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Nutra Pharma enters joint venture with Chinese biotech
April 2007
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BOCA RATON, Fla.—Nutra Pharma Corp., a biotechnology company that is developing drugs for HIV and multiple sclerosis, reports that its drug discovery division, ReceptoPharm, has signed a nonbinding letter of intent with Zhong Xin Dong Tai Co. (Nanogene Biotechnology), to create a joint venture in China aimed at developing ReceptoPharm's antiviral drug, RPI-MN, for the Chinese market. RPI-MN is ReceptoPharm's lead drug candidate, and is being researched for treatment of HIV/AIDS and other viral disorders.
 
"We are excited about [working with] such a well-established  Chinese company," says Paul Reid, CEO of ReceptoPharm. "Nanogene's existing supply of raw material is sufficient to produce up to 200 million doses of RPI-MN, which we believe would be enough to treat everyone infected with HIV in China for one year."
 
Under the proposed joint venture, Nanogene Biotechnology will provide drug raw material and the required financing, including the funding of clinical trials in China, necessary to meet all required Chinese governmental consents and approvals. ReceptoPharm will provide the joint venture with the bulk drug substance. As is necessary to comply with Chinese law, Nanogene Biotechnology will have the controlling interest in the new entity. However, ReceptoPharm will retain ownership of all intellectual property, trade secrets and other confidential information relating to the drug and its manufacture.

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