Nutra Pharma raises $9.6M in stock financing deal

Nutra Pharma has struck a deal to sell 24 million shares of its stock to SBI Brightline for $9.6 million. Additional warrants will be issued that will net the company another $2.4 million. Boynton Beach, Florida-based Nutra Pharma has been developing drugs for MS and HIV. "This financing provides us with the capital to meet our near-term budgets and the financial leverage to allow us to become revenue generating and fund the clinical trials of our biotech investments," commented Rik J. Deitsch, CEO of Nutra Pharma.

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