SILVER SPRING, Md., Oct. 1, 2014 (GLOBE NEWSWIRE) -- Nuvilex, Inc. (OTCQB:NVLX), a clinical-stage biotechnology company providing cell therapy solutions for the treatment of diseases, announced today that Kenneth L. Waggoner, the Chief Executive Officer, President and General Counsel of Nuvilex, has been appointed Chairman of the Board of Directors and that Prof. Dr. Walter H. Günzburg has been appointed to the post of Chief Scientific Officer. In addition, as part of the Company's on-going transition to becoming a fully integrated biotechnology company, Chairman and Chief Financial Officer, Patricia Gruden, Directors Timothy Matula and Robert Bowker and Chief Scientific Officer Dr. Robert F. Ryan have resigned from their respective positions.
"On behalf of the management team and Board, I wish to thank Pat, Tim, Robert and Dr. Ryan for their invaluable contributions to Nuvilex and stewardship through this transitional period. Nuvilex has evolved from a developer of disparate products to a dedicated platform company leveraging its Cell-in-a-Box® cellulose-based live cell encapsulation technology to encapsulate cancer prodrug- and cannabinoid-activating cells that, in combination with these substances, can be used in developing targeted treatments for specific solid-tumor cancers and for diabetes," said Mr. Waggoner. "All of us at Nuvilex are steadfast and aligned in ensuring Nuvilex reaches its potential. To do so, we are in the process of bringing in seasoned life science professionals to facilitate Nuvilex's growth. To this end, it is a pleasure to welcome Prof. Dr. Walter Günzburg," concluded Mr. Waggoner.
Dr. Günzburg is the Co-Founder and Chairman of SG Austria, Chief Technical Officer of Austrianova and co-developer of Nuvilex's proprietary platform, Cell-in-a-Box®. He has also been a full Professor of Virology at the University of Vienna since 1996. Prior to starting Austrianova, Dr. Günzburg was the Director of the Christian Doppler Laboratory for Gene Therapeutic Vector Development. Before his directorship, he served as a scientific advisor to the international vaccine developer, Bavarian Nordic, and was also involved in their IPO. Other biotech companies that Dr. Günzburg has served in an advisory capacity include Paktis and Liponova in Germany and Tocagen in the United States. Currently, Dr. Günzburg is on the Board of ViruSure, a virus and prion testing company in Vienna that he co-founded. He has also been actively involved in European ethics and regulatory affairs in the fields of cell and gene therapy, as well as xenotransplantation, for many years.
"It has been my honor to serve Nuvilex in various capacities over my tenure at the company. I wish the new Board and Leadership Team all the best as Nuvilex continues to innovate and grow in the life science sector," commented Mrs. Gruden. Dr. Ryan, who was instrumental in bringing the Cell-in-a-Box® technology into Nuvilex, commented, "There have been significant developments within Nuvilex over the past several months that will enable rapid progress in developing treatments for cancer and diabetes using the Cell-in-a-Box® technology. I am pleased with these advances and believe that, ultimately, this technology will be used to help countless individuals around the world who suffer from these serious and even deadly diseases. I am gratified to have played a role in this worthy endeavor and am delighted to know the future of Nuvilex is in good hands."
Nuvilex (OTCQB:NVLX) is a clinical stage biotechnology company focused on developing and preparing to commercialize treatments for cancer and diabetes based upon a proprietary cellulose-based live cell encapsulation technology known as Cell-in-a-Box®. This unique and patented technology will be used as a platform upon which treatments for several types of cancer, including advanced, inoperable pancreatic cancer, and diabetes are being built. Nuvilex's treatment for pancreatic cancer involves low doses of the well-known anticancer prodrug ifosfamide, together with encapsulated live cells, which convert ifosfamide into its active or "cancer-killing" form. In concert with these efforts, Nuvilex is working towards improving the quality of life for patients with advanced pancreatic cancer and on treatments for other cancers. In addition, Nuvilex is developing cancer treatments based upon chemical constituents of marijuana known as cannabinoids. To do so, Nuvilex is examining ways to exploit the benefits of the Cell-in-a-Box® technology in optimizing the anticancer effectiveness of cannabinoids, while minimizing or outright eliminating the debilitating side effects usually associated with cancer treatments. This provides Nuvilex a unique opportunity to develop "green" approaches to fighting deadly cancers, such as those of the pancreas, brain and breast that affect hundreds of thousands of individuals worldwide every year.
This press release may contain forward-looking statements regarding Nuvilex and its future events and results that involve inherent risks and uncertainties. The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to Nuvilex or its management, are intended to identify forward-looking statements. Important factors, many of which are beyond the control of Nuvilex, that could cause actual results to differ materially from those set forth in the forward-looking statements include Nuvilex's ability to continue as a going concern, delays or unsuccessful results in clinical trials or flaws or defects regarding its product candidates, changes in relevant legislation or regulatory requirements, uncertainty of protection of Nuvilex's intellectual property and Nuvilex's continued ability to raise capital. Nuvilex does not assume any obligation to update any of these forward-looking statements.
More information about Nuvilex can be found at www.nuvilex.com. It can also be obtained by contacting Investor Relations.
CONTACT: Investor Relations Contacts: Clare Matschullat Blueprint Life Science Group Telephone: 415.375.3340 Ext. 106 firstname.lastname@example.org