(PublicWire.com Press Release) — NEW YORK, NY, Feb 21, 2014 (Marketwired via COMTEX) — Nuvilex, Inc. (OTCQB: NVLX) just became relevant in the biotech industry. The company can now move forward with its clinical trials for the treatment of advanced inoperable pancreatic cancer after Nuvilex landed a $27 million funding deal that could change the sector for years to come. Funding is always the biggest hurdle for any small biotechnology or pharmaceutical firm, and its why larger firms with competing treatments can often sit back without worry of new competition.
But, as many biotech investors know, it only takes one believer with deep pockets to come along and fund a firm’s clinical trials. It is then that big pharma becomes a bit more aware of their new competitor’s future. Nuvilex has found that believer, and it’s in the form of an institutional investor that will dedicate at least $27 million towards Nuvilex’s future and its Cell-in-a-Box based pancreatic cancer treatment.
Nuvilex and Chicago-based institutional investor Lincoln Park Capital Fund have already completed an initial investment of $2 million, and the company can continue to draw upon an additional $25 million as it advances its clinical trials.
Make no mistake about it —
Nuvilex is now a competitor to biopharmaceutical giants Eli Lilly and Celgene. With the company’s advanced pancreatic cancer treatment that combines the Cell-in-a-Box technology with ifosfamide already providing better results than both Eli Lilly’s gemcitabine alone and Celgene’s Abraxane-gemcitabine combination in two earlier independent Phase II trials, the future for Nuvilex and its investors could get very interesting, very quickly.
The biotechnology sector is a cash intensive arena, and unfortunately to bring world class therapies to bear, it requires a great deal of money. Many companies with great treatments throw in the towel because they can never land that funding. However, the team at Nuvilex worked diligently to convince someone, anyone that Cell-in-a-Box can revolutionize the industry. It’s a process every small firm must endure, and many fail at it.
Nuvilex had the data on their side which probably made convincing Lincoln Park Capital a little bit easier. After all, in pancreatic cancer alone, Nuvilex has the numbers to upset Celgene and Eli Lilly, two companies that have a “gold standard” treatment for advanced inoperable cancer. It’s a treatment that has earned Eli Lilly billions of dollars.
And, one thing is for sure, after Celgene recently gained FDA approval for Abraxane behind the leadership of Dr. Daniel Von Hoff, the biotech is likely not too excited to see Nuvilex receive the money it needed to advance its work in pancreatic cancer.
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