SOURCE: Nu Pharmas, Inc.

February 01, 2007 08:24 ET

Nu Pharmas, Inc. Acquires Renaissance Nutraceuticals and Appoints Steve Parkinson President and CEO

SARASOTA, FL and WILSONVILLE, OR -- (MARKET WIRE) -- February 1, 2007 -- Nu Pharmas, Inc. (NPI), a contract manufacturer of oligonucleotide products as well as a development company of OTC homeopathic products and pharmaceuticals, announced today that it has acquired the assets of Renaissance Nutraceuticals, Inc. (RNI). Terms of the acquisition were not disclosed.

Effective immediately, Steve Parkinson, RNI's Chairman and Chief Executive Officer, has been named President and Chief Executive Officer of the newly merged company. NPI Founding Scientist, Roderic M. K. Dale, Ph.D. remains with the company as Chairman of the Board and Chief Scientific Officer.

Mr. Parkinson has successfully managed several early-stage biotechnology companies from conception to commercial operation. Most recently he was president and CEO of CereMedix, Inc., now Ischemix, Inc., a drug discovery and development company focused on peptide therapeutics. Previously, he had been president and CEO of TranXenoGen, Inc, an avian transgenics company that he co-founded in 1995 and took public in 2000.

"We are delighted to have Steve with his scientific and company development expertise join us as president and CEO," Dr. Dale said. "Nu Pharmas is now poised to leverage its exciting products and expand into new and broader commercial markets.

"Steve's joining us at this critical stage is most welcome timing," Dr. Dale continued. "With his technical and scientific expertise, as well as his skills in internal and external corporate management and partnerships, he clearly has the ideal background to lead us to success."

Mr. Parkinson added, "I am very pleased to be on board such an exciting venture that offers so many possibilities for product development while capitalizing on current revenue streams. I look forward to leading Nu Pharmas through its next stages of growth and development while bringing more exciting products to market and forging corporate partnerships in the near future."

About Nu Pharmas, Inc.

NPI is a privately held development stage biopharmaceutical company with a novel nanoRNA-based technology platform. Included in the corporate assets are the "Rejuvenate" family of homeopathic OTC products as well as several drugs in development. The company's technology is founded on patented inventions by Dr. Dale of a new class of antimicrobials called Nubiotics, as well as a novel array technology and a large family of nanoRNAs that can optimize the body's performance by regulating endogenous human genes to reduce output from genes such as those expressing inflammatory factors or oncogenes (cancer genes). NPI encompasses several divisions including:

--  Nubiotics, a division focused on the development of anti-microbial
    pharmaceutical products.  Nubiotics represent a new class of antimicrobials
    which are effective at killing dangerous antibiotic resistant bacteria
    including the deadly strains of methicillin-resistant Staphylocccus aureus
    (MRSA). The Nubiotic compounds also display activity against certain fungal
    and viral strains. The Company anticipates initiating human clinical trials
    for topical use of its NU3 compound in the near future for indications
    including; diabetic ulcers, athletes foot, cold sores, topical infections
    and acne.  Future studies will involve the use of NU3 or other members of
    the Nubiotic famility to treat antibiotic-resistant pulmonary and systemic
    infections.
--  Oligos Etc division (OEI), a contract manufacturer of oligonucleotide
    compounds. Founded by Dr. Dale in 1989, the operation has been cash-
    positive since its formation.
--  NuMage Health and Beauty division, an organization producing and
    marketing the Rejuvenate OTC homeopathic products, including five products
    about to be launched for stress, systemic inflammation, allergies,
    heartburn and colds.
--  The pharmaceutical division, includes a wholly owned subsidiary in
    Beijing China, and a subsidiary-in-formation in Edinburgh, Scotland. The
    division is focused on discovery, preclinical and clinical studies and
    trials to generate supporting human efficacy data for the Company's lead
    pharmaceutical candidates.  The Company intends to initiate two preclinical
    studies for nasopharyngeal cancer and cachexia (muscle wasting) related to
    cancer and HIV diseases in Beijing, China, later this year, leading to
    human phase I clinical trials next year. The Company also intends to
    initiate additional, preclinical studies next year for depression,
    inflammatory conditions such as arthritis and metabolic indications such as
    diabetes and obesity.
    

Contact Information

  • Contacts:

    Steve Parkinson
    President and CEO
    Nu Pharmas, Inc.
    (941) 359 0510
    Email Contact

    Ted Agne
    The Communications Strategy Group Inc.
    (781) 631 3117
    Email Contact