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BERMUDA DUNES, Calif.--(BW HealthWire)--Jan. 31, 2002
Nutra Pharma Corp. (OTCBB:NPHC) announced today that it has signed a joint venture agreement to develop a new bio pharmaceutical product with Terra BioPharma, the developer of an organic medicinal compound used in wound healing.
The company announced that it will invest the sum of $1.8 million in the development of the drug, including further clinical trials and several patent applications.
"The first two patents for the drug will be for the treatment of diabetic sores and psoriasis," said CEO Dr. Michael Flax.
Under the joint venture agreement, Nutra Pharma Corp. advances its relationship with Terra BioPharma from an exclusive distributor to co-owner of the products. On Nov. 23, 2001, Nutra Pharma Corp. acquired 100% of Nutra Pharma Inc., a Nevada corporation which held the exclusive worldwide distribution rights for all products to be developed from the compound. The joint venture agreement announced today involves the formation of a joint venture subsidiary, which will be owned 50% by Nutra Pharma Corp. and 50% by Terra BioPharma. This subsidiary will own all of the use patents for all of the products to be developed.
"Terra BioPharma is excited to be a part of this joint venture, and we are in the process of setting up our clinic in Managua to complete clinical trials on the product," said Dr. Ennio Devoto, CEO of Terra BioPharma.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Nutra Pharma Corp. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For further information, contact Investor Relations at 866/295-3162.
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