Nutra Pharma buys rest of ReceptoPharm

Florida, USA-based Nutra Pharma, a biotechnology firm that is developing drugs for HIV and multiple sclerosis, revealed that it has acquired the remaining outstanding equity in its drug discovery holding, ReceptoPharm.

"We are extremely pleased to have ReceptoPharm join the Nutra Pharma family as our wholly-owned drug discovery subsidiary," commented chief executive Rik Deitsch. "ReceptoPharm is developing drugs that have tremendous potential in the biopharmaceutical markets. They have already successfully completed initial preclinical trials and we hope to see continued success through Phase II human trials. We have and will continue to work closely with ReceptoPharm to help bring these drugs to market," he concluded.

Prior to the acquisition, Nutra Pharma owned 38.1% of ReceptoPharm. The April 10 purchase of the remaining interest gave the firm 100% ownership of the firm and its intellectual property. In return, the latter's shareholders received 30 million Nutra Pharma shares.