Nutra Pharma Corp., a biotechnology company that is developing drugs for HIV and Multiple Sclerosis, said it has acquired the remaining outstanding equity in its drug discovery holding, ReceptoPharm, Inc.
Prior to the acquisition, Nutra Pharma owned 38.1 per cent of ReceptoPharm. The acquisition of the remaining interest in ReceptoPharm provided Nutra Pharma with 100 per cent of the outstanding ReceptoPharm stock and complete ownership of the ReceptoPharm intellectual property. In return, ReceptoPharm shareholders received 30 million shares of Nutra Pharma's common stock.
"We are extremely pleased to have ReceptoPharm join the Nutra Pharma family as our wholly-owned drug discovery subsidiary," said, Rik J. Deitsch, chairman and CEO, Nutra Pharma Corporation. "ReceptoPharm is developing drugs that have tremendous potential in the biopharmaceutical markets. They have already 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 concluded.
ReceptoPharm is currently studying RPI-MN as a treatment for HIV and RPI-78M as a treatment for Multiple Sclerosis (MS) and Adrenomyeloneuropathy (AMN). In December, ReceptoPharm successfully completed its six-month patient crossover in the phase IIb/IIIa clinical trial for the treatment of AMN.
"Joining the Nutra Pharma family provides us with the resources needed to complete our various clinical trials," said, Paul Reid, CEO, ReceptoPharm. "We look forward to initiating several additional human trials in 2008 and 2009," he added.