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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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      D.C. 20549</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">__________<br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
      Report </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>of
      the Securities Exchange Act of 1934 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      of Report (Date of earliest event reported): August 11, 2006
</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NUWAY
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      name of registrant as specified in charter)</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2603
      Main
      Street, Suite 1155, Irvine, CA 92614 </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">_____________</font></div>
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      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below): </font></div>
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425) </font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12) </font></div>
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          <tr>
            <td align="left" valign="top" width="3%">
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
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    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item&#160;1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">August
      11, 2006, NuWay Medical, Inc. (the &#8220;Company&#8221;)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      its
      wholly-owned subsidiary BioLargo Life Technologies, Inc. (&#8220;BLTI&#8221;) entered into a
      Research and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Development
      Agreement (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Original
      Agreement&#8221;), and on August 14, 2006, entered into Amendment No. 1 to the
      Original Agreement&#160;(collectively with the Original Agreement, the
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;R&amp;D
      Agreement&#8221;) with IOWC Technologies Inc. (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IOWC&#8221;)
      and Kenneth Reay Code (&#8220;Code&#8221;). Pursuant to the R&amp;D Agreement, IOWC and Code
      will provide its research and development services and expertise in the field
      of
      disposable absorbent products to the Company and BLTI.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      R&amp;D Agreement provides that the Company and BLTI will own, and the Company
      and BLTI will have the exclusive right to commercially exploit, the intellectual
      property developed, created, generated, contributed to or reduced to practice
      pursuant to the R&amp;D Agreement. In addition, IOWC and Code have agreed that
      during the term of the R&amp;D Agreement and for one year after termination they
      will not compete with, and will not provide services to any person or entity
      which competes with, any aspect of BLTI&#8217;s business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      R&amp;D Agreement terminates on December 31, 2006, unless terminated earlier as
      provided therein. During the term of the R&amp;D Agreement, but only after
      mutually acceptable research facilities are established for the performance
      of
      IOWC&#8217;s services, IOWC shall be paid (i) a fee of $5,500 per month for each month
      during which no services are being performed pursuant to the R&amp;D Agreement
      to offset for laboratory and/or office and IOWC employee expenses and (ii)
      such
      additional amounts as the parties may agree in connection with specific research
      projects conducted pursuant to the R&amp;D Agreement. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      further consideration to Code to enter into the Original Agreement, on August
      14, 2006 the Company&#160;issued to Code 15,515,913 shares of its Common Stock
      (the &#8220;Code Stock&#8221;), which amounts to 19.9% of the Common Stock of the Company
      issued and outstanding immediately following the issuance of the Code
      Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IOWC
      and
      Code have agreed to protect, maintain and keep confidential any proprietary
      or
      confidential information of the Company and BLTI and have executed a
      non-disclosure and confidentiality agreement in favor of the Company</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Unregistered
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      disclosed in Item 1.01 of this Current Report on Form 8-K, on August 14, 2006,
      the Company issued 15,515,913 shares of its Common Stock to Code, as additional
      consideration for Code&#8217;s entering into the Original Agreement.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit&#160;No.</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
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              </font></td>
            <td><font size="2">Research and Development Agreement dated as of August
              11,
              2006.</font></td>
          </tr>

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            <td style="width: 36pt;"><font size="2">10.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
              </font></td>
            <td><font size="2">Amendment No. 1 to Research and Development
              Agreement.</font></td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="middle" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="middle" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                August 16, 2006 &#160;</font></div>
            </td>
            <td align="left" colspan="3" valign="middle" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NUWAY
                MEDICAL, INC.</font></div>
            </td>
            <td align="left" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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          <tr>
            <td align="left" valign="middle" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="4%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                Dennis Calvert</font></div>
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            </td>
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            </td>
            <td align="left" valign="middle" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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            <td align="left" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="middle" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" colspan="2" valign="middle" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Executive Officer&#160;</font></div>
            </td>
            <td align="left" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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{"company-data": {"conformed-name": "NUWAY MEDICAL INC", "cik": "0000880242", "assigned-sic": "5500", "irs-number": "650159115", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19709", "film-number": "061037529"}, "business-address": {"street1": "23461 SOUTH POINTE DRIVE", "street2": "SUITE 200", "city": "LUGANA, HILLS", "state": "CA", "zip": "92653", "phone": "949-454-9011"}, "mail-address": {"street1": "23461 SOUTH POINTE DRIVE", "street2": "SUITE 200", "city": "LUGANA, HILLS", "state": "CA", "zip": "92653"}, "former-company": [{"former-conformed-name": "NUWAY ENERGY INC", "date-changed": "20010815"}, {"former-conformed-name": "LATIN AMERICAN CASINOS INC", "date-changed": "19960520"}, {"former-conformed-name": "REPOSSESSION AUCTION INC", "date-changed": "19940823"}]}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
__________
FORM
      8-K
_____________
Current
      Report
Pursuant
      to Section 13 or 15(d)
of
      the Securities Exchange Act of 1934
Date
      of Report (Date of earliest event reported): August 11, 2006
NUWAY
      MEDICAL, INC.
__________________________________________________________________________________________________________
(Exact
      name of registrant as specified in charter)
Delaware
000-19709
65-0159115
(State
                or other
jurisdiction
                of
incorporation)
(Commission
                File
Number)
(IRS
                Employer
Identification
                No.)
2603
      Main
      Street, Suite 1155, Irvine, CA 92614
(Address
      of principal executive offices) (Zip Code)
Registrant's
      telephone number, including area code: (949) 235-8062
Not
      Applicable
(Former
      name or former address, if changed since last report)
_____________
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
¨
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
¨
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
¨
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
¨
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
Item 1.01
Entry
      into a Material Definitive Agreement
On
August
      11, 2006, NuWay Medical, Inc. (the "Company")
and
      its
      wholly-owned subsidiary BioLargo Life Technologies, Inc. ("BLTI") entered into a
      Research and
Development
      Agreement (the
"Original
      Agreement"), and on August 14, 2006, entered into Amendment No. 1 to the
      Original Agreement (collectively with the Original Agreement, the
"R&D
      Agreement") with IOWC Technologies Inc. ("
IOWC")
      and Kenneth Reay Code ("Code"). Pursuant to the R&D Agreement, IOWC and Code
      will provide its research and development services and expertise in the field
      of
      disposable absorbent products to the Company and BLTI.
The
      R&D Agreement provides that the Company and BLTI will own, and the Company
      and BLTI will have the exclusive right to commercially exploit, the intellectual
      property developed, created, generated, contributed to or reduced to practice
      pursuant to the R&D Agreement. In addition, IOWC and Code have agreed that
      during the term of the R&D Agreement and for one year after termination they
      will not compete with, and will not provide services to any person or entity
      which competes with, any aspect of BLTI's business.
The
      R&D Agreement terminates on December 31, 2006, unless terminated earlier as
      provided therein. During the term of the R&D Agreement, but only after
      mutually acceptable research facilities are established for the performance
      of
      IOWC's services, IOWC shall be paid (i) a fee of $5,500 per month for each month
      during which no services are being performed pursuant to the R&D Agreement
      to offset for laboratory and/or office and IOWC employee expenses and (ii)
      such
      additional amounts as the parties may agree in connection with specific research
      projects conducted pursuant to the R&D Agreement.
As
      further consideration to Code to enter into the Original Agreement, on August
      14, 2006 the Company issued to Code 15,515,913 shares of its Common Stock
      (the "Code Stock"), which amounts to 19.9% of the Common Stock of the Company
      issued and outstanding immediately following the issuance of the Code
      Stock
IOWC
      and
      Code have agreed to protect, maintain and keep confidential any proprietary
      or
      confidential information of the Company and BLTI and have executed a
      non-disclosure and confidentiality agreement in favor of the Company
Item
      3.02
Unregistered
      Sales of Equity Securities
As
      disclosed in Item 1.01 of this Current Report on Form 8-K, on August 14, 2006,
      the Company issued 15,515,913 shares of its Common Stock to Code, as additional
      consideration for Code's entering into the Original Agreement.
This
      sale
      was made in reliance on the exemption from registration contained in Section
      4(2) of the Securities Exchange Act and/or Regulation D or
Regulation
      S
promulgated thereunder as not involving a public offering of
      securities.
Item
      9.01
Financial
      Statements and Exhibits
(c)
      Exhibits
Exhibit No.
Description
10.1
Research and Development Agreement dated as of August
              11,
              2006.
10.2
Amendment No. 1 to Research and Development
              Agreement.
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
Date:
                August 16, 2006
NUWAY
                MEDICAL, INC.
By:
/s/
                Dennis Calvert
Dennis
                Calvert
Chief
                Executive Officer