SILVER SPRING, Md., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Nuvilex, Inc. (OTCQB:NVLX), an international biotechnology company providing cell and gene therapy solutions for the treatment of diseases, announced today that it has received its share issuance from SGAustria Pte. Ltd. (Austrianova), who owns Austrianova Singapore Pte. Ltd. (Austrianova Singapore), that equates to a 14.5% equity interest in Austrianova.
The issuance of shares by Austrianova fulfils an obligation by Austrianova to Nuvilex that was part of the Asset Purchase Agreement between both companies pertaining to the acquisition of Bio Blue Bird AG and, with it, the worldwide exclusive rights for Nuvilex to use Austrianova's Cell-in-a-Box™ cellulose-based live-cell encapsulation technology for the development of treatments for all types of cancer. Nuvilex has also obtained from Austrianova Singapore the exclusive worldwide rights to use the Cell-in-a-Box™ technology for the development of treatments for diabetes.
Cell-in-a-Box™ is a patented technology whereby living cells can be encapsulated in cellulose-based, pin-head-sized, spherical capsules that are bio-inert, but have pores in their outer walls to permit nutrients to enter and nourish the cells inside them and allow waste products and beneficial substances from the cells to leave. The capsules are fully protective of the living cells inside them and can remain intact in the body over long periods of time. The capsules can be easily administered via needles or through catheters. The Cell-in-a-Box™ technology has shown success in the treatment of pancreatic cancer when combined with the conventional chemotherapy prodrug ifosfamide administered at much lower doses than when it is used against other cancers; as a consequence, markedly reduced drug-associated side effects were experienced by the patients.
The Cell-in-a-Box™ technology was developed and matured under the aegis of Professor Walter H. Gunzburg, Chairman and Chief Technical Officer of Austrianova Singapore, and Dr. Brian Salmons, CEO and President of Austrianova Singapore. Over the past several years, an excellent relationship has developed among Professor Gunzburg, Dr. Salmons and Dr. Robert F. Ryan, Nuvilex's Chief Scientific Officer. Nuvilex believes that this fulfilment of the terms of the Asset Purchase Agreement will advance even further the cooperation and collaboration that has developed between the Austrianova companies and Nuvilex.
Kenneth L. Waggoner, President and CEO of Nuvilex stated "The receipt of shares by Nuvilex equating to a 14.5% equity interest in Austrianova not only completes the terms of the Asset Purchase Agreement between both companies, but also serves to cement further the excellent working relationships that have developed between our respective companies. We look forward to working closely with Professor Gunzburg, Dr. Salmons and their colleagues at Austrianova as we advance the use of the Cell-in-a-Box™ live-cell encapsulation technology in developing treatments for various cancers, for insulin-dependent diabetes and for disease treatments that involve components of marijuana and, in particular, as we prepare for our late-phase clinical trials in advanced pancreatic cancer."
About Nuvilex:
Nuvilex is a biotechnology company focused on developing and preparing to commercialize treatments for cancer and diabetes based upon a proprietary cellulose-based live-cell encapsulation technology, called Cell-in-a-Box™. This unique technology will be used as a platform upon which treatments for several types of cancer, including advanced, inoperable pancreatic cancer, and diabetes are being built. The Company'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 active or "cancer-killing" form. Nuvilex's subsidiary, Medical Marijuana Sciences, Inc., is dedicated to the development of cancer treatments based upon chemical constituents of marijuana known as cannabinoids. To do so, it will examine ways to exploit the benefits of Cell-in-a-Box™ technology in optimizing the anticancer effectiveness of cannabinoids against cancers while minimizing or outright eliminating the debilitating side effects usually associated with cancer treatments. This provides Medical Marijuana Sciences a unique opportunity to develop "green" approaches to fighting deadly cancers, such as those of the pancreas, brain, breast and prostate, that affect hundreds of thousands of individuals worldwide every year.
Safe Harbor:
This press release may contain forward-looking statements regarding Nuvilex and its future events and results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release regarding Nuvilex's financial position, business strategy, plans and objectives of management for future operations and business conditions are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. Important factors, many of which are beyond the control of Nuvilex, that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic or business conditions, changes in legislation or regulatory requirements, conditions of the securities markets, Nuvilex's ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability and other economic, competitive, governmental, regulatory and technical factors affecting the plans, operations, products and services of Nuvilex and its subsidiaries.
Nuvilex has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvilex. Nuvilex does not assume any obligations to update any of these forward-looking statements.
More information about Nuvilex and Medical Marijuana Sciences can be found at www.nuvilex.com and www.medicalmarijuanasciences.com. It can also be obtained by contacting Investor Relations.