Nutra Pharma Provides Financing Updates and the Elimination of Institutional Debt
Nutra Pharma is providing updates regarding debt restructuring and financing plans
Plantation, Florida--(Newsfile Corp. - November 4, 2020) - Nutra Pharma Corporation (OTC Pink: NPHC), a biotechnology company marketing Nyloxin®, Pet Pain-Away and Equine Pain-Away in the over-the-counter (OTC) pain management market and which is also developing treatments for Multiple Sclerosis (MS), Human Immunodeficiency Virus (HIV) and Pain, provided updates today on their plans and progress involving financing, sales initiatives and the Company's efforts to eliminate toxic debt.
"Since 2015, a large amount of the stock dilution that we have experienced has been directly linked to toxic debt from institutional lenders," commented Rik J Deitsch, Chief Executive Officer of Nutra Pharma Corporation. "We've been working diligently to minimize the damage to our shareholders from these toxic converters," he continued. "We are pleased to announce that we no longer have any institutional debt in the hands of toxic lenders. The last of those notes was purchased this week by a long-term investor which we feel will be significantly healthier for the Company and our shareholders. This will allow us to move our business plan forward without fear of constant selling pressure from toxic convertible debt. We are working with our potential Joint Venture partners for continuing financing; to move forward with our product retail plans as well as our proposed trials in pediatric Multiple Sclerosis," he concluded.
Yesterday, the Company announced its plans to bring the Company current in its financial reporting obligations.
The company now markets Nyloxin on www.Nyloxin.com as well as their Amazon marketplace at www.Amazon.com/Nyloxin. Pet Pain-Away is being marketed through www.PetPainWay.com. Equine Pain-Away has seen initial sales growth and is being marketed through www.EquinePainAway.com.
Nutra Pharma has previously announced that its drug for Multiple Sclerosis (RPI-78M) received Orphan Designation from the FDA for the treatment of pediatric MS.
As Nutra Pharma moves forward with these projects, they will provide further updates throughout the rest of 2020.
About Nutra Pharma Corp.:
Nutra Pharma Corporation operates as a biotechnology company specializing in the acquisition, licensing, and commercialization of pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune, and infectious diseases, including Multiple Sclerosis (MS), Human Immunodeficiency Virus (HIV) and Pain. Additionally, the Company markets drug products for sale for the treatment of pain under the brand Nyloxin®, Equine Pain-Away and Pet Pain-Away. For additional information about Nutra Pharma, visit:
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 financing update should not be construed as an indication in any way whatsoever of the future value of the Company's common stock or its financial value. 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.
Nutra Pharma Corp.
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