$NVLX worldwide exclusive rights for Nuvilex to use Austrianova's Cell-in-a-Box(TM) obligation fulfilled
SILVER SPRING, Md., Jan. 30, 2014 (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 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(TM) 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(TM) technology for the development of treatments for diabetes.
Cell-in-a-Box(TM) 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(TM) 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(TM) 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(TM) 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."
http://finance.yahoo.com/news/nuvilex-nvlx-ac...ntentstory
