Business
Nutriband Secures $2 Million Line of Credit Financing Facility to be Used for Commercialization of AVERSA(TM) Abuse-Deterrent Transdermal Technology
ORLANDO, FL / ACCESSWIRE / March 28, 2023 / Nutriband Inc. ("Company") (NASDAQ:NTRB)(NASDAQ:NTRBW) has entered into a three-year $2,000,000 Credit Line
About this update from Nutriband Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / March 28, 2023 / Nutriband Inc. (\"Company\") (NASDAQ:NTRB)(NASDAQ:NTRBW) has entered into a three-year $2,000,000 Credit Line facility to provide financing through the FDA approval process into commercial scale manufacturing for the Company's patented lead product, AVERSA™ Fentanyl, an abuse-deterrent fentanyl transdermal system. AVERSA™ Fentanyl contains Nutriband's proprietary transdermal abuse deterrent technology. AVERSA™ Fentanyl combines Nutriband's proprietary AVERSA™ abuse-deterrent transdermal technology and Kindeva Drug Delivery's FDA-approved transdermal fentanyl patch system. AVERSA™ Fentanyl was recently estimated to have the potential to reach peak annual US sales of $80M - $200M.1\"This financing allows us to continue progress towards commercializing our AVERSA™ abuse-deterrent transdermal technology and capitalizing on its huge market potential,\" said Gareth Sheridan, Nutriband CEO. \"Securing non-dilutive financing such as this credit facility is an important component of our growth strategy and we look forward to updating our shareholders as we continue to execute on our vision.\"Nutriband's AVERSA™ abuse-deterrent technology can be utilized to incorporate aversive agents into transdermal patches to help prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential. The AVERSA™ abuse-deterrent technology has the potential to improve the safety profile of transdermal drugs susceptible to abuse, such as fentanyl, while making sure that these kinds of treatments remain accessible to patients that really need them. The technology is covered by a broad intellectual property portfolio with patents granted in the United States, Europe, Japan, Korea, Russia, Canada, Mexico, and Australia.1 Health Advances market analysis report 2022About 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 deterrence 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...