Firm will produce Celtic Biotech’s cancer drug.
ReceptoPharm, a wholly owned drug discovery subsidiary of Nutra Pharma, has received a contract from Celtic Biotech to provide GMP-certified drug production of CB-24 for the firm’s upcoming European clinical trial. CB-24 is Celtic Biotech’s leading drug candidate for the treatment of cancer.
Currently, ReceptoPharm is focused on developing novel therapies for neurological, viral, and autoimmune disorders. The contract from Celtic Biotech represents the first of its kind for the company. Completing the contract will be an important milestone for ReceptoPharm, as it provides the company with its first source of externally generated revenues.
“Expanding our business into outsourced drug production allows ReceptoPharm to fully utilize its GMP-qualified production facilities and provides the company with an additional revenue stream,” commented Rik J. Deitsch, chairman and CEO of Nutra Pharma.
“We plan to offer this service to other developmental-stage biotechnology firms in addition to continuing our own clinical development initiatives,” he concluded.
