Not if you're using the Matlab script node. As I said, LabVIEW just passes along the script to Matlab. No Matlab, no run code.
You can try to use the Mathscript node, which is NI's implementation of a Matlab-like language. It's not exactly the same as Matlab, but for most scripts it works OK. You will need to try out your script to see if it works. Note that that trying to build an executable that uses Mathscript doesn't work with some LabVIEW versions. For instance, you can't build an executable that uses Mathscript with LabVIEW 8. You can with LabVIEW 8.2.