The approved product will be exclusively distributed through Farmavision S.A. throughout Costa Rica
ORLANDO, FL / ACCESSWIRE / October 17, 2024 / Nutriband Inc.(NASDAQ:NTRB)(NASDAQ:NTRBW), today announced that it has received approval from the Costa Rica Ministry of Health for the production and marketing of its Mosquito Repellent Patch, designed to reduce the risk of mosquito bites and associated health risks associated with exposure to mosquito bites. The Company intends to further expand distribution throughout South and Central America. According to a report by Fortune Business insights, the global mosquito repellent market is expected to reach USD $9.30 Billion by 2029 with a 5.23% annual growth rate.
The Nutriband Insect Repellent Patch contains simple natural ingredients which are used to mask human odors that are attractive to insects. Recommended wear sites include exposed areas of skin such as the neck, arms and legs.
The active ingredient in the Nutriband Mosquito Repellent Patch is similar to what is used in mosquito patches that were approved in Africa based on extensive safety and efficacy testing with a goal to reduce the spread of malaria and HIV. Specific country approvals in Africa included Ghana, Nigeria and the Ivory Coast.
Nutriband Inc.'s wholly owned contract manufacturing subsidiary, Pocono Pharmaceutical will act as exclusive manufacturer for the product.
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 ® technology. Aversa is an abuse deterrent transdermal technology that incorporates aversive agents to prevent the abuse, diversion, misuse and accidental exposure of drugs with abuse potential, specifically opioids.
The Company's website iswww.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, 2024, the Forms 10-Q's filed subsequent to the Form 10-K in 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.