ORLANDO, Fla., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) today reported its financial results for the third quarter ended October 31, 2024. The Company reported a strong cash position at quarter end, reinforcing its ability to advance the development of its lead product, AVERSATM Fentanyl, with an NDA submission targeted for first half of 2025.
Nutriband is continuing to expand its kinesiology tape contract manufacturing services through its Pocono Pharma subsidiary, with a focus on penetration pricing to gain a foothold with some of the industry’s largest brands. The Company produced a record third quarter reporting revenue of $645,796 USD, up 50.94% YOY. Pocono manufactured products continue to roll out into prominent retail locations nationwide, including Target, Walmart, Walgreens and CVS.
Progress continues on the development of AVERSA Fentanyl, with the Company maintaining its goal of submitting an NDA to the FDA in the first half of 2025. Nutriband recently updated shareholders on its development pathway, emphasizing that the NDA will primarily rely on data from a single phase 1 Human Abuse Potential study. Importantly, no Phase 2 or Phase 3 clinical trials will be required before to submission.
If approved, AVERSA Fentanyl could become the first and only abuse-deterrent transdermal patch available globally. AVERSA Fentanyl is estimated to have the potential to reach peak annual sales of $80-$200 million, according to a market analysis report from Health Advances.
AVERSA Buprenorphine, which is the company’s second application for AVERSA, is projected to reach peak annual sales of up to $130 million.
As of October 31, 2024, Nutriband's cash reserves stand at $5.7 million, supporting the Company's ongoing development and commercialization efforts for AVERSA Fentanyl. The Company’s total assets are valued at $12.55 million, with stockholders' equity amounting to $11.23 million.
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 AVERSATM abuse-deterrent technology. AVERSATM 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 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 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.