Nuvilex Announces Name Change of Subsidiary to Viridis Biotech
December 08 2014 - 09:30AM
InvestorsHub NewsWire
SILVER SPRING, MD. - December 8, 2014 -
InvestorsHub NewsWire - Nuvilex, Inc. (OTCQB:
NVLX), a preclinical and clinical-stage biotechnology company
providing cell therapy solutions for the treatment of diseases,
announced today that it has changed the name of its subsidiary,
Medical Marijuana Sciences, Inc., to Viridis Biotech, Inc.
This name change is part of Nuvilex’s continuing process to make
changes at Nuvilex that better reflect its role as a biotechnology
company and to strengthen the Nuvilex brand.
Nuvilex CEO and President, Kenneth L. Waggoner, said of the
decision to change the name to Viridis Biotech, Inc., “We did so to
distinguish ourselves from the numerous medical marijuana companies
that have come into existence in the last year or so that are
usually associated with ‘medical marijuana’ as that term is
understood by so many throughout the country, especially in
Washington and Colorado. We are not a ‘medical marijuana’
company in that sense of the word. Nor are we associated with
the growth, sales or distribution of Cannabis. We
are a biotechnology company focused on the treatment and cure of
serious and deadly diseases.”
The subsidiary’s name “Viridis” is derived from Latin where it
means “green.” Viridis Biotech is developing treatments for
cancers based upon cannabinoids by examining ways to exploit the
benefits of the Cell-in-a-Box® cellulose based live cell
encapsulation technology in optimizing the anticancer effectiveness
of cannabinoids while minimizing or even eliminating the
debilitating side effects usually associated with cancer
treatments.
On December 1, 2014, Nuvilex announced that it had obtained an
exclusive worldwide license from Austrianova to use the unique and
proprietary Cell-in-a-Box® technology in combination
with constituents of Cannabis, known as cannabinoids, or
cannabinoid-like compounds for the development of treatments for
diseases and medical conditions.
Waggoner added, “This exclusive worldwide license will provide
Nuvilex and Viridis Biotech a unique opportunity to develop “green”
approaches to fighting cancers that are both safe and
effective. Our initial targets will be some of the deadliest
and most difficult-to-treat cancers, such as those of the pancreas,
brain and breast, which affect so many individuals in almost every
country of the world.”
About Nuvilex
Nuvilex (OTCQB:
NVLX) is a preclinical and 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 the
well-known anticancer prodrug ifosfamide, together with
encapsulated live cells, which convert ifosfamide into its active
or "cancer-killing" form. Nuvilex is also working towards
improving the quality of life for patients with advanced pancreatic
cancer and on treatments for other types of solid cancerous tumors.
In addition, Nuvilex is developing treatments for cancer
based upon chemical constituents of Cannabis known as
cannabinoids. Nuvilex is examining ways to exploit the
benefits of Cell-in-a-Box® technology in optimizing the
anticancer effectiveness of cannabinoids, while minimizing or even
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, which affect hundreds of
thousands of individuals worldwide every year.
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 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.
Investor Relations Contacts:
Clare Matschullat
Blueprint Life Science Group
Telephone: 415.375.3340 Ext. 106
cmatschullat@bplifescience.com