Nutriband (NASDAQ: NTRB), a developer of transdermal pharmaceutical products, is reporting its Q2 2024 financial results for the period ending July 31, 2024. According to the report, the company ended the quarter in a strong cash position, reinforcing its ability to advance the development of its lead product, AVERSA(TM) Fentanyl, with a New Drug Application (“NDA”) submission planned for the first half of 2025. The report showed Nutriband with cash reserves of $6.75 million, supporting the company’s ongoing development and commercialization efforts for AVERSA Fentanyl; total assets are valued at $13.63 million, with stockholders’ equity amounting to $12.5 million. The company noted that if AVERSA Fentanyl is approved, it could be the first and only abuse-deterrent transdermal patch available globally, with potential to see estimated annual sales of $80–$200 million.
“Nutriband is expanding 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, including KT Tape and Fit For Life Group,” stated the company in the press release. “Products are rolling out to 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 Q1/Q2 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 submission.”
To view the full press release, visit https://ibn.fm/ePn5K
About Nutriband Inc.
Nutriband is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. The company’s lead product under development is an abuse-deterrent fentanyl patch incorporating its AVERSA(TM) 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. For more information about the company, please visit www.Nutriband.com.
NOTE TO INVESTORS: The latest news and updates relating to NTRB are available in the company’s newsroom at https://ibn.fm/NTRB
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