When Nuvilex pulls off this acquisition, it will control 2 of the big 3 multi-billion  dollar drug markets -- cancer and diabetes -- with regard to the use of this unique and proprietary live-cell encapsulation technology.

The company's intent is to capture the exclusive worldwide rights for the use of the live-cell encapsulation technology for the development of  treatments for diabetes from SG Austria Pte. Ltd. According to the American Diabetes Association, in the U.S. alone, $176 billion is spent annually on medical costs associated with  diabetes with over $22 billion of that being spent on treatments for the disease.

Recent estimates project that as many as one in three American adults will have diabetes by 2050. With these numbers growing dramatically, so too are the costs for treatment. Nuvilex said it expects to close this deal at the end of October.

By 2020, the annual market for diabetes medicines is projected to reach $65 billion worldwide. Statistics released by the  International Diabetes Federation state that over 370 million people around the world have been diagnosed with diabetes and almost another 190 million remain undiagnosed -- leaving many millions susceptible to the debilitating, and even deadly, complications associated with this disease.