Nuvilex Enters Into an At the Market Banking Agreement With Chardan Capital Markets
May 29 2014 - 10:01AM
Nuvilex, Inc. (OTCQB:NVLX), a clinical-stage international
biotechnology company providing cell and gene therapy solutions for
the treatment of diseases, announced today that it has entered into
an "At the Market" banking agreement with Chardan Capital Markets,
LLC under which Nuvilex may seek to raise up to a total of
$50,000,000 depending upon market conditions and at the discretion
of Nuvilex. In the banking agreement, Chardan Capital Markets will
act as the exclusive placement agent for Nuvilex. The funds will be
used for: (i) late-phase clinical trials in pancreatic cancer with
Clinical Network Services (CNS) in Australia; (ii) 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 (iii) further testing and research for diabetes in
Europe.
Kenneth L. Waggoner, the CEO and President of Nuvilex said of
the agreement, "We are fortunate to have negotiated a banking
agreement of up to $50,000,000 with Chardan Capital Markets. We
also want to thank Lincoln Park Capital for the $2 million
investment we received from them. In light of our banking agreement
with Chardan Capital Markets, we have elected to terminate our
agreement with Lincoln Park Capital pursuant to a mutual
termination agreement. Currently, Nuvilex's cash position
remains strong and we are under no financial pressure to meet any
long or short term cash requirements. Our shareholders should be
assured that Nuvilex has worked diligently to fund our technology
in a responsible fashion so that shareholder value is maximized.
The banking agreement represents a further endorsement by the
marketplace of our efforts to develop disease treatments based on
the "Cell-in-a-Box®" technology and the steps that we have made to
bring those treatments to a point where they can be
commercialized."
In connection with the banking agreement with Chardan Capital
Markets, Nuvilex intends to file an S-3 Registration Statement.
This "At the Market" funding will help Nuvilex preserve shareholder
value. The S-3 Registration Statement will also include shares
currently owned by Lincoln Park Capital.
A more detailed description of the banking agreement with
Chardan Capital Markets and the mutual termination agreement with
Lincoln Park Capital are set forth in Nuvilex's Form 8-K which has
been filed with the SEC and can be reviewed at
http://www.sec.gov/.
About Nuvilex
Nuvilex, Inc. (OTCQB:NVLX) is a clinical stage biotechnology
company focused on commercializing treatments for cancer and
diabetes based upon a proprietary and patented cellulose-based
live-cell encapsulation technology known as Cell-in-a-Box®. This
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 the widely used anticancer prodrug
ifosfamide, together with encapsulated live cells, which convert
ifosfamide into its active or "cancer-killing" form. Nuvilex is
also working towards clinical trials associated with the symptoms
of advanced pancreatic cancer and other abdominal cancers.
About Chardan Capital Markets
Chardan Capital Markets, LLC is an international investment bank
headquartered in New York City, with offices in Los Angeles and
Beijing. Chardan Capital Markets provides a wide array of financial
services including investment banking, capital markets,
international trading and equity research. The investment banking
group focuses on providing banking and advisory services to private
and public companies in small and mid-cap markets. The
institutional coverage of Chardan Capital Markets spans North
America, Europe and Asia. Chardan Capital Markets, LLC is a
registered broker-dealer with the U.S. Securities and Exchange
Commission and is a member of the following: Financial Industry
Regulatory Authority (FINRA); Municipal Securities Rulemaking Board
(MSRB); Securities Insurance Protection Corporation (SIPC); NASDAQ
Stock Market and the NYSE Arca, Inc. To learn more about Chardan
Capital Markets, visit www.chardancm.com.
Safe Harbor
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 in clinical trials or flaws or defects
regarding its products, 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
Contacts.
CONTACT: Investor Relations Contacts:
Marlin Molinaro
Marmel Communications, LLC
Phone: 702.434.8692
mmolinarofc@aol.com
Dillon Heins
CorProminence, LLC
Phone: 218.839.9051
dillonh@corprominence.com