Bionutrics Signs Agreement With Novartis Nutrition.PHOENIX, Ariz.--(BUSINESS WIRE)--Feb. 26, 1998--Bionutrics, Inc. (Nasdaq:BNRX) today announced that it has signed an agreement with Novartis Nutrition, a subsidiary of Novartis AG Novartis AG Swiss pharmaceutical company. It was formed through the 1996 merger of two Swiss firms: Ciba (see Ciba-Geigy) and Sandoz, a chemical company with interests in pharmaceuticals, nutrition, and agriculture. , a world leader in life sciences. Under the agreement, Novartis Nutrition has made an initial investment in Bionutrics by purchasing $3 million of Bionutrics' stock and has been granted exclusive worldwide rights to evaluate Bionutrics' patented technology and rice bran-derived products for potential application as functional food ingredients. Novartis Nutrition is a division of Novartis AG, a world leader in life sciences with core businesses in healthcare, agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. and nutrition. In 1997, Novartis Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. were 31.2 billion Swiss francs Noun 1. Swiss franc - the basic unit of money in Switzerland franc - the basic monetary unit in many countries; equal to 100 centimes centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and (US$ 21.6 billion), of which 18.8 billion (US$ 13.0 billion) were in healthcare, 8.3 billion (US$ 5.8 billion) in agribusiness and 4.1 billion (US$ 2.8 billion) in nutrition. The company annually invests more than 3 billion Swiss francs (US$ 2.1 billion) in R&D. Headquartered in Basel, Switzerland, Novartis employs about 87,000 people and operates in over 100 countries. Bionutrics is an emerging biopharmaceutical company founded to discover and develop novel, biologically active compounds derived from natural sources. Natural, biologically active compounds have applications as ethical drugs as well as functional food ingredients and dietary supplements Noun 1. dietary supplement - something added to complete a diet or to make up for a dietary deficiency diet - a prescribed selection of foods vitamin pill - a pill containing one or more vitamins; taken as a dietary supplement . Bionutrics intends to develop and market products that target these three applications, and also to generate profit by marketing the commodities that result from its processing of natural products. The first compounds discovered and patented by Bionutrics are novel tocotrienols from rice bran and are currently marketed as an ingredient for dietary supplements called Clearesterol(TM). The first brand that has been introduced is evolvE(R), Advanced Cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. Dietary Supplement, with cholesterol-lowering, anti-oxidation and healthy blood circulation properties. evolvE(R) is available in over 40,000 stores nationwide, representing every major drugstore chain and all major mass merchandisers as well as GNC GNC General Nutrition Centers GNC Gas Natural Comprimido (Argentina) GNC Guidance, Navigation, and Control GNC Grand National Championship (ATV racing) GNC Global Navigation Chart health stores. CONTACT: Bionutrics, Inc. Sandra Gotham Meehan, 212/628-6810 or Morgen-Walke Associates, Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. Donna N. Stein/Dan Durkin/Cindy Reid, 212/850-5600 Press Richard Dukas/Ann Travers, 212/850-5600 |
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