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Article: Nutra Pharma Raising $9.6M For ReceptoPharm Subsidiary.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Nutra Pharma Corp. entered a $9.6 million financing arrangement to fund ongoing work of its drug discovery subsidiary, ReceptoPharm Inc., which is developing products for treating neurological and autoimmune diseases.
The stock purchase agreement allows Boynton Beach, Fla.-based Nutra Pharma to draw down funds over the next 18 to 24 months from SBI Brightline XII LLC, an affiliate of Newport Beach, Calif.-based SBI, which agreed to purchase up to 24 million shares of Nutra Pharma's common stock. SBI also will be issued up to 6 million warrants, exercisable between 30 cents and 50 cents each, for $2.4 million. The transaction is expected to ...