Nutra Pharma Corp., a biotechnology company that is developing drugs for HIV and Multiple Sclerosis, has announced that its drug discovery division, ReceptoPharm, has signed a nonbinding letter of intent with Zhong Xin Dong Tai Co., Ltd., to create a joint venture in China aimed at developing the Company's antiviral drug, RPI-MN, for the Chinese market. RPI-MN is ReceptoPharm's lead drug candidate being researched for the treatment of HIV/AIDS and other viral disorders.

Under the proposed Joint Venture, Nanogene Biotechnology will provide drug raw material and the required financing, including the funding of clinical trials in China, necessary to meet all required Chinese governmental consents and approvals.

ReceptoPharm will provide the Joint Venture with the bulk drug substance. As is necessary to comply with Chinese law, Nanogene Biotechnology will have the controlling interest in the new entity. However, ReceptoPharm will retain ownership of all intellectual property, trade secrets and other confidential information relating to the drug and its manufacture.

Nanogene Biotechnology was founded in 1994 and employs over 100 people. The Company is currently located in the Shandong Province in eastern China.

Source:佚名