Oslo, June 25, 2003

Nutri Pharma ASA (OSE: NUT) today announced that Nutri Pharma and Nycomed Pharma AS have agreed to dissolve the Nutrition Partners joint venture. At the same time, the parties have entered into a licence agreement whereby Nycomed is granted an exclusive license to sell Nutrilett in the Nordic countries as well as the Baltic states. Nutri Pharma will receive royalty on sales of Nutrilett.

The new agreement with Nycomed will be effective retroactively from January 1, 2003. As a result, Nutri Pharma will as of Jan 1 2003 no longer consolidate 50% of Nutrition Partners. The restated total revenues in Q1 2003 is NOK 6,7 million compared to NOK 12,4 million as reported on April 25 2003.

The restated net result for Nutri Pharma in Q1 is a profit of NOK 3,1 million, compared to a loss of NOK 2,8 million as reported on April 25. This improvement is a result of Nutri Pharma not consolidating its share of Nutrition Partners’ Q1 2003 loss and a one off upfront payment related to the new license agreement. The contingent liability of NOK 14 million referred to in note 8 to the 2002 financial statements has been eliminated.

For further information please contact:
Eirik Uboe, CFO  +44 7766 051466