Nutriband Inc. Reports Revenue Up 46% in Fiscal 2023

About this update from Nutriband Inc.

[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / April 27, 2023 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced financial and operational results for the fiscal year ended January 31, 2023.Key Highlights:Generated record revenue of $2.1 million, up 46% over the prior fiscal yearSuccessfully obtained court verdict for recovery of shares constituting 15% of its total outstanding sharesAnnounced a Seven-for-Six Forward stock split to reward shareholders following the successful court verdictReceived notice of allowance from the Canadian Intellectual Property Office for AVERSA™ patent completing patent issuance in all of North AmericaDemonstrated with Kindeva Drug Delivery enhanced abuse-deterrent characteristics for AVERSA™ FentanylAnnounced plans to officially launch AI tape brand in Q1 of 2023Company COO, Alan Smith Ph.D selected for FDA Centre for Research on Complex Generics Expert CommitteeWith Kindeva Drug Delivery, selected AVERSA™ Fentanyl Abuse Deterrent Formulation for commercial scale manufacturing process development\"Our 2022 results and milestones have shown that we remain laser focused on hitting the targets we set ourselves as a company each year. We have made significant progress with AVERSA™ and our goal to improve the safety profile of easily abused transdermal drugs. Our record financial results and multiple major achievements in fiscal 2022 were a direct result of the hard work and exceptional execution of our dedicated team,\" commented Gareth Sheridan, CEO of Nutriband. \"We look forward to continuing to positively update our shareholders as we have laid out major milestone targets for 2023 which we intend to achieve as in previous years.''\"According to an assessment by Health Advances, AVERSA™ Fentanyl could reach peak annual sales of between $80 million and $200 million. If the entire transdermal fentanyl market moves toward abuse deterrent patches, similar to what occurred in the extended-release oral opioid market, the potential could be significantly greater,\" continued Sheridan. \"I want to thank our shareholders for their ongoing support as we continue to execute on our vision of commercializing our innovative transdermal abuse deterrent technology, AVERSA™.\"Fiscal 2023 Financial Highlights:Revenue for the year ended January 31, 2023, was $2.08 million, u...

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