Nuvilex, Inc. (OTCQB: NVLX) announced today that as part of its acquisition of SG Austria, Nuvilex will benefit from grant funding previously awarded to SG Austria for its live-cell encapsulation activities and other projects. The total grant funding awarded to SG Austria is approximately $1.5 million. Management expects much of the remaining funding will be utilized over the next 12 months to study, create, and advance preclinical studies of the Company's signature technology platform, Cell In A Box.
Some of the innovative studies the Company have undertaken and plans to become engaged in by utilizing the Nuvilex encapsulated cell platform include animal studies, oncology, stem cells, and antibody production, among others.
Dr. Robert F. Ryan, Nuvilex's Chief Executive stated, "Our efforts demonstrate that companies, groups and agencies that work with Nuvilex's SG Austria via grant support recognize the value of the Nuvilex live-cell encapsulation technology to rapidly and efficiently address present and future needs. Furthermore, we are pleased with the footprint and reputation we are establishing in the biotechnology sector."
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