NanoLogix sells medical test kit patents, licenses to Nutra Pharma

By Lisa Kerner

Erie, Pa., Jan. 25 - NanoLogix, Inc. said it has signed a definitive agreement to sell part of its medical test kit patent portfolio and license other key patents to Nutra Pharma Corp.

According to the agreement, NanoLogix will sell 11 test kit patents to Nutra Pharma in consideration for that company's entire NanoLogix common stock holdings, approximately 4.5 million shares worth a minimum of $630,000, plus a 6% royalty on the gross sales of the subject products.

NanoLogix has agreed to license 18 other test kit patents to Nutra Pharma in consideration for a 6% royalty on the gross sales of the products and an option to buy 1 million options of Nutra Pharma restricted common at $0.20 per share.

The agreement, finalized on Tuesday, enables NanoLogix to continue its use of its retained patents for all future technology development unrelated to medical diagnostic test kits.

"We believe that we have created a deal that maximizes both short-term and long-term value for our shareholders and the company," David F. Rivers, a director of NanoLogix, said in the release. "Acquiring this technology is important for Nutra Pharma," Stan Cherelstein, chairman of the audit committee of Nutra Pharma, said in the release. "These test kits address a global market that approaches $300 million annually."

Nutra Pharma is a biopharmaceutical company specializing in the acquisition, licensing and commercialization of pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune and infectious diseases. The company is based in Boyton Beach, Fla.

Sharon, Pa.-based NanoLogix is an alternative energy company with nano-biotechnology proprietary and patented technologies.

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