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news.The proposed deal that will see US biotechnology company ReceptoPharm become a wholly owned subsidiary of Nutra Pharma moved a step closer to completion after ReceptoPharm signed a letter of intent that the acquisition should go ahead.
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Currently Nutra Pharma owns 38.1% of ReceptoPharm. The merger will provide Nutra Pharma with 100% of the outstanding ReceptoPharm stock and complete ownership of the ReceptoPharm intellectual property.
In return, ReceptoPharm will initially receive 14 million shares of Nutra Pharma’s common stock, with additional shares to be issued upon successful completion of certain performance milestones.
“We are excited about becoming a part of the Nutra Pharma family,” commented Dr Paul Reid, CEO of ReceptoPharm. “This merger will provide us with the resources needed to complete our various clinical trials in multiple sclerosis, HIV, and adrenomyeloneuropathy (AMN).”
ReceptoPharm is currently studying its investigational compound RPI-MN as a treatment for HIV and RPI-78M as a treatment for multiple sclerosis, and AMN. The company recently received approval from the British regulators to begin phase II human trials for the treatment of AMN.