Nutriband Secures $5.3 Million to Advance Abuse-Deterrent Fentanyl Patch
AI-Generated Summary
Nutriband Inc. announced the exercise of warrants at $6.43, generating gross proceeds of $5,306,000 for the company. These funds are primarily earmarked for the remaining clinical development of AVERSA Fentanyl, an abuse-deterrent opioid patch, and its subsequent New Drug Application (NDA) submission to the FDA. The company projects AVERSA Fentanyl could achieve peak annual US sales of $80 million to $200 million, positioning it as a potential first-of-its-kind product.
In a nutshell
This significant capital infusion bolsters Nutriband's capacity to bring a potentially groundbreaking abuse-deterrent fentanyl patch to market. The successful clinical development and FDA approval of AVERSA Fentanyl could address a critical public health need by reducing opioid abuse, misuse, and accidental exposure.
Source: The Manila Times
