Full Press Release Details
Nuvilex's Completes Acquisition
of Exclusive Worldwide Rights to Live-Cell Encapsulation Technology for Diabetes
SILVER SPRING, MD., November 7, 2013 (Globe
Newswire) -- Nuvilex, Inc. (NVLX), an international biotechnology company providing cell and gene therapy solutions for the treatment
of diseases, announced today that it has acquired the exclusive worldwide rights to use the cellulose-based live-cell encapsulation
technology for the development of treatments for diabetes from SG Austria Pte. Ltd.
Nuvilex has secured $1.5 million in funding
through the sale of restricted stock to accredited investors at a fixed price of $0.15 per share, a premium to the current market
price per share, to complete this acquisition. One million dollars of the funds will be used for this acquisition. The balance
of the funds will be used for ongoing preparations for Nuvilex's Phase 3 clinical trials in pancreatic cancer.
Nuvilex's decision to make the acquisition
stems, in large part, from the results of "proof-of-principle" studies in which cells that produce insulin were transplanted
into diabetic animals. The diabetic animals had much higher than normal levels of glucose in their bloodstream and had a difficult
time controlling their glucose levels, just as humans with diabetes do. In animals provided with the encapsulated cells, their
blood glucose levels normalized and remained stable for the duration of one six-month study, indicating the encapsulated cells
produced insulin in response to their higher than normal blood glucose levels. The cellulose-based capsules seem to have prevented
the encapsulated cells from being attacked by the diabetic animals' immune systems, even in the absence of immunosuppressive
drugs. Therefore, the encapsulated cells appear to have acted as an artificial or replacement pancreas.
Patricia Gruden, the Chairman and CFO of
Nuvilex, commented, "On behalf of my fellow Board members, I would like to thank both Drs. Ryan and Crabtree for their countless
hours of hard work in securing this potentially world-changing, cutting-edge technology. We have now secured rights to technology
that has the potential to change the manner in which diabetes will be treated in the future. According to a report by Transparency
Market Research, entitled Global Diabetes Devices Market and Diabetes Drugs Market - Industry Scenario, Trends, Analysis,
Size, Share and Forecast, 2011 - 2018,' the global diabetes market for therapeutic devices and drugs is expected to reach
US $114.3 billion by 2018. Nuvilex's plan is to become the world-wide leader in this market."
The President and CEO of Nuvilex, Dr. Robert
F. Ryan, stated, "We are pleased to have secured this critical financing that has now enabled us to acquire the worldwide
rights for the cellulose-based, live-cell encapsulation technology for the development of diabetes treatments. This acquisition
is a major step in the continuing evolution of Nuvilex as a biotechnology company focused on live-cell encapsulation for the treatment
of cancer and diabetes."
is a biotechnology company with the rights to a novel cellulose-based live-cell encapsulation technology that will be used as
a platform upon which treatments for several types of cancer, including advanced, inoperable pancreatic cancer, and diabetes may
be built. Nuvilex's treatment for pancreatic cancer involves the use of the widely used anticancer prodrug, ifosfamide,
together with encapsulated live cells that convert ifosfamide into its "cancer-killing" form. Nuvilex's wholly-owned
subsidiary, Medical Marijuana Sciences, Inc., is dedicated to the development of cancer treatments that are based upon constituents
of marijuana. For more information visit: www.nuvilex.com.
Investor Relations Contact:
Marmel Communications, LLC
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