Palm Beach, FL 6/29/12 (StreetBeat) -- Nuvilex, Inc. (OTCBB: NVLX), a biotechnology provider of cell and gene therapy solutions, announced today that the final Asset Purchase Agreement, as amended, has been executed and the transfer of the assets of SG Austria Pte. Ltd. to Nuvilex has begun.
Austrianova Singapore Private Limited (ASPL) and Bio Blue Bird AG (BBB) are now functioning as wholly-owned subsidiaries of Nuvilex, Inc. subject to the terms of the Asset Purchase Agreement between the companies. By acquiring the shares of ASPL and BBB, NVLX has acquired the former SG Austria assets which include, but are not limited to all licenses, IP, patents, personnel, capabilities, and facilities associated with the cell encapsulation technology for cancer treatment and all other applications. Completing this acquisition allows Nuvilex to move forward toward conducting the pancreatic cancer treatment trial and advancing its use for diabetes therapy and stem cells.
The Executive Chairman for SG Austria and ASPL, Professor Dr. Walter Gunzburg commented, "We are pleased to inform our combined shareholders and investors that activities we aimed to complete prior to this point have been accomplished. As a result, our management teams decided the timing was right to complete the transfer of assets."
SG Austria and ASPL's Chief Executive, Dr. Brian Salmons stated, "Together, we see this as an important step that increases our ability to move ahead with our collective operational goals. We anticipate announcing additional information about plans for the live cell encapsulation technology in the near future."
Dr. Robert F. Ryan, Nuvilex's Chief Executive added, "The management teams of both Nuvilex and ASPL have been working closely together and are very pleased to be able to make this transfer of assets happen. We will continue our effort to develop treatments for cancer and other diseases, and we hope to play a substantial role in the future of biotechnology and cell and gene therapy."
Nuvilex, Inc. (NVLX) is an international biotechnology provider of live therapeutically valuable, encapsulated cells and services for research and medicine. Our company's clinical offerings will include cancer, diabetes and other treatments using the company's cell and gene therapy expertise and live-cell encapsulation technology.
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