Full Press Release Details
Nutriband Secures $2 Million Line of Credit Financing Facility
to be Used for Commercialization of AVERSA Abuse-Deterrent Transdermal Technology
ORLANDO, Fla., 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 2022
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
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 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 10-K for the year ended January 31, 2021, filed April 29, 2022, and the Forms 10-Q for that fiscal year filed subsequent
thereto 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:
1-800-RED-CHIP (733-2447)