Nutriband Inc Mosquito Repellent Patch Approved by Ministry of Health of Costa Rica
Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW) has received approval from the Costa Rica Ministry of Health for its Mosquito Repellent Patch. The product, designed to reduce mosquito bites and associated health risks, will be exclusively distributed through Farmavision S.A. in Costa Rica. Nutriband plans to expand distribution throughout South and Central America.
The global mosquito repellent market is projected to reach USD $9.30 Billion by 2029 with a 5.23% annual growth rate. The patch contains natural ingredients to mask human odors attractive to insects. It's similar to patches approved in African countries like Ghana, Nigeria, and Ivory Coast for reducing malaria and HIV spread.
Nutriband's subsidiary, Pocono Pharmaceutical, will be the exclusive manufacturer of the product.
- Approval from Costa Rica Ministry of Health for Mosquito Repellent Patch
- Exclusive distribution agreement with Farmavision S.A. in Costa Rica
- Plans for expansion into South and Central American markets
- Global mosquito repellent market projected to reach $9.30 Billion by 2029
- Product similarity to patches approved in African countries for malaria and HIV prevention
- None.
Insights
The approval of Nutriband's Mosquito Repellent Patch in Costa Rica represents a modest positive development for the company. While it opens up a new market, Costa Rica's population of about 5 million limits the immediate revenue potential. However, this approval could serve as a stepping stone for broader Latin American expansion, which aligns with the company's stated intentions.
The global mosquito repellent market's projected growth to
Investors should note that while this approval is positive, it's unlikely to significantly impact Nutriband's financials in the short term. The company's ability to secure additional approvals and establish effective distribution channels in larger Latin American markets will be important for meaningful growth in this segment.
Nutriband's Mosquito Repellent Patch presents an innovative approach to insect protection with potential public health benefits. The patch's mechanism of masking human odors attractive to mosquitoes offers a non-toxic alternative to chemical repellents, which could appeal to health-conscious consumers and environmentally sensitive markets.
The product's similarity to patches approved in African countries for malaria and HIV prevention lends credibility to its efficacy. However, it's important to note that the Costa Rican approval is likely based on safety rather than efficacy claims, as the press release doesn't mention specific efficacy data for this market.
For investors, the key will be monitoring the patch's real-world performance and consumer adoption rates in Costa Rica. If successful, this could pave the way for approvals in countries with higher mosquito-borne disease burdens, potentially positioning Nutriband as a player in global public health initiatives.
The approved product will be exclusively distributed through Farmavision S.A. throughout Costa Rica
ORLANDO, FL / ACCESSWIRE / October 17, 2024 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), today announced that it has received approval from the Costa Rica Ministry of Health for the production and marketing of its Mosquito Repellent Patch, designed to reduce the risk of mosquito bites and associated health risks associated with exposure to mosquito bites. The Company intends to further expand distribution throughout South and Central America. According to a report by Fortune Business insights, the global mosquito repellent market is expected to reach USD
The Nutriband Insect Repellent Patch contains simple natural ingredients which are used to mask human odors that are attractive to insects. Recommended wear sites include exposed areas of skin such as the neck, arms and legs.
The active ingredient in the Nutriband Mosquito Repellent Patch is similar to what is used in mosquito patches that were approved in Africa based on extensive safety and efficacy testing with a goal to reduce the spread of malaria and HIV. Specific country approvals in Africa included Ghana, Nigeria and the Ivory Coast.
Nutriband Inc.'s wholly owned contract manufacturing subsidiary, Pocono Pharmaceutical will act as exclusive manufacturer for the product.
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 ® technology. Aversa is an abuse deterrent transdermal technology that incorporates aversive agents to prevent the abuse, diversion, misuse and accidental exposure of drugs with abuse potential, specifically opioids.
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 S-1, Form 10-K for the year ended January 31, 2024, filed May 1, 2024, the Forms 10-Q's filed subsequent to the Form 10-K in 2023, and the Company's other filings 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.
Contact Information:
RedChip Companies, Inc.
Email: NTRB@Redchip.com
Phone: 1-407-644-4256
Address:
431 E Horatio Ave, Suite #100
Maitland, FL 32751
Nutriband Inc.
Phone: 407-377-6695
Email: info@nutriband.com
Nutriband Latinoamérica LLC
Angie Sánchez Bernard
Email: angies@nutriband.com
Phone: +506 89149559
SOURCE: Nutriband, Inc.
View the original press release on accesswire.com
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