ORLANDO, FL - Nutriband Inc. (NASDAQ:NTRB), a developer of transdermal pharmaceutical products, announced today that it has received a Notice of Allowance from the Chinese National Intellectual Property Administration (CNIPA) for its patent application, which covers the company's AVERSA™ abuse deterrent transdermal technology.
This technology, which involves a proprietary aversive agent coating, is designed to deter the oral abuse and accidental exposure to transdermal opioid and stimulant patch products through taste aversion. The AVERSA™ technology is now protected by patents in 46 countries, including the United States, Europe, and Japan.
Nutriband's lead product, AVERSA™ Fentanyl, aims to be the first abuse-deterrent opioid patch globally, potentially reducing the risk of misuse and accidental exposure associated with transdermal fentanyl patches. The company, in collaboration with Kindeva Drug Delivery, is developing this product by incorporating its AVERSA™ technology into an FDA-approved fentanyl patch system.
A market analysis report by Health Advances suggests that AVERSA Fentanyl could generate annual US sales between $80 million and $200 million. This product represents Nutriband's effort to improve the safety profile of drugs vulnerable to abuse while maintaining accessibility for patients in need.
The press release also contains forward-looking statements regarding the company's ability to develop, obtain necessary financing, regulatory approval, and successfully market its AVERSA™ Fentanyl and other products. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially.
This news is based on a press release statement and provides an overview of Nutriband's recent patent allowance and potential market impact of its abuse-deterrent technology.
In other recent news, Nutriband Inc. has made significant strides in enhancing the safety of its AVERSA™ Fentanyl patch, aiming to deter opioid abuse. The pharmaceutical company has entered into a licensing agreement to incorporate Bitrex® brand denatonium benzoate, recognized as the world's most bitter substance, into the patch. This development, in partnership with Kindeva Drug Delivery, aims to prevent misuse and accidental ingestion, particularly among children.
These recent developments also include Nutriband's decision to repurchase up to $1,000,000 of its common stock, a move signaling confidence in its financial health and future prospects. In addition, the company has appointed Sergei Glinka to its board of directors following his substantial $4.5 million investment.
Furthermore, Nutriband is nearing the acquisition of a trademark for its AVERSA™ technology, which is integral to its efforts to combat drug abuse and misuse. The trademark acquisition follows the receipt of a Notice of Allowance from the United States Patent and Trademark Office.
Moreover, Nutriband has secured $8.4 million in a private placement funding round, which is expected to advance the development of AVERSA™ Fentanyl. According to a market analysis by Health Advances, the AVERSA™ Fentanyl patch could potentially achieve peak annual sales between $80 million and $200 million in the U.S. market. These recent developments underscore Nutriband's ongoing commitment to bringing innovative pharmaceutical solutions to the market.
InvestingPro Insights
Nutriband Inc. (NASDAQ:NTRB) has recently made headlines with its innovative AVERSA™ abuse deterrent transdermal technology, now poised to enter the Chinese market with a newly granted patent. As the company navigates the complexities of bringing its product to a global audience, it's essential to consider the financial health and market performance that back Nutriband's operational strategies.
InvestingPro data indicates that Nutriband holds a market capitalization of $74.57 million, which provides a sense of the company's size and market value. Despite the challenges faced in the last twelve months as of Q1 2023, including a revenue decline of 20.83%, the company maintains a significant cash position relative to its debt, as highlighted by one of the InvestingPro Tips. This financial stability could be crucial in supporting the company's development and marketing efforts for AVERSA™ Fentanyl.
Moreover, analysts remain optimistic about Nutriband's sales growth in the current year, suggesting confidence in the company's potential to capitalize on its patented technologies and expand its market reach. This sentiment is further underscored by Nutriband's notable market performance, with a substantial return over the last week of 19.57% and a remarkable year-to-date price total return of 189.66%.
While the company does not currently pay dividends, reflecting a reinvestment strategy into growth and development, the InvestingPro Fair Value of $6.8 USD indicates a close alignment with the previous closing price of $6.72 USD. This suggests that the market is pricing Nutriband's shares near what might be considered a fair value, given the company's current financials and growth prospects.
For readers interested in a deeper analysis, the full set of InvestingPro Tips for Nutriband Inc. includes additional insights, such as the company's high return over the last year and significant price uptick over the last six months, which can be found at https://www.investing.com/pro/NTRB. These metrics and tips provide a valuable perspective for investors considering Nutriband's stock, especially in light of the company's recent patent allowance and the potential market impact of its abuse-deterrent technology.
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