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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