NANOGENE TO DEVELOP ANTIVIRAL DRUG IN CHINA

Nutra Pharma announced that its drug-discovery division, ReceptoPharm, has signed an agreement with Chinese drugmaker NanoGene Biotechnology to develop ReceptoPharm's antiviral drug, RPI-MN, in China. RPI-MN is being developed as a treatment for HIV and other viral infections.

"We are excited about the opportunity to create this joint venture with such a well established Chinese company," Paul Reid, CEO of ReceptoPharm, said. "NanoGene Biotechnology's existing supply of raw material is sufficient to produce up to 200 million doses of RPI-MN."

Under the joint venture, NanoGene will provide raw materials and financing, including funding for clinical trials in China, necessary to meet all the requirements for approval in China. ReceptoPharm will provide bulk drug product. As is necessary to comply with Chinese law, NanoGene will have controlling interest in the new entity. However, ReceptoPharm will retain ownership of all intellectual property.

"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," Rik Deitsch, chairman and CEO of Nutra Pharma, said.