SILVER SPRING, MD--(Marketwired - Aug 23, 2013) - Nuvilex, Inc. (
The restructuring was precipitated by the Company's recent acquisition of Bio Blue Bird AG, now a wholly owned subsidiary of the Company. This acquisition carries with it exclusive worldwide rights to the use of the live-cell encapsulation-based technology for the development of treatments for all types of cancers. This is initially highlighted by the Company's preparations for Phase III clinical trials of its treatment for advanced, inoperable pancreatic cancer.
In order to accomplish its objectives, the Company has restructured itself and created three new divisions, two of which are biotechnology divisions. The first of these, Nuvilex, Inc., will house the live-cell encapsulation technology and all of its associated licenses; the technology will be used for the development of treatments for cancer and diabetes. The second division, Medical Marijuana Sciences, Inc., will focus on the use of constituents of Cannabis for the development of treatments for brain and pancreatic cancers. This division will also include certain products from the Company's Knock-Out Technologies subsidiary. A third non-biotech division will consist of the Company's nutraceutical formulations and their associated product names.
In reflecting on the restructuring, the Company's Chairman of the Board, Patricia J. Gruden, commented, "Because our recent acquisition of Bio Blue Bird AG and its associated licenses represents a substantial and exciting milestone in the Company's development as a biotechnology company, we believe that this restructuring was needed to reflect our more focused corporate identity. The goal of this effort is to better inform both current and future shareholders, as well as the biotech and investment communities, of the Company's decision to target its resources and energies into the success of its biotechnology divisions. While the nutraceutical products have served the Company well in the past, their markets have become very competitive, and the reduced profit margins have warranted the Company's decision to redirect its energies and resources into far more lucrative biotechnology markets."
Ms. Gruden continued, "By virtue of this restructuring, the Company will be able to concentrate on the multi-billion dollar opportunities afforded by the development of life-changing treatments for cancer and diabetes. Our website has been revised to reflect these restructuring changes. The new website can be viewed at www.nuvilex.com.
About Nuvilex, Inc. (
Nuvilex, Inc. is an international biotechnology firm focused on developing and preparing to commercialize treatments for cancer, diabetes and other diseases based on its live, therapeutically valuable, encapsulated cells platform. For more information visit: www.nuvilex.com.
Safe Harbor Statement:
This press release contains forward-looking statements described within the 1995 Private Securities Litigation Reform Act involving risks and uncertainties including product demand, market competition, and meeting current or future plans which may cause actual results, events, and performances, expressed or implied, to vary and/or differ from those contemplated or predicted. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Nuvilex is not obliged to publicly release revisions to any forward-looking statement, reflect events or circumstances afterward, or disclose unanticipated occurrences, except as required under applicable laws.