CORAL SPRINGS, Fla., Feb. 01, 2018 (GLOBE NEWSWIRE) -- Nutra Pharma Corporation (OTC:NPHC), a biotechnology company developing drugs for the treatment of Multiple Sclerosis (MS) and HIV and that also markets the over-the-counter (OTC) pain drugs; Nyloxin® and Pet Pain-Away™, announced today that they have signed a definitive Distribution Agreement with the Australian company, Pharmachal PTY LTD to market and distribute Nyloxin® in Australia and New Zealand.
“We recently announced our domestic efforts to increase sales and distribution of Nyloxin," stated Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. "This included the new website, web promotions and our application to be added to the Federal Supply Schedule for sales to US governmental agencies,” he continued. “I'm excited to announce that we have also been working to promote our products internationally. We have been moving forward with our efforts in Canada and India – and we are now announcing our agreement with Pharmachal to be our exclusive distributor of Nyloxin in Australia and New Zealand. Once they receive regulatory approval through the TGA, they will be able to warehouse, market and distribute Nyloxin throughout their territories. We believe this will allow for broad distribution and marketing in that region by the end of this year,” he concluded.
According to Euromonitor, the OTC analgesics drug category in Australia was worth US$627 million in 2017. The new ban on OTC sales of codeine in Australia is expected to be the biggest factor impacting growth in analgesics. In December 2016, Australia’s drug regulator, the Therapeutic Goods Administration (TGA), shifted painkillers containing codeine to be listed as schedule one drugs that can only be sold with a prescription due to concerns about the addictive nature of codeine. While the total analgesic market is expected to shrink over the next ten years, the OTC market is expected to grow, especially with the launch of Amazon in Australia this year. As a result of the codeine ban, consumers are increasingly expected to turn to alternative combination analgesics that require no prescription, to avoid visiting a doctor.
“We are extremely pleased to be working with Nutra Pharma Corp.," commented Charles Fridlender, CEO of Pharmachal PTY LTD. "We believe that Nyloxin could be a disruptive product in the Australian marketplace. This is especially true with the recent crackdown on opiates in Australia and throughout the world. This non-opiate, non-narcotic product could have a ready audience in our markets," he continued. "We are already working with our regulatory authorities to get Nyloxin approved for re-sale in the Australian market as soon as possible. We expect to make the products available this calendar year,” he concluded.
Nyloxin® is an over-the-counter (OTC) pain reliever clinically proven to treat moderate to severe (Stage 2) chronic pain. Nyloxin® is currently available as an oral spray for treating back pain, neck aches, headaches, joint pain, migraines, and neuralgia, and as a topical gel for treating joint pain, neck pain, arthritis pain, and pain from repetitive stress. In addition to its everyday strength formulation, Nyloxin® is also offered in an extra strength formula for more advanced, Stage 3, chronic pain.
About Pharmachal PTY LTD.
Pharmachal is a pharmaceutical, medical device and veterinary company based in Melbourne, Australia. The company develops, manufactures and distributes its products through medical specialists and will soon distribute direct to customers in Australia and internationally. Pharmachal has developed a patented mini emulsion delivery system in a spray for oral and dermal application. Only the best ingredients and materials are chosen for Phamachal products, based on rigorous research and exacting attention to detail. For additional information about Pharmachal, visit:
https://www.pharmachal.com
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), Adrenomyeloneuropathy (AMN) and Pain. Additionally, the Company markets drug products for sale for the treatment of pain under the brand Nyloxin® and Pet Pain-Away™. For additional information about Nutra Pharma, visit:
http://www.NutraPharma.com or
http://www.nyloxin.com
http://www.petpainaway.com
SEC Disclaimer
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 distribution agreement with Pharmachal 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.
Contact:
Nutra Pharma Corp.
Nina Goldstein
877-895-5647
IR@nutrapharma.com