Nutriband Shares Rise 14% After Credit Line Increased to Fund Fentanyl Deterrent Tech

By Chris Wack

Nutriband shares were up 14% to $2.73 on Friday after the company said it expanded its existing credit line facility to $5 million to fund the continued development and regulatory submission process for its patented lead product Aversa Fentanyl, an abuse-deterrent fentanyl transdermal system.

The stock hit its 52-week low of $1.92 on June 26 and is down 34% over the past 12 months.

Aversa Fentanyl is the flagship product of the pharmaceutical company's Aversa platform. The company said the proprietary technology can be incorporated into transdermal patches that help improve the safety profile and prevent abuse and exposure of drugs such as fentanyl.

The company said it is targeting a U.S. Food and Drug Administration submission for Aversa Fentanyl in the first half of 2024. Aversa Fentanyl was recently estimated to have the potential to reach peak annual U.S. sales of $80 million to $200 million.

The Aversa technology is covered by a broad intellectual property portfolio in 45 countries with patents granted in the U.S., Europe, U.K., Japan, Korea, Russia, Canada, Mexico and Australia.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

07-14-23 1101ET