Nutra Pharma Completes First Royalty Payment to Nanologix for Test Kit Technology
Mar 27, 2007 9:30:00 AM
Copyright Business Wire 2007
BOCA RATON, Fla.--(BUSINESS WIRE)--
Nutra Pharma Corp. (OTCBB: NPHC), a biotechnology company that is developing drugs for HIV and Multiple Sclerosis has today announced that it has completed its first royalty payment to NanoLogix, Inc (Other OTC: NNLX) for the licensing rights to the technology used in the Designer Diagnostics test kits.
Designer Diagnostics is the wholly-owned medical device subsidiary of Nutra Pharma. The Company currently owns 11 patents and has licensed an additional 18 patents from NanoLogix that protect the technology surrounding the test kits.
"Not only does this royalty payment secure our licensing rights to the test kit technology, but it also confirms our commitment to building Designer Diagnostics and bringing the test kits to market," explained Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. "We look forward to the future success of Designer Diagnostics and developing a closer relationship with NanoLogix over the next several years," he added.
The Designer Diagnostics test kits are designed to provide rapid diagnosis and antibiotic-sensitivity testing of Tuberculosis (TB) and NonTuberculosis Mycobacterium (NTM). The test kits are much less expensive and offer many benefits, including the ability to provide much earlier diagnosis and the ability to be easily integrated into any lab environment.
"Our licensing partnership with Nutra Pharma and the increasing demand for Designer Diagnostics test kits in Africa and Asia has enabled us to achieve a significant corporate goal of establishing a revenue stream from our patented intellectual property," commented Bret T. Barnhizer, Chairman, CEO and President of NanoLogix. "We look forward to a long and rewarding partnership and association with Nutra Pharma and anticipate an ever-increasing revenue stream from that association," he concluded.
Designer Diagnostics is currently in discussions with leading research institutions in the United States to complete human clinical trials for the test kits. Recently, the Company announced positive results of an in-vitro analysis. Normal culturing methods can take as long as 10 weeks to produce results, whereas Designer Diagnostics test kits showed similar results within 10 days.
