Nutriband Inc.'s AVERSA(R) technology receives Notice of Allowance from United States Patent and Trademark Office (USPTO)

Rhea-AI Summary

Nutriband Inc. (NASDAQ:NTRB, NTRBW) announced that it received a Notice of Allowance from the USPTO for patent application 16/707,547, focusing on its AVERSA® technology. This technology targets the prevention of opioid abuse, particularly for fentanyl patches. The announcement follows the company's initial NASDAQ listing and a $6.6 million underwritten offering on October 1, 2021. The proceeds will primarily fund the clinical development of AVERSA.

Positive

• Received Notice of Allowance for patent application 16/707,547.
• Focus on developing AVERSA technology for abuse deterrent fentanyl patches.
• Completed a $6.6 million underwritten offering to fund clinical development.

Negative

• None.

ORLANDO, FL / ACCESSWIRE / October 4, 2021 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), a company engaged in the development of pharmaceutical products, contract research and development services and the manufacture of transdermal products focused on preventing opioid abuse, today announced that it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for its patent application 16/707,547, entitled 'Abuse and Misuse Deterrent Transdermal Systems'. The Patent, specifically relates to the company's AVERSA® technology focused on deterring the abuse and misuse of opioid based transdermal pain patches, specifically Fentanyl.

The news follows the company's initial listing on the NASDAQ Capital Market and pricing of a $6.6 Million underwritten offering, each on October 1, 2021. The net proceeds from the underwritten offering shall be used primarily for the clinical development of, AVERSA.

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.

About Our 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, 2020 and Forms 10-Q, 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.

For more information, contact:

Investor Relations
RedChip Companies
Dave Gentry
Dave@redchip.com
1-800-RED-CHIP (733-2447)
407-491-4498

SOURCE: Nutriband Inc.

View source version on accesswire.com:
https://www.accesswire.com/666588/Nutriband-Incs-AVERSAR-technology-receives-Notice-of-Allowance-from-United-States-Patent-and-Trademark-Office-USPTO

FAQ

What patent did Nutriband receive a Notice of Allowance for?

Nutriband received a Notice of Allowance for patent application 16/707,547, related to its AVERSA® technology.

How much did Nutriband raise in its underwritten offering?

Nutriband raised $6.6 million in its underwritten offering.

What is AVERSA technology designed to do?

AVERSA technology is designed to deter the abuse and misuse of opioid-based transdermal pain patches, specifically fentanyl.

When was the underwritten offering priced?

The underwritten offering was priced on October 1, 2021.

What will the proceeds from the offering be used for?

The proceeds will primarily be used for the clinical development of the AVERSA technology.