Business
Nutriband Inc. Quarterly Report Highlights Record Revenue for Q3 up 50.94% YOY and Strategic Progress Toward NDA Filing for AVERSA Fentanyl in 2025
ORLANDO, Fla., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) today reported its financial results for the third quarter ended
About this update from Nutriband Inc.
[{"type":"text","content":"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, AVERSA™ 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 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...