Nutra Pharma Corp. Faces Involuntary Bankruptcy

Published: Sep 05, 2012

South Florida Business Journal by Paul Brinkmann, Reporter

A group of creditors for a Coral Springs-based biotech company, Nutra Pharma Corp., is asking a judge to put the company into Chapter 7 bankruptcy.

Nutra Pharma (Pink Sheets: NPHC) has focused mainly on marketing a pain reliever product called Nyloxin, which contains ingredients derived from cobra venom.

Bankruptcy attorneys on Friday filed an involuntary petition to push the company into bankruptcy. Five claims were listed on the bankruptcy, four of which were from officers or employees of a Nutra Pharma subsidiary who claimed they are owed salary.

Neither the company nor the bankruptcy attorney, Philip Landau of Boca Raton-based Shraiberg, Ferrara & Landau, could be reached by deadline for comment.

Nutra Pharma had warned shareholders this summer that lack of funds was restricting its business scope and caused it to be delisted from the over-the-counter trading platform.

The claims are as follows:

Paul Reid, CEO of the company’s subsidiary ReceptoPharm, Inc. $459,920

Marc Proulx, former vice president of ReceptoPharm, $13,187

Lawrence Raymond, chief science officer of ReceptoPharm, $342,954

John David Schmidt, $153,875

MLB Marketing Corp., $21,000

Back to news