Nutra Pharma Corp., a biotechnology company that is developing drugs for HIV and Multiple Sclerosis has today announced that it has completed its first royalty payment to NanoLogix, Inc for the licensing rights to the technology used in the Designer Diagnostics test kits.
Designer Diagnostics is the wholly-owned medical device subsidiary of Nutra Pharma. The Company currently owns 11 patents and has licensed an additional 18 patents from NanoLogix that protect the technology surrounding the test kits.
“Not only does this royalty payment secure our licensing rights to the test kit technology, but it also confirms our commitment to building Designer Diagnostics and bringing the test kits to market,” explained Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. “We look forward to the future success of Designer Diagnostics and developing a closer relationship with NanoLogix over the next several years,” he added.
The Designer Diagnostics test kits are designed to provide rapid diagnosis and antibiotic-sensitivity testing of Tuberculosis (TB) and Nontuberculous Mycobacterium (NTM). The test kits are much less expensive and offer many benefits, including the ability to provide much earlier diagnosis and the ability to be easily integrated into any lab environment.
"Our licensing partnership with Nutra Pharma and the increasing demand for Designer Diagnostics test kits in Africa and Asia has enabled us to achieve a significant corporate goal of establishing a revenue stream from our patented intellectual property,” commented Bret T. Barnhizer, Chairman, CEO and President of NanoLogix. “We look forward to a long and rewarding partnership and association with Nutra Pharma and anticipate an ever-increasing revenue stream from that association,” he concluded.
Designer Diagnostics is currently in discussions with leading research institutions in the United States to complete human clinical trials for the test kits. Recently, the Company announced positive results of an in-vitro analysis. Normal culturing methods can take as long as 10 weeks to produce results, whereas Designer Diagnostics test kits showed similar results within 10 days.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in Nutra Pharma's ("the Company") business plan. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The royalty payment to NanoLogix should not be construed as an indication in any way whatsoever of the value of the Company or its common stock. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.