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CORRECTION: FOURTH QUARTER AND PRELIMINARY 2009 RESULTS

23.02.2010 - This is a correction of the announcement from 19:02 23.02.2010 CET. Reason for the correction: The attached file appeared in zip-format for some receipients. Please see the Q4 report in a pdf-format instead

This is a correction of the announcement from 19:02 23.02.2010 CET. Reason for
the correction: The attached file appeared in zip-format for some
receipients. Please see the Q4 report in a pdf-format instead.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
                      FOURTh quarter and preliminary 2009
                                   HEADLINES

Turnover from sale to Nikken was for FY 2009 MNOK 14.1.
Nikken topped up its inventories in conjunction with the launch in May 2009.
There was therefore no need for further supply in Q4 2009.

Royalty income is in Q4 2009 MNOK 2.1, compared with MNOK 1.8 in the same period
last year - an increase of 17 %. Royalty income for FY 2009 was MNOK 7.6
compared with MNOK 6.4 last year.

       EBIT is reported at minus MNOK 0.3 in Q4, and MNOK 3.4 for FY 2009
compared with
       minus MNOK 6.6 for 2008.


                           Fourth QUARTER report 2009


PRESENTATION FORM

After selling MIG, Nutri Pharma will in this report not report any consolidated
figures. In this and the next quarterly report the previous figures from MIG
will be reported as "profit/loss from discontinued operations".

SEGMENTS

Europe
Royalty income in the Nordic area derived from the long term licence agreement
with Orkla for Nutrilett, and was MNOK 2.1 in Q4 2009. Royalty income in the
same period in 2008 was MNOK 1.8.
Royalty income for the whole year 2009 ended at MNOK 7.6 compared to MNOK 6.4
for the year 2008 - an increase of 19 %.

There was no supply of goods to Nikken in Q4 due to the fact that Nikken topped
up its inventories in conjunction with the launch in May 2009.

EBIT for the year 2009 ended at MNOK 2.2 compared with minus MNOK 6.8 for the
year 2008.

Russia/CIS
After the sale of MIG, Nutri Pharma operates with only one business segment;
Europe, with the existing royalty revenues in the Nordic countries for
Nutrilett, and sales of Nutri5 products through Nikken.
Although the company's top line revenues will be reduced through the sale of
MIG, we believe that in a longer perspective, activities in Russia/CIS should
become profitable and value enhancing through the cooperation with Nikken.

The sale of MIG results in a loss of MNOK 23.4 which is included in net
financial items for the year 2009. The sale had no adverse cash effect.


For further segment information see page 7.

Net financial expense in Q4 was MNOK 0.1.

Cash at end of Q4 2009 was MNOK 11.9, compared to MNOK 11.6 at the end of Q4
2008.
Nutri Pharma ASA has no interest bearing debt.

                                     OUTLOOK

Soy-based products

§         Nikken will roll out the product line in Q1 2010 in Russia, first
product being NutriPro (Nutrilett). Throughout the first half of 2010, we expect
to see a renewed growth in sales. These should add to Nutri Pharma's
profitability by selling finished products and by reduced operating costs.
§         Income from Orkla (Axellus) is expected to remain stable,
§         Nutri Pharma's financial situation is satisfactory and should further
be strengthened trough re-entry in the Russian/CIS markets. Future cost
reductions in these markets should gradually strengthen the financial situation
going forward.
§         Nutri5 is since May 2009 distributed in most European countries
through Nikken, and Spain will follow in Q1 2010. Together with Nikken, Nutri
Pharma has devised several new initiatives in response to market input.
Following the launch of Nutri5, Nikken receives strong consumer testimonials
related to this product, e.g; http://www.youtube.com/watch?v=hI53tg6fO6E.
§         Noting that Nikken's inventories were topped up in conjunction with
the launch and in combination with lower autumn sales than expected, no new
orders can be expected in the short term. Increased market demand should however
materialize in the form of further supplementation of the product.

Vaccine development

A  significant event  for the  company took  place on  January 14, 2010 when the
company  made  its  formal  offer  to  acquire all outstanding shares of vaccine
developer  Bionor Immuno AS (Bionor). The  acquisition was finalized on February
18, 2010, and  represents a new and exciting strategic direction for the company
(see  further  details  of  the  process  outlined  below). The acquisition will
potentially  be significantly value accretive to  shareholders both in a short-,
medium-  and long-term perspective.  The current clinical  program, with various
vaccine  candidates  in  pre-clinical,  and  phase  II stages offers partnership
possibilities. The company's unique technology platform and pipeline will reduce
the  risks  associated  with  vaccine  development  and  act  as  a catalyst for
long-term growth. The company recognizes that this transaction changes the level
of  risk  involved  with  the  company.  The company will continuously strive to
mitigate    these  risks,  most  recently  through  the  private  placement  and
subsequent  repair offering, giving the company the financial resources required
to carry out the planned clinical development until the second half of 2011.

Bionor  has,  based  on  research  conducted since 1990, developed a proprietary
technology  platform for the development of vaccines. The candidates suitable to
become vaccines are identified through a novel approach using unique proprietary
technology,  and the results  of the pre-clinical  and clinical trials have been
very encouraging. Several different technologies are combined to make a platform
from  which candidates are  selected. This process  allows the company to select
the  most  promising  candidates  from  a  myriad  of possibilities - ensuring a
cost-effective  and accurate  selection process  before entering costly clinical
trials.  Furthermore, the technology  is not developed  to combat one particular
virus, but is applicable to numerous fast mutating chronic virus infections. The
robustness  of the platform  helps reduce the  risks involved in development and
will  generate candidates for  treating various fast  mutating virus infections,
including  HIV, Hepatitis-C (HCV), Herpes, Influenza and viruses associated with
various cancer forms.

Vaccine  development and the  approval process is  subject to strict regulations
and  by nature a time  consuming process. The company  has several candidates in
different stages of development and we expect that these will progress according
to plan. The current clinical development program was presented and discussed by
the  company's Clinical Advisory Board on  January 15.In the short term the main
development program consists of the following elements:

§          Vacc-4x ongoing Phase IIb clinical  trial: The trial of the company's
most  advanced vaccine  candidate is  progressing according  to plan and results
will  be disclosed  to the  market in  Q4 2010.In August  2009 135 patients were
enrolled  in  the  double-blind,  placebo-controlled, multicenter clinical trial
(USA, Italy, Germany, England and Spain).

§          Vacc-4x re-boost study:  The re-vaccination of  the HIV patients that
participated  in  the  successful  2002 phase  IIa  clinical  study. Results are
expected Q2
§          Pre-clinical  trial  HCV  candidate: Following positive immunological
screening  tests on sera  from non-vaccinated infected  patients the company has
decided  to move forward with the toxicology screening of the selected Hepatitis
C candidates. The market will be notified when the trials have been concluded
§          Pre-clinical trial  Vacc-C5: The  company is  moving forward with the
toxicology  screening of the selected HIV vaccine candidate. While the candidate
Vacc-4x  is  expected  to  support  patients  on traditional HIV treatment, this
candidate is expected to extend opportunities beyond that and potentially act as
a  preventative  vaccine.  The  Clinical  Phase  I/II study is expected to start
1H 2011.

For  additional information on this very important transaction and background of
the      acquired      company      please     go     to     www.nutripharma.com
<http://www.nutripharma.com/>.


Events after Q4:

On 11 January 2010, the Company entered into a transaction agreement with Bionor
Immuno  AS regarding the  acquisition of all  the shares and  warrants of Bionor
presented  by  Nutri  Pharma  to  all  shareholders  of Bionor ("the Transaction
Agreement").  On 14 January 2010, the Voluntary Offer to purchase the shares was
presented  to all shareholders  and holders of  warrants in Bionor. The offering
period lasted until 20 January 2010. As of February 14, 2010 the Voluntary Offer
has  been accepted by 98 % of the shareholders of Bionor and 82 % of the warrant
holders  of Bionor. The board of directors in Bionor has declared its support to
the  Voluntary  Offer  and  recommended  that  the  shareholders  and holders of
warrants  in  Bionor  accept  the  Voluntary  Offer.   Completion  of  a Private
Placement  securing minimum NOK 50 million in  cash proceeds was a key condition
under   the  Voluntary  Offer,  together  with  corporate  approvals  and  other
conditions relating to Bionor.

The  background for  the Voluntary  Offer is  Bionor's research- and development
within  areas  which  Nutri  Pharma  considers  to  be  of  great  interest  and
importance.  As  a  listed  company  with established commercial activity, Nutri
Pharma  intends  to  contribute  to  the  financing  of  Bionor's  research- and
development  activities until the commercialization of its Intellectual Property
Rights, and thereby provide a significant increase in the sharholder value. (For
more information regarding Bionor please see the stock exchange notifications of
January  and February,  or visit  the company's  website at www.bionorimmuno.com
<http://www.bionorimmuno.com/> )

The Bionor Placement

On   12 February  2010, the  general  meeting  resolved  to  conduct  a  private
placement  through a directed issue to the shareholders of Bionor of 43,889,262
Nutri  Pharma Shares.  The shares were subscribed  in the minutes of the general
meeting.  Further,  the  general  meeting  resolved  to  conduct  an issuance of
6,353,333 warrants  through a directed  issue to the  warrant holders of Bionor.
The warrants were also subscribed for in the minutes of the general meeting. The
Bionor  Placement was  announced on  12 January 2010 under  the Company's ticker
"NUT" on www.newsweb.no.

 

The Private Placement

On  1 February  2010, the  Board  of  Directors  resolved  to  issue  a total of
50,000,000 Private  Placement  Shares  to  a  subscription price of NOK 2.00 per
Private  Placement  Share,  constituting  NOK  100 million  in  gross  proceeds.
Pursuant to the Board's proposal, the Company's EGM on 12 February 2010 approved
the share capital increase required in connection with issuing Private Placement
Shares in the Private Placement and Subsequent Offering Shares in the Subsequent
Offering.

The Subsequent Offering

The shareholders of Nutri Pharma as of 29 January 2010, as registered in the VPS
on  the morning of 4 February 2010, except for those shareholders who were given
the  opportunity  to  subscribe  for  Private  Placement  Shares  in the Private
Placement  and their  respective affiliates,  will, to  the extent  possible, be
given  preferred allocation in the Subsequent Offering to the extent required to
maintain  their approximate  relative ownership  as of 29 January 2010 following
the Private Placement and the Subsequent Offering. The subscription price in the
Subsequent Offering is NOK 2.00 per Subsequent Offering Share, which is equal to
the subscription price in the Private Placement.

 

For further information:
Trond Syvertsen    , CEO              +47 23 01 09 60 / + 47 91 72 14 57
Lars Helmer Enger, CFO          +47 23 01 09 60 / + 47 90 84 37 71


For information about Nutri5®, please point your web browser to:  www.nutri5.no
<http://www.nutri5.no/>,

For information about Nutri Pharma, Nutri Pharma products, Nutri Pharma
management and Nutri Pharma financial performance, please point your web browser
to:  www.nutripharma.com <http://www.nutripharma.com/>
For information about Bionor Immuno AS, see http://www.bionorimmuno.com/


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