Nutriband Inc. Quarterly Report Emphasizes Focus on Kinesiology Tape Output as Q1 Sports Tape Revenues Increase 219% Year Over Year
Rhea-AI Summary
Nutriband reported Q1 revenues of $408,532, highlighting a 219% YoY increase in sports tape sales via its Pocono Pharma subsidiary. The company is leveraging penetration pricing to secure deals with major brands like KT Tape, Reebok, Adidas, and New Balance.
In Q1, Nutriband completed an $8.4M private placement at $4 per share, bringing its cash position to $8,347,739 as of April 30, 2024.
The company is advancing its AVERSA line, targeting a Q1 2025 NDA filing for AVERSA Fentanyl, projected to achieve peak annual sales of $80-$200M. AVERSA Buprenorphine could reach up to $130M in annual sales.
Positive
- Q1 sports tape revenues increased by 219% year-over-year.
- Completed an $8.4M private placement, strengthening the balance sheet.
- Cash position as of April 30, 2024, was $8,347,739.
- Secured deals with major brands like KT Tape, Reebok, Adidas, and New Balance.
- Targeting Q1 2025 for NDA filing of AVERSA Fentanyl.
- Potential for AVERSA Fentanyl to reach peak annual sales of $80-$200M.
- Potential for AVERSA Buprenorphine to reach peak annual sales of up to $130M.
Negative
- Q1 revenues only $408,532, indicating modest overall earnings.
- Dependence on a single phase 1 clinical study for AVERSA Fentanyl's NDA could pose regulatory risks.
- AVERSA Fentanyl and Buprenorphine sales projections are speculative and not guaranteed.
News Market Reaction
On the day this news was published, NTRB gained 13.03%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ORLANDO, FL / ACCESSWIRE / June 3, 2024 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), today reported Q1 revenues of
The Company further strengthened its balance sheet in Q1 through the completion of an
Meanwhile in Q1, the Company has made further advancements in its development of AVERSA and it is maintaining a target of Q1 2025 for its NDA filing with the FDA. The Company recently updated shareholders about its development pathway for AVERSA Fentanyl reminding shareholders that its NDA will be primarily based on a single phase 1 Human Abuse Potential clinical study with no phase 2 or phase 3 clinical trials required prior to submission.
AVERSA Fentanyl has the potential to be the first and only abuse deterrent patch approved anywhere in the World. AVERSA Fentanyl is estimated to have the potential to reach peak annual sales of
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's website is www.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, 2023, filed April 26, 2023, 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.
For more information, contact:
RedChip Companies, Inc.
Email: NTRB@Redchip.com
Phone: 1-407-644-4256
Address:
431 E Horatio Ave, Suite #100
Maitland, FL 32751
Nutriband Inc.
Phone: 407-377-6695
Email: Support@nutriband.com
SOURCE: Nutriband Inc.
View the original press release on accesswire.com
FAQ
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