Nutra Pharma has announced its intention to begin the drug registration process in Brazil and Colombia 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 Brazil and Colombia 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.
“Beginning the drug registration process in Brazil and Colombia offers us the opportunity to introduce our over-the-counter pain reliever into countries that have significant portions of their populations suffering from chronic pain, but lack sufficient access to opioid-based analgesics,” explained Dr. Paul Reid, CEO of ReceptoPharm. “We have already begun conversations with potential South American licensees and plan to initiate the drug registration process in both countries as we move into 2010,” he added.
Nutra Pharma introduced a similar pain medicine in the United States in August under the brand Cobroxin. The drug, which was developed by Nutra Pharma’s wholly-owned drug discovery subsidiary, ReceptoPharm, is currently available 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.
“We are excited to begin the drug registration process in Brazil and Colombia, as these two countries make up approximately 60% of the population of South America and represent the most important entry-points for launching our pain reliever into the entire South American market,” commented Rik J Deitsch, Chairman and CEO of Nutra Pharma. “While we complete our drug registration in Brazil and Colombia, we plan to continue building our international presence by registering our pain drug in additional countries worldwide,” he concluded.
In September, Nutra Pharma announced its intention to begin drug registration for its pain reliever in Canada and Europe. Given the existing regulatory requirements in these territories, the Company expects to complete these registrations in the near-term.
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"). Announcing plans to begin the drug registration process in Brazil and Colombia 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.