SG Austria gets milestone payment

The Economic Development Board of Singapore has paid milestone payment to SG Austria, an affiliate of Nuvilex.The milestone was paid for achieving key scientific milestones following independent scientific review of the company’s ongoing R&D projects. The payment is part of the previously announced five-year, $1.5m grant funded by the Economic Development Board of Singapore in 2008 and covers four of the company’s ongoing projects.Nuvilex president and CEO Robert Ryan said they can look forward to some of the data being released to the scientific and investor communities in the near future.

“We are also pleased to note that other, separate grant and milestone payments are on track over the next 12 months, increasing the value of our energies in Nuvilex, and in particular our affiliate SG Austria, the live-cell encapsulation platform, and the promises it holds for the scientific and medical fields,” Ryan said.