NEW YORK, NY--(Marketwired - June 02, 2014) - Nuvilex (OTCQB: NVLX) has become quite a busy biotechnology firm of late, and with the announcement of what is now a "two-pronged attack" on pancreatic cancer, the company will most certainly need more money to pull off its plans. Well, last week Nuvilex gained access to just that, a whole lot more money.
In an original funding agreement that was not favorable at all to the company's shareholders, Nuvilex had access to $27 million, but with a new at-the-market banking agreement with Chardan Capital, the company now has access up to $50,000,000 which is $23 million more than it had access to just one week ago.
This new at-the-market banking agreement with Chardan will give the Maryland biotech access up to $50,000,000, the opportunity to get out of a "not-so-friendly" deal with another firm, and it will help the company to preserve shareholder value by allowing it to control the deal.
This is an agreement that should put Nuvilex in a very comfortable place and let it get to work on furthering its treatment for advanced pancreatic cancer and diabetes using the company's Cell-in-a-Box® technology.
Nuvilex said the funds will be used for: late-phase clinical trials in pancreatic cancer with Clinical Network Services (CNS) in Australia; preclinical studies and clinical trials with Translational Drug Development (TD2) to address the symptoms of pancreatic cancer to be conducted in the U.S.; and further testing and research for diabetes in Europe.
About Stock Market Media Group
SMMG is a Research and Content Development IR firm offering a platform for corporate stories to unfold in the media with Reports, Interviews and Articles. SMMG is compensated for Nuvilex content by a third party who reserves the right to buy, sell or remain neutral on securities after the publication of this article. SMMG has received total compensation of $93,960 for content related to Nuvilex. Additionally, a principal at SMMG currently owns 200,000 total shares of Nuvilex issued by the company through a consulting agreement which has since ended for work unrelated to content development. All shares have been held for the requisite period under Rule 144 as of April 30, 2014, and are eligible to be sold immediately without further notice. For more information: www.stockmarketmediagroup.com.