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news.Nutra Pharma, a biotechnology company, has announced that its wholly-owned drug discovery subsidiary, ReceptoPharm, has received a contract from Ireland-based Celtic Biotech to provide GMP-certified drug production of CB-24 for Celtic Biotech's upcoming European clinical trial. CB-24 is Celtic Biotech's drug candidate for the treatment of cancer.
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Currently, ReceptoPharm is focused on developing novel therapies for neurological, viral, and autoimmune disorders. The contract from Celtic Biotech represents the first of such for the company. Completing the contract will be an important milestone for ReceptoPharm, as it provides the company with its first source of externally generated revenues.
Recently, ReceptoPharm announced the completion of its Phase IIb/IIIa clinical trial for the treatment of adrenomyeloneuropathy. Upon completing the study, the company agreed to provide ongoing drug provisions to patients enrolled in the study. Data from the trial is expected to be published in early 2009.
John Reid, managing director of Celtic Biotech, said: We are pleased to be working with ReceptoPharm to have them supply us with the necessary quantities of GMP-certified CB-24 required to complete our planned Phase I clinical trial in France. Working with ReceptoPharm and its scientific team, comprised of biologics specialists, allows us to feel confident that we will be using the highest quality product in our study.