Nutra Pharma Corp., a biotechnology company that is developing drugs for HIV and Multiple Sclerosis has today announced that its drug discovery division, ReceptoPharm, has signed a nonbinding letter of intent with Zhong Xin Dong Tai Co., Ltd. (Nanogene Biotechnology), to create a joint venture in China aimed at developing the Company’s antiviral drug, RPI-MN, for the Chinese market. RPI-MN is ReceptoPharm’s lead drug candidate being researched for the treatment of HIV/AIDS and other viral disorders.
“We are excited about the opportunity to create this joint venture with such a well established Chinese company,” explained Paul Reid, CEO of ReceptoPharm, Inc. “Nanogene Biotechnology’s existing supply of raw material is sufficient to produce up to 200 million doses of RPI-MN, which we believe would be enough to treat everyone infected with HIV in China for one year. The joint venture will produce and market the antiviral drugs for the Chinese market,” he added.
Under the proposed Joint Venture, Nanogene Biotechnology will provide drug raw material and the required financing, including the funding of clinical trials in China, necessary to meet all required Chinese governmental consents and approvals. ReceptoPharm will provide the Joint Venture with the bulk drug substance. As is necessary to comply with Chinese law, Nanogene Biotechnology will have the controlling interest in the new entity. However, ReceptoPharm will retain ownership of all intellectual property, trade secrets and other confidential information relating to the drug and its manufacture.
“This joint venture with Nanogene Biotechnology will provide ReceptoPharm with access to a very large antiviral market that would otherwise be unavailable to non-Chinese companies,” commented Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. “According to a recent report published by the Chinese government and the World Health Organization, over 650,000 people in China are living with HIV,” he concluded.
Nanogene Biotechnology was founded in 1994 and employs over 100 people. The Company is currently located in the Shandong Province in eastern China.
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 signing of the nonbinding letter of intent with Nanogene Biotechnology 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.