ORLANDO, FL / ACCESSWIRE / January 26, 2024 / Nutriband Inc. ("Company") (NASDAQ:NTRB)(NASDAQ:NTRBW) today announced that CEO Gareth Sheridan has published a letter to shareholders providing insights on achievements and targets through 2023 and the potential outlook for 2024. The full text of the letter is below.
Dear Shareholders,
As we wrapped up a successful 2023 and our annual shareholder meeting this week, the entire team at Nutriband would like to extend our warmest appreciation to all of you for your continued support throughout the year and into 2024. Many of you have been with us from the beginning and many more joined our common goal along the way. This goal is to change the world for the better by creating technology designed to improve the safety standard of easily abused transdermal drugs while simultaneously focusing on making these safer treatments available to patients who require them. Your support has been paramount as we strive to reduce potential dilution to shareholders, a primary goal of the management team. We have dedicated ourselves to developing a portfolio of transdermal pharmaceutical products and made significant strides these past 12 months showcasing AVERSA in London and garnering recognition for our innovative technology by peers in the pharmaceutical field, receiving multiple award nominations at the 2023 Pharma industry awards.
The USPTO's issuance of new IP in 2023 for Nutriband's AVERSA technology improves our position to bring our leading product platform to market. This underscores our commitment to innovate and address potential drug abuse and misuse in prescribed drugs currently used by patients around the globe. The new year has already been highlighted by a significant milestone with the signing of a Commercial Development and Clinical Supply Agreement with Kindeva Drug Delivery. It marks a transition to commercial scale development for AVERSA Fentanyl, shifting our focus from feasibility towards potential commercialization. AVERSA Fentanyl combines Nutriband's proprietary abuse-deterrent transdermal technology with Kindeva's FDA approved transdermal fentanyl patch system with the potential to become the world's first opioid pain patch with abuse deterrent properties. AVERSA Fentanyl is estimated to potentially reach peak annual sales of $80M - $200M1. AVERSA Buprenorphine, our next candidate for AVERSA was further estimated to potential reach peak annual sales of $70M - $130M.
Financially, the team is excited by strong revenue growth reported in 2023 from our Pocono Pharma subsidiary which we are working to improve upon further in 2024. Pocono and our subsidiaries are an important part of our company structure to reduce our burn rate through the clinical development process. We have recently strengthened our balance sheet converting $2 million of debt into equity with a large strategic shareholder as outlined in recent filings.Our marketing initiatives, particularly the collaboration with KT Tape, are expected to significantly expand our potential revenue growth for 2024.
In 2023, we also launched our own Active Intelligence (AI Tape) Brand portfolio simultaneously announcing Ex NFL Quarterback Donovan McNabb as brand ambassador. This new line includes our new Heating and Cooling Kinesiology Tape. All AI Tape products are manufactured in the USA at Nutriband's facility in Cherryville, North Carolina, and are available for purchase on Amazon and Activeintell.com. These new initiatives have expanded our revenue opportunities, reducing our potential capital needs as we continue the development of AVERSA and its regulatory pathway.
Our 2024 goals are ambitious yet achievable, focused on FDA pre-IND and IND meetings in the near term, the HAL Study for Aversa Fentanyl, new potential partnerships, and targeting an NDA submission before our Year End.
If you haven't already taken a moment to sign up for our email alerts, be sure to do so by visiting our website: www.Nutriband.com. Signing up will ensure that you receive the latest news and announcements as they become available.
Your continued support and belief in our vision have been pivotal to our reaching these milestones and others as we forge ahead. We remain committed to delivering innovative solutions and generating value for our shareholders. Thank you for your trust, confidence and investment in Nutriband Inc.
Sincerely,
Gareth Sheridan
CEO, Nutriband Inc.
1 Health Advances market analysis report 2022
About Nutriband Inc.
We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA™ abuse deterrence technology. AVERSA™ technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential.
The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.
Forward-Looking Statements
Certain statements contained in this press release, including, without limitation, statements containing the words ‘'believes,'' "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop its proposed abuse deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, including countries in Europe, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form S-1, Form 10-K for the year ended January 31, 2023 and Forms 10-Q, and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.
For more information, contact:
Patrick Ryan
CTO Nutriband Inc
[email protected] / [email protected]
121 S Orange Ave, Orlando, FL, 32407
+1 (407) 377-6695
SOURCE: Nutriband Inc.