Nutra Pharma Corp., a biotechnology company that is developing treatments for Adrenomyeloneuropathy (AMN), HIV and Multiple Sclerosis (MS), has announced today that its wholly-owned drug discovery subsidiary, ReceptoPharm, has received a contract from Irish biotechnology firm, Celtic Biotech Ltd., to provide GMP-certified drug production of CB-24 for Celtic Biotech’s upcoming European clinical trial. CB-24 is Celtic Biotech’s leading drug candidate for the treatment of cancer.
“We are pleased to be working with ReceptoPharm to have them supply us with the necessary quantities of GMP-certified CB-24 required to complete our planned Phase I clinical trial in France,” explained John Reid, Managing Director of Celtic Biotech. “Working with ReceptoPharm and its scientific team, comprised of biologics specialists, allows us to feel confident that we will be using the highest quality product in our study,” he continued.
Currently, ReceptoPharm is focused on developing novel therapies for neurological, viral, and autoimmune disorders. The contract from Celtic Biotech represents the first of such for the Company. Completing the contract will be an important milestone for ReceptoPharm, as it provides the Company with its first source of externally generated revenues.
“Expanding our business into outsourced drug production allows ReceptoPharm to fully utilize its GMP-qualified production facilities and provides the Company with an additional revenue stream,” commented Rik J. Deitsch, Chairman and CEO of Nutra Pharma Corporation. “We plan to offer this service to other developmental stage biotechnology firms in addition to continuing our own clinical development initiatives,” he concluded.
Recently, ReceptoPharm announced the completion of its Phase IIb/IIIa clinical trial for the treatment of Adrenomyeloneuropathy. Upon completing the study, the Company agreed to provide ongoing drug provisions to patients enrolled in the study. Data from the trial is expected to be published in early 2009.
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"). Providing clinical drug supplies to Celtic Biotech 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.