Nutra Pharma to acquire ReceptoPharm

By Lisa Kerner

Charlotte, N.C., June 19 - ReceptoPharm has signed a letter of intent to be fully acquired by Nutra Pharma Corp., according to a company news release.

Nutra Pharma currently owns 38.1% of ReceptoPharm.

The merger will give Nutra Pharma 100% of the outstanding ReceptoPharm stock as well as its intellectual property.

For its part, ReceptoPharm will receive 14 million shares of Nutra Pharma's common stock and additional shares based on performance milestones.

"This merger will provide us with the resources needed to complete our various clinical trials in multiple sclerosis, HIV and adrenomyeloneuropathy," ReceptoPharm chief executive officer Paul Reid said in the release.

ReceptoPharm is a biotechnology company located in Plantation, Fla.

Boca Raton, Fla.-based Nutra Pharma acquires, licenses and commercializes pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune and infectious diseases.

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