SILVER SPRING, Md., Aug. 5, 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, is pleased to provide shareholders with an operational update.
The Company has made significant strides in several areas over the past few months. Our recent accomplishments and future initiatives include the following:
- The Company has acquired a new subsidiary, Bio Blue Bird AG ("BBB"), which included its worldwide exclusive licenses, for the live-cell encapsulation-based pancreatic cancer treatment and the use of the live-cell encapsulation technology for the development of treatments for many types of cancer. With the exclusive licenses now owned by a Nuvilex subsidiary, Bio Blue Bird AG, management is having the cells assessed and prepared for the planned pancreatic cancer trial, engaging Austrianova Singapore for GMP encapsulation, preparing to have the protocol designed and complete all necessary regulatory steps required to conduct a new clinical trial based upon the use of the live-cell encapsulation-based cancer treatment. All of the production and manufacturing of the encapsulated cells required for future studies will be carried out by Austrianova Singapore. In connection with the acquisition of BBB, Nuvilex acquired a 14.5% ownership stake in SG Austria.
- Nuvilex secured the acquisition of the BBB subsidiary, without issuing 100 million shares to BBB's parent company, SG Austria, which was contemplated in the original purchase agreement. As a result, potential shareholder dilution of greater than 20% was averted.
- The Company intends to acquire the worldwide exclusive rights to the use of the live-cell encapsulation technology for the development of treatments for diabetes from SG Austria. The Company anticipates closing the acquisition on or about October 31, 2013. Funds for this acquisition have already been committed, the final paperwork is executed, and was reported in the recent 8-K submitted to the SEC July 17, 2013. Management believes that a significant opportunity exists in utilizing the live-cell encapsulation treatment for diabetic patients as early tests have demonstrated the potential elimination of the need for insulin therapy. We are planning for future in-depth studies to begin in early 2014.
- As part of its long-term financial objectives, Nuvilex has strengthened its balance sheet to a level not achieved in over 2 years. For example, the Company settled a $2.2M debt owed to Cornerstone Bank, thus eliminating the largest single liability from its balance sheet. The removal of this line item will be reflected in future filings. Moreover, management expects that the balance sheet will continue to improve in the coming quarters.
- Nuvilex has recently retained the legal services of Loeb & Loeb – a prominent, well respected SEC law firm, to assist it with future business development. The law firm will consult for the Company on SEC regulatory matters as Nuvilex enters the next phase of its biotechnology development program.
Patricia Gruden, Chairman of the Board at Nuvilex, stated, "Dr. Robert Ryan, Dr. Gerald Crabtree and my fellow board members have worked many long hours to achieve the tasks outlined above. There is still more work to be accomplished, but it is with great pride that I can now report that the assets, which now comprise the foundation of our Company, are secure with the completion of the acquisition of BBB. On behalf of the Board of Directors, I thank all Nuvilex shareholders for their continued support and the confidence that has been placed in us as we build lasting, long-term shareholder value."