SILVER SPRING, MD--(Marketwired - Jul 16, 2013) - Nuvilex, Inc. (
As a result of this all-cash transaction, BBB is now Nuvilex's debt-free wholly-owned subsidiary and Nuvilex 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.
Dr. Robert Ryan, President and Chief Executive Officer at Nuvilex stated, "The modifications made in structuring this transaction resulted in a significant and beneficial event for the Company and its shareholders. We were also able to execute the transaction without transferring to SG Austria the 100 million shares initially held in escrow to complete the acquisition. The advantage to our shareholders is a reversal in what would have been an approximately 20% dilutive event of the total outstanding company stock if we would have acquired the SG Austria assets and personnel, as was originally contemplated.
Now, because we acquired 100% of the BBB equity, the subsidiary with the technology licenses and assets, and a 14.5% interest in SG Austria, the Company and our shareholders have realized a substantial non-dilutive net gain because the 100,000,000 shares have now been returned to the Company's treasury. Additionally, we have avoided a significant increase in anticipated operating expenses that would have been associated with the original Asset Purchase Agreement, saving critical capital for use in preparing future clinical trials. The funding and subsequent acquisition has created the driving force and capability to immediately proceed with the preparations for the pancreatic cancer clinical trials."
About Nuvilex
Nuvilex, Inc. (
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Ph: (702) 434-8692