Nutra Pharma Announces $9.6 Million Financing Agreement

Filed in archive Corporate and Industrial News on August 23, 2005

Nutra Pharma Corp, a biotechnology holding company that owns rights to intellectual property related to the development of drugs for Multiple Sclerosis and HIV, has announced that they have entered into a stock purchase agreement with SBI Brightline XII LLC.

"We are excited to be working with SBI Brightline in ensuring that Nutra Pharma has the capital to move our business plan forward," commented Rik J. Deitsch, Chief Executive Officer of Nutra Pharma. "This financing provides us with the capital to meet our near-term budgets and the financial leverage to allow us to become revenue generating and fund the clinical trials of our biotech investments," he added.

Two subsidiaries of Nutra Pharm and their corresponding specializations are:

ReceptoPharm, Inc., which is developing technologies for the development of drugs for HIV and Multiple Sclerosis ("MS"), and

Infectech, Inc., which is engaged in the research and development of diagnostic test kits designed to be used for the rapid identification of infectious diseases such as Tuberculosis (TB) and Mycobacterium avium-intracellulare (MAI)

Read Nutra Pharma's press release here.