ORLANDO, FL / ACCESSWIRE / June 3, 2024 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), today reported Q1 revenues of $408,532 emphasizing its focus on expanding the company's Kinesiology Tape manufacturing services through its Pocono Pharma subsidiary. The Company has been focused on using penetration pricing to gain a foothold with some of the industry's largest brands and License holders such as KT Tape and Fit For Life Group, who hold licenses for major international brands such as Reebok, Adidas and New Balance.
The Company further strengthened its balance sheet in Q1 through the completion of an $8.4M Private placement with existing and new shareholders at a price of $4 per share. The Cash position of the company as of April 30, 2024 was $8,347,739.
Meanwhile in Q1, the Company has made further advancements in its development of AVERSA and it is maintaining a target of Q1 2025 for its NDA filing with the FDA. The Company recently updated shareholders about its development pathway for AVERSA Fentanyl reminding shareholders that its NDA will be primarily based on a single phase 1 Human Abuse Potential clinical study with no phase 2 or phase 3 clinical trials required prior to submission.
AVERSA Fentanyl has the potential to be the first and only abuse deterrent patch approved anywhere in the World. AVERSA Fentanyl is estimated to have the potential to reach peak annual sales of $80-$200M, according to a market analysis report from Health Advances. AVERSA Buprenorphine, which is the company's second application for AVERSA has been further estimated to reach peak annual sales of up to $130M.
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, 2023, filed April 26, 2023, the Forms 10-Q's filed subsequent to the Form 10-K in 2024, 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:
RedChip Companies, Inc.
Email: [email protected]
Phone: 1-407-644-4256
Address:
431 E Horatio Ave, Suite #100
Maitland, FL 32751
Nutriband Inc.
Phone: 407-377-6695
Email: [email protected]
SOURCE: Nutriband Inc.