Nutra Pharma has announced its intention to begin the registration process in Canada and Europe for its over-the-counter pain reliever. The company is currently marketing a similar analgesic, Cobroxin, in the United States for the treatment of moderate to severe (Stage 2) chronic pain.
Nutra Pharma Corp., a biotechnology company that is developing treatments for Adrenomyeloneuropathy (AMN), HIV and Multiple Sclerosis (MS), has announced today that it plans to begin the drug registration process in Canada and Europe for its over-the-counter (OTC) pain reliever. The company is currently marketing a similar drug in the United States under the brand name Cobroxin for the treatment of moderate to severe (Stage 2) chronic pain.
“We have already started in-depth conversations with regulatory specialists with the intent to begin the registration of our over-the-counter pain reliever in Canada and Europe,” commented Dr. Paul Reid, CEO of ReceptoPharm. “We are confident that our pain reliever can be successfully registered in the near term based on the existing regulatory requirements in those territories,” he added.
According to the North American Chronic Pain Association of Canada, it is estimated that 18% of Canadians suffer from severe chronic pain. Additionally, the Pain in Europe report, which is the largest European survey of chronic pain sufferers, reported that chronic pain is a widespread problem, effecting one in five adults across Europe.
“With populations exceeding 33 million people in Canada and over 830 million people throughout Europe, the combined size of the pain market in these countries potentially exceeds that of the United States,” explained Rik J Deitsch, Chairman and CEO of Nutra Pharma. “As we move forward with the registration process in Canada and Europe, we also plan to continue seeking qualified licensing partners to market and distribute our pain reliever worldwide,” he concluded.
In August, Nutra Pharma introduced Cobroxin, the first OTC pain reliever clinically proven to treat moderate to severe (Stage 2) chronic pain. The drug, which was developed by Nutra Pharma’s wholly-owned drug discovery subsidiary, ReceptoPharm, will be available in October as an oral spray for treating lower back pain, migraines, neck aches, shoulder pain, cramps and neuralgia and as a topical gel for treating joint pain and pain associated with repetitive stress and arthritis. Additionally, the company recently completed a licensing agreement that grants XenaCare Holdings the exclusive marketing and distribution rights to Cobroxin within the United States.
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"). Seeking registration of an over-the-counter analgesic in Canada and Europe 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.