The Glinka family invested $4.5 million into Nutriband through the Company's April 2024 private placement
ORLANDO, FL / ACCESSWIRE / May 16, 2024 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), a developer of transdermal pharmaceutical solutions, today announced the appointment of Sergei Glinka to its board of directors. Glinka is a seasoned and highly respected business executive with an impressive track record in leadership roles across major European companies.
Mr. Glinka, an Estonian citizen, is an experienced and highly regarded businessman who has held numerous Executive and Board positions in large European Companies providing Glinka with deep insights and networks across various industries in Europe. Currently Mr. Glinka serves on the Boards of European Companies including Automecanica Skb Property Srl., GST Investments OU and TG Biochemicals Ltd. As the seventh member of Nutriband's board of directors, Glinka is poised to facilitate new licensing and networking opportunities throughout Europe as Nutriband aims to expand its groundbreaking AVERSA™ technology internationally. Currently, AVERSA™ is patented in 45 countries, including all EU countries and the UK.
Glinka invested $4.5 million in Nutriband through the Company's $8.4 million private placement announced in April 2024. Nutriband believes these funds are sufficient to complete the FDA-approval process for its AVERSA™ technology.
Gareth Sheridan, CEO of Nutriband, stated, "We are thrilled to welcome Mr. Glinka to our board and believe his strategic insights and European market expertise will be invaluable as we continue to develop and expand our innovative suite of brands lead by our AVERSA™ technology."
AVERSA™ Fentanyl is estimated to have the potential to reach peak annual US sales of $80 million to $200 million, according to a market analysis report from Health Advances1. The global opioid market was valued at $22.8 billion in 2022.
1 Health Advances Aversa Fentanyl 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-deterrent 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, 2024, filed May 1, 2023, 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:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
[email protected]
Nutriband Inc.
1-407-377-6695
[email protected]
SOURCE: Nutriband Inc.