Nutra Pharma Corp.
Nutra Pharma is announcing today the first of several restructuring steps that will expand the Company’s core business strengths, restructure debt as well as increase its reach into important commercial markets.
March 8, 2018 -- Coral Springs, Florida -- Nutra Pharma Corporation (OTC: NPHC), a biotechnology company developing drugs for the treatment of Multiple Sclerosis (MS) and HIV and that also markets the over-the-counter (OTC) pain drugs; Nyloxin® and Pet Pain-Away™, announced today that they are in the process of restructuring their Board of Directors as well as their corporate debt to pave the way for the next phase of growth.
“We are announcing the completion of a complicated restructuring of our existing convertible debt, which resulted in the consolidation of the remaining institutional debt into a single noteholder," stated Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. “This is expected to limit the corporate dilution as well as provide further funds as needed,” he continued. “Additionally, we have filed the acceptance of the resignation of one of our Directors, Dan Oran. We are endeavoring to fill this Board vacancy with a strategic Director that will aid the Company in retail sales as well as in navigating the drug approval process for RPI-78M; our therapy for the treatment of Multiple Sclerosis (MS). Lastly, we will be filing a Form 14c shortly with the SEC to increase our authorized shares. This will allow us to fulfill our commitments to our noteholders as well as finalize legitimate, long-term and non-toxic financing to move the Company forward. The use of this financing includes retail marketing for our OTC products as well as clinical research for our drug products for the treatment of autoimmune diseases and viruses,” he concluded.
Nutra Pharma has recently announced the following: new patent applications to protect the Company’s intellectual property surrounding their development of nerve agent counter measures; new distributors in the US, Canada and Australia that are registering and marketing Nyloxin® and Pet Pain-Away™ in their respective territories; and updated websites for the products and the Company. The Company has also announced plans for the retail rollout of the OTC pain products for later this year in support of reducing the use of opiates and opioid drugs.
About Nutra Pharma Corp.
Nutra Pharma Corporation operates as a biotechnology company specializing in the acquisition, licensing, and commercialization of pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune, and infectious diseases, including Multiple Sclerosis (MS), Human Immunodeficiency Virus (HIV), Adrenomyeloneuropathy (AMN) and Pain. Additionally, the Company markets drug products for sale for the treatment of pain under the brand Nyloxin® and Pet Pain-Away.
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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 Corporate updates should not be construed as an indication in any way whatsoever of the future value of the Company’s common stock or its financial value. 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.