After declining through all of September, Nuvilex, Inc. (OTCMKTS:NVLX, NVLX message board) has had a good run throughout most of this month that was fueled by a series of optimistic press releases made by the company.
The announcement that the company has applied for an Orphan Drug Designation for their Cell-in-a-Box® treatment for pancreatic cancer and that they have entered into an agreement with the University of Technology in Sydney really spiced things up and it seemed like the ticker was headed for the top of the charts despite no deadlines being announced for the former.
This shouldn’t be much of a surprise considering that NVLX has strong support on investor forums and it also boasts a pretty decent balance sheet that should see them through to mid-2015. Here is what the company recorded in their report for the second quarter.
- cash: $2.89 million
- current assets: $3.06 million
- total assets: $8.19 million
- current and total liabilities: $371 thousand
- revenues since inception: $0
- quarterly net loss: $1.58 million
The fact that NVLX hasn’t generated any revenues since its inception and the significant net loss isn’t shocking considering it’s a development stage biotech company. It is considered a long play as it is in the process of developing its treatment and is making some serious steps in that direction.
More recently there was a press release made by Stock Market Media Group (SMMG) on October 29 touting the company and its progress. It is good to note that SMMG was compensated $5 thousand per month for coverage of NVLX by a third party and a principal at the outlet owns 200 thousand shares of NVLX stock that have been eligible for sale since April 30, 2014.
Anyway, the press release didn’t manage to reverse the downward direction of NVLX and the ticker is still slowly sliding down the charts. The …read more