Nutriband Inc. Q1 Report Highlights 219% YoY Increase in Sports Tape Revenues

Nutriband Inc., headquartered in Orlando, Florida, announced its first-quarter revenue figures for 2024, amounting to $408,532. This figure underscores the company's ongoing efforts to expand its Kinesiology Tape manufacturing services via its subsidiary, Pocono Pharma. The company is leveraging penetration pricing strategies to establish a robust market presence among prominent industry brands and license holders, including KT Tape and Fit For Life Group, which manage licenses for well-known international brands such as Reebok, Adidas, and New Balance.

In addition to revenue growth, Nutriband Inc. boosted its financial standing in the first quarter by successfully completing an $8.4 million private placement with both existing and new shareholders, each share priced at $4. As of April 30, 2024, the company's cash reserves stood at $8,347,739.

In the same quarter, Nutriband Inc. made significant progress in the development of its AVERSA technology, particularly its AVERSA Fentanyl patch. The company aims to file a New Drug Application (NDA) with the FDA by the first quarter of 2025. Highlighting the developmental pathway for AVERSA Fentanyl, Nutriband Inc. reassured shareholders that the NDA submission will primarily rely on a single Phase 1 Human Abuse Potential clinical study, eliminating the need for Phase 2 or Phase 3 clinical trials before submission.

AVERSA Fentanyl holds the potential to become the world's first and only abuse-deterrent transdermal patch. Market analysis by Health Advances suggests that AVERSA Fentanyl could achieve peak annual sales ranging between $80 million and $200 million. Further, the company's second AVERSA application, AVERSA Buprenorphine, is poised to reach peak annual sales of up to $130 million.

Nutriband Inc. is devoted to advancing its portfolio of transdermal pharmaceutical products, with its leading product being an abuse-deterrent fentanyl patch that incorporates the proprietary AVERSA™ technology. This innovative technology is designed to be integrated into any transdermal patch to mitigate the risks associated with drug abuse, misuse, diversion, and accidental exposure.

By focusing on strategic partnerships, financial fortification, and the development of pioneering drug delivery technologies, Nutriband Inc. is positioning itself at the forefront of the pharmaceutical industry. The company’s endeavors reflect a clear commitment to both shareholder value and the broader goal of addressing opioid abuse through innovative solutions.

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