Nutra Pharma was awarded a grant valued at $244,479 under the Qualifying Therapeutic Discovery Project Program; The Company plans to use the grant to support additional clinical work on its treatments for pain.
Nutra Pharma Corporation, a biotechnology company that is developing treatments for Adrenomyeloneuropathy (AMN), Human Immunodeficiency Virus (HIV), Multiple Sclerosis (MS) and Pain, announced today that it is the recipient of a $244,479 grant under the Qualifying Therapeutic Discovery Project (QTPD) Program. Nutra Pharma plans to use the grant proceeds to support additional clinical work on its pain treatments.
“It is an honor to receive this grant and to be recognized by the United States Federal Government for our work developing novel analgesics,” commented Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. “We intend to use the proceeds from this grant to support our ongoing clinical development program for our pain relievers, which include Cobroxin and Nyloxin,” he added.
The QTDP Program was enacted in 2010 by the United States Congress as part of the Patient Protection and Affordable Care Act. To be eligible for the grant, a project must demonstrate potential to result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce the long-term growth of health care costs in the United States, or significantly advance the goal of curing cancer within 30 years.
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. Receiving a grant from the Qualifying Therapeutic Discovery Project Program 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.