11.26.13
Nutranomics, Inc., Draper, UT, has completed a license agreement with Genesar Nutraceuticals, LLC to acquire the worldwide exclusive marketing and distributing rights to GenEpic, a natural therapeutic treatment formula currently the subject of an IRB reviewed (FDA regulated) phase II human clinical study on prostate cancer treatment and recovery.
Under the terms of the agreement, Nutranomics will hold the worldwide license for GenEpic including all intellectual property relating to it and any associated trade secrets for a period of 30 years in exchange for the following: 1) 100,000 restricted shares of Nutranomics common stock; 2) a royalty fee of $4.00/box of GenEpic sold by Nutranomics; and 3) payment of $200,000 as advance royalties on the first 4,000 boxes sold, due in December 2013.
"We are extremely pleased to have finalized an agreement for the worldwide rights to GenEpic in advance of the completion of its current phase II human clinical study," stated Dr. Tracy K. Gibbs, Nutranomics CEO. "Following the successful completion of the study, we will be well-positioned to market and distribute GenEpic globally while leveraging the strength of an IRB reviewed human clinical study."
GenEpic is a natural therapeutic formula containing 70 vitamins and minerals, 32 herbs, and 16 enzymes and phytonutrients, and formulated by a respected team of five scientists and natural medicine experts, including Dr. Gibbs. GenEpic is currently the subject of an IRB reviewed (FDA regulated) phase II human clinical study on prostate cancer treatment and recovery being conducted at OH Research Group in Salt Lake City, UT. The company expects the GenEpic phase II human clinical study to be completed within the next 60 days.
Dr. Gibbs concluded, "It's very rare that a nutraceutical product like GenEpic is subjected to this kind of strict human clinical study. I look forward to using this fact to our advantage as we build awareness for the product globally among consumers and potential distributors."
Under the terms of the agreement, Nutranomics will hold the worldwide license for GenEpic including all intellectual property relating to it and any associated trade secrets for a period of 30 years in exchange for the following: 1) 100,000 restricted shares of Nutranomics common stock; 2) a royalty fee of $4.00/box of GenEpic sold by Nutranomics; and 3) payment of $200,000 as advance royalties on the first 4,000 boxes sold, due in December 2013.
"We are extremely pleased to have finalized an agreement for the worldwide rights to GenEpic in advance of the completion of its current phase II human clinical study," stated Dr. Tracy K. Gibbs, Nutranomics CEO. "Following the successful completion of the study, we will be well-positioned to market and distribute GenEpic globally while leveraging the strength of an IRB reviewed human clinical study."
GenEpic is a natural therapeutic formula containing 70 vitamins and minerals, 32 herbs, and 16 enzymes and phytonutrients, and formulated by a respected team of five scientists and natural medicine experts, including Dr. Gibbs. GenEpic is currently the subject of an IRB reviewed (FDA regulated) phase II human clinical study on prostate cancer treatment and recovery being conducted at OH Research Group in Salt Lake City, UT. The company expects the GenEpic phase II human clinical study to be completed within the next 60 days.
Dr. Gibbs concluded, "It's very rare that a nutraceutical product like GenEpic is subjected to this kind of strict human clinical study. I look forward to using this fact to our advantage as we build awareness for the product globally among consumers and potential distributors."
