Nuvilex Now Has Access to $50 Million With New Banking Agreement
02 June 2014 - 11:00PM
Marketwired
Nuvilex Now Has Access to $50 Million With New Banking Agreement
NEW YORK, NY--(Marketwired - Jun 2, 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.
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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
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