Nutra Pharma Corp., a biotechnology company that is developing drugs for HIV and Multiple Sclerosis has announced that ReceptoPharm has signed a letter of intent to be fully acquired by Nutra Pharma Corp.
"We are excited about becoming a part of the Nutra Pharma family," commented Dr. Paul Reid, CEO of ReceptoPharm. "This merger will provide us with the resources needed to complete our various clinical trials in Multiple Sclerosis (MS), HIV, and Adrenomyeloneuropathy (AMN)," he concluded.
Currently Nutra Pharma owns 38.1% of ReceptoPharm. The merger will provide Nutra Pharma with 100% of the outstanding ReceptoPharm stock and complete ownership of the ReceptoPharm intellectual property. In return, ReceptoPharm will initially receive 14 million shares of Nutra Pharma's common stock, with additional shares to be issued upon successful completion of certain performance milestones.
"The ReceptoPharm merger is important for the continued growth of the drug discovery arm of Nutra Pharma," explained Rik J. Deitsch, Chairman and CEO of Nutra Pharma Corporation. "ReceptoPharm is developing drugs that have potential markets in excess of $25 billion. The Company has successfully completed initial preclinical trials and we hope to see continued success through Phase II human trials. We have and will continue to work closely with ReceptoPharm to help bring these drugs to market," he added.
ReceptoPharm is currently studying RPI-MN as a treatment for HIV and RPI-78M as a treatment for Multiple Sclerosis (MS), and Adrenomyeloneuropathy (AMN). They recently announced their approval by the British Medicines and Healthcare Regulatory Agency to begin Phase II human trials for the treatment of AMN.
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 letter of intent to acquire ReceptoPharm 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.