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 successfully completed initial discussions with Zhong Xin Dong Tai Co., Ltd. (Nanogene Biotechnology) to develop 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.
The meetings, which took place in the Shandong Province in eastern China, were hosted by Nanogene Biotechnology to discuss the potential Chinese market size, the structure of the joint venture and the required studies needed to begin the regulatory process. In addition, both parties signed a Memorandum of Understanding that outlines the ongoing business development process for creating the joint venture.
“We look forward to working with Nanogene Biotechnology to create this joint venture aimed at helping millions of Chinese patients suffering from viral disorders,” commented Paul Reid, CEO of ReceptoPharm, Inc. “We were surprised to learn from Nanogene Biotechnology that the potential Chinese antiviral market is estimated to be around $280 billion. This is approximately 10 times greater than the antiviral market in the United States,” he added.
According to the signed Memorandum of Understanding, ReceptoPharm will need to confirm safety and efficacy of RPI-MN by completing pre-clinical studies at Soochow University. Nanogene Biotechnology will provide the drug raw material and ReceptoPharm will modify the products and provide the proper study protocols. Upon successful completion of the pre-clinical studies, ReceptoPharm and Nanogene Biotechnology will proceed with clinical trials aimed at gaining full regulatory approval in 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 meetings between ReceptoPharm and 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.