for the treatment of human diseases, announces today it is establishing a new subsidiary, Medical Marijuana Sciences, Inc., to study the medical applications of marijuana (Cannabis sativa) and develop treatments for serious human diseases.
"The creation of Medical Marijuana Sciences, Inc. is designed to strengthen our portfolio of natural source products and broaden the Company's biotechnology base through studies using medical marijuana," commented Dr. Gerald W. Crabtree, COO of Nuvilex. "We believe that by leveraging the positive data collected from our completed Phase II clinical trial on our living cell encapsulation technology coupled with published research demonstrating the therapeutic benefits of cannabinoids on a variety of indications will immediately position Nuvilex as a leader in the medical cannabis industry."
Nuvilex's President and CEO, Dr. Robert F. Ryan, emphasized, "The work to be carried out by Medical Marijuana Sciences, Inc. will not delay or dilute in any way Nuvilex's collaborative efforts with Austrianova Singapore to carry out planned late-stage clinical investigations using our unique, proprietary, living-cell encapsulation technology for pancreatic cancer and the development of treatments for a wide variety of diseases including other cancers, diabetes, diseases whose treatments may be based on stem cells, viral diseases, and others. The new subsidiary is a means to further employ our core technologies to capitalize on the rapidly growing medical cannabis industry and provide new products for unmet medical needs."About Nuvilex Nuvilex, Inc. (OTCQB:NVLX) has been a provider of all-natural products for many years, has expanded its company to increase its natural product based footprint through medical marijuana studies and is becoming an international biotechnology provider of live, therapeutically valuable, encapsulated cells and services for treatments, research and medicine. Our company's offerings will ultimately include cancer, diabetes and other clinical treatments using the company's natural product knowledge, product base, cell and gene therapy expertise, and live-cell encapsulation technology in addition to other new products currently under development. The Nuvilex, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13494 Safe Harbor Statement This press release contains forward-looking statements described within the 1995 Private Securities Litigation Reform Act involving risks and uncertainties including product demand, market competition, and meeting current or future plans which may cause actual results, events, and performances, expressed or implied, to vary and/or differ from those contemplated or predicted. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Nuvilex is not obliged to publicly release revisions to any forward-looking statement, reflect events or circumstances afterward, or disclose unanticipated occurrences, except as required under applicable laws.
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