BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Jan. 26, 2006--Nutra Pharma Corp. (OTCBB:NPHC - News), a biotechnology company that owns rights to intellectual property related to the development of drugs for HIV and Multiple Sclerosis, has announced that it has created a new wholly-owned subsidiary for the purpose of marketing diagnostic test kits designed for the rapid isolation and identification of infectious diseases such as Tuberculosis (TB) and Mycobacterium avium-intracellulare (MAI). Nutra Pharma acquired the rights to these diagnostic test kits in a definitive agreement signed with NanoLogix, Inc. (Pink Sheets:NNLX - News). The new subsidiary is wholly owned by Nutra Pharma and has been formed as a Nevada corporation under the name Designer Diagnostics, Inc. "Nutra Pharma's business plan is very straightforward," commented Rik J Deitsch, Chief Executive Officer of Nutra Pharma. "We are creating two distinct areas within Nutra Pharma: medical devices and drug discovery. Designer Diagnostics is a company that will market and distribute medical devices and other technology, providing a revenue stream that will help fund our ongoing drug discovery, which is being conducted by ReceptoPharm," he added. "This allows Nutra Pharma to utilize our strengths in bringing a solid business foundation to biotechnology," he concluded.
Nutra Pharma Corp. 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. Nutra Pharma Corp. through its subsidiaries carries out basic drug discovery research and clinical development and also seeks strategic licensing partnerships to reduce the risks associated with the drug development process. The Company's holding, ReceptoPharm, Inc., is developing technologies for the production of drugs for HIV and Multiple Sclerosis ("MS"). The Company's subsidiary, Designer Diagnostics is engaged in the research and development of diagnostic test kits designed to be used for the rapid identification of infectious diseases such as Tuberculosis (TB) and Mycobacterium avium-intracellulare (MAI). Nutra Pharma continues to identify and acquire intellectual property and companies in the biotechnology arena.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in Nutra Pharma's ("the Company") business plan. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The information in this press release should not be construed as an indication in any way whatsoever of the value of the Company or its common stock. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
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