|By PR Newswire||
|August 19, 2014 07:00 AM EDT||
TORONTO, Aug. 19, 2014 /PRNewswire/ -- Nutra Pharma Corp. (OTCBB: NPHC) has experienced recurring, significant losses from operations, and has an accumulated deficit of $43,512,705 at June 30, 2014. In addition, it had respective working capital and stockholders' deficits at June 30, 2014 of $3,967,164 and $3,964,165 respectively. There is a substantial doubt regarding Nutra Pharma's ability to continue as a going concern which is contingent upon its ability to secure additional financing, increase ownership equity and attain profitable operation. However, an increase in sales of Nyloxin® during the six month period ended June 2014, along with the steady annual growth rate in the global pain management drug market, can bring relief to offset losses.
Nutra Pharma is a biopharmaceutical company specializing in the acquisition, licensing and commercialization of pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune and infectious diseases. It carries out basic drug discovery research and clinical development. Nutra Pharma, through its subsidiary, ReceptoPharm, manufactures over-the counter (OTC) drug products for the treatment of moderate to severe chronic pain named Nyloxin®. It is also engaged in the research and development of novel anticholinergic therapeutic protein products for the treatment of autoimmune and neurologic disorders.
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