Nutra Pharma Signs Definitive Letter of Intent for $4 Million Joint Venture Financing
Nutra Pharma is announcing the execution of a Letter of Intent for a $4 Million financing to fund a joint venture for the marketing and distribution of the Company’s Over-the-Counter products.
CORAL SPRINGS, Fla., June 28, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Nutra Pharma Corporation (OTC:NPHC), a biotechnology company marketing Nyloxin® and Pet Pain-Away™ in the over-the-counter (OTC) pain management market and which is also developing treatments for Multiple Sclerosis (MS), Human Immunodeficiency Virus (HIV), Adrenomyeloneuropathy (AMN) and Pain, announced today that they had signed a definitive Letter of Intent for a $4 Million financing that will fund a subsidiary joint venture.
JAH Neal Holdings LLC will act as the minority Joint Venture (JV) partner with a 49% stake in the subsidiary for their $4 million investment. Nutra Pharma will maintain a 51% stake in the venture and will contribute an exclusive license for all of their Over-the-Counter (OTC) products, which currently includes: Nyloxin®, Pet Pain-Away™ and Luxury Feet. The stakeholders will jointly manage the JV.
“We’ve been working diligently to increase the exposure, sales and distribution of our OTC product line,†commented Rik J Deitsch, CEO of Nutra Pharma Corporation. "The one thing that we were missing was a large cash infusion to be able to scale up manufacturing and market these products effectively. With the $4 million coming into the JV, we have a definitive plan to roll out national distribution that includes online, direct to consumer and retail sales," he continued. "With the nation focused on the treatment of chronic pain and the reduction of opiate use, we believe that our opioid-free solutions, including Nyloxin and Pet Pain-Away, will be the products of choice for chronic pain with the right marketing and consumer education," he concluded.
Nyloxin® is a safe, non-narcotic, and non-addictive Homeopathic pain reliever clinically proven to treat moderate to severe chronic pain while not impairing cognitive function. Nyloxin® offers several benefits as pain relievers and anti-inflammatory agents. With increasing concern about consumers using opioid and acetaminophen-based pain relievers, Nyloxin® offers an opioid-free alternative that does not rely on opiates or non-steroidal anti-inflammatory drugs, otherwise known as NSAIDs, for their pain relieving effects. Nyloxin® has a well-defined safety profile. Since the early 1930s, the active pharmaceutical ingredient (API), Asian cobra venom, has been studied in more than 46 human clinical studies.
Pet Pain-Awayâ„¢ is a homeopathic, non-narcotic, non-addictive, over-the-counter pain reliever. The product is primarily aimed at treating moderate to severe chronic pain in companion animals. It is specifically indicated to treat pain from hip dysplasia, arthritis pain, joint pain, and general chronic pain in dogs and cats. Specialized proteins in Pet Pain-Awayâ„¢ block the action of acetylcholine, a major stimulating neurotransmitter in the nervous system and activator of the inflammatory pathways. As a result, the pain and inflammation pathways are temporarily shut off.
“We’re very excited to be working with Nutra Pharma on this project,†commented Jeff Neal, President of JAH Neal Holdings LLC. “We see a real need for these products as the country is looking for alternatives to potentially dangerous opioid drugs. We also see the need for better solutions to treating pain in our companion animals,†he continued. “We’ve been impressed by the power of Nyloxin and Pet Pain-Away. It’s clear that these products are effective. We believe that the only thing missing from making these products a household name is the cash infusion to begin a broad marketing and distribution platform. It will be our short-term goal to get these products into national retailers with a push to global sales in 2019,†he concluded.
All of the parties are working diligently to complete the necessary steps to enact the creation, funding and launch of the Joint Venture subsidiary with a plan to complete the transactions by the end of the summer.
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™. For additional information about Nutra Pharma, visit:
http://www.NutraPharma.com or
http://www.nyloxin.com
http://www.petpainaway.com
SEC Disclaimer
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 creation and funding of the OTC joint venture 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.
Contact:
Nutra Pharma Corp.
Nina Goldstein
877-895-5647
IR@nutrapharma.comÂ
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