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SILVER SPRING, Md., July 11, 2013 (GLOBE NEWSWIRE) --
Nuvilex, Inc. (OTCQB:NVLX), (the "Company"), an international biotechnology company and provider of natural products and cell and gene therapy solutions for the treatment of diseases, announces today the completion of the acquisition of all of the shares of Bio Blue Bird AG ("BBB"), a wholly-owned subsidiary of SG Austria Private Limited (SGA). As a result of this acquisition, BBB is now our wholly-owned subsidiary.
BBB owns exclusive worldwide licenses associated with the live-cell encapsulation-based pancreatic cancer treatment. These licenses include worldwide rights to utilize the live-cell encapsulation platform technology to develop treatments for any and all cancer types, regardless of the cell type encapsulated. As a result, the cells to be used for the pancreatic cancer trials are also protected by BBB's worldwide exclusive license. The funding to complete this acquisition was secured through the sale by the Company to accredited investors of $1.5 million in restricted stock at $0.125 per share. The total purchase price for BBB was $1.5 million.
The acquisition represents a substantial milestone in the development and structure of Nuvilex as a biotechnology company. The broad spectrum of uses that the license for the oncology platform covers will provide Nuvilex with significant growth opportunities in the future for various types of cancers, while complementing the Company's clinical research for pancreatic cancer.
Dr. Robert Ryan, President and Chief Executive Officer at Nuvilex, stated, "With the acquisition now complete, the assets and worldwide licenses are now officially a part of Nuvilex. It is our intention to expand our cancer treatment capabilities and to obtain additional assets to develop treatments for other serious diseases based on cell therapy and live-cell encapsulation."
About Nuvilex Nuvilex, Inc. (OTCQB:NVLX) has been a provider of all-natural products for many years. The company has been expanded to increase its natural product-based footprint through medical marijuana studies. We are an international biotechnology provider of live, therapeutically valuable, encapsulated cells and services for research and medicine. Our company's offerings will ultimately include cancer, diabetes and other 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.
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 review and understand all risks set forth in our Annual Report on Form 10-K before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Nuvilex is not obligated to publicly release revisions to any forward-looking statement, reflect events or circumstances afterward, or disclose unanticipated occurrences, except as required under applicable laws.