ORLANDO,
Fla., April 29, 2022 /PRNewswire/ -- Nutriband
Inc. (NASDAQ: NTRB), a developer of transdermal pharmaceutical
products, today announced financial and operational results for the
fiscal year ended January 31,
2022.
Key Highlights:
- Generated record revenue of $1.4
million, up 56% over the prior fiscal year
- Completed uplisting to Nasdaq Capital Market in October 2021 and concurrent offering that raised
total gross proceeds of approx. $8.7
million
- Signed agreement with Kindeva Drug Delivery, a leading global
contract development and manufacturing organization (CDMO) with a
rich legacy of over 50 years of pharmaceutical innovation as
3M Drug Delivery Systems, to develop
AVERSA™ Fentanyl, the Company's proprietary abuse deterrent
fentanyl patch
- Expanded AVERSA™ intellectual property portfolio with patents
now issued in 44 countries; AVERSA™ patent coverage includes the
U.S., Europe, Japan, Korea, Mexico, Australia, and Russia, with patents pending in China and Canada
- Stockholders' equity increased 28% to 11.9 million
"Our record financial results and multiple major achievements in
fiscal 2022 were a direct result of the hard work and exceptional
execution of our dedicated team," commented Gareth Sheridan, CEO of Nutriband. "With
improved access to capital and the enhanced credibility of being a
Nasdaq-listed company, I believe Nutriband is well positioned to
excel in the quarters ahead as we move forward with the development
of our lead product, AVERSA™ Fentanyl."
"According to an assessment by Health Advances, AVERSA Fentanyl
could reach peak annual sales of between $80
million and $200 million. If
the entire transdermal fentanyl market moves toward abuse deterrent
patches, similar to what occurred in the extended-release oral
opioid market, the potential could be significantly greater,"
continued Sheridan. "I want to thank our shareholders for their
ongoing support as we continue to execute on our vision of
commercializing our innovative transdermal abuse deterrent
technology, AVERSA™."
Fiscal 2022 Financial Highlights:
Revenue for the 12-months ended January
31, 2022 was $1.4 million, up
56% from revenue of $0.9 million in
fiscal year 2021. Revenue growth was driven primarily by an
increase in sales of contract manufacturing services by the
Company's wholly owned subsidiary, Pocono Pharmaceuticals.
Cost of revenues for the 12-months ended January 31, 2022 were $0.9
million with gross margins of $0.5
million, or 36% of revenues, compared to costs of revenue of
$0.6 million in fiscal year 2021 and
gross margins of $0.3 million, or 34%
of revenues.
Research and development expenses for the 12-months ended
January 31, 2022 were $0.4 million, compared to $0 in fiscal year 2021.
Selling, general and administrative expenses for the 12-months
ended January 31, 2022 were
$4.0 million, compared to
$2.9 million in fiscal year 2021. The
increase over 2021 is primarily attributable to non-cash consulting
expenses of $1.4 million and the
inclusion of expenses of $0.7 million
of Active Intelligence in 2022.
Net loss attributable to common shareholders for the 12-months
ended January 31, 2022 was
$6.4 million, or $0.94 per share, compared to a net loss of
$2.9 million, or $0.51 per share, in fiscal year 2021.
As of January 31, 2022, cash and
cash equivalents were $4.9 million
and the Company had working capital of $4.7
million, as compared to cash and cash equivalents of
$0.2 million and a working capital
deficiency of $2.3 million as of
January 31, 2021.
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™ abuse deterrence technology. AVERSA™ technology
can be incorporated into any transdermal patch with a goal to
prevent the abuse, misuse, diversion, and accidental exposure of
drugs with abuse potential.
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, 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
NTRB@redchip.com
1-800-RED-CHIP (733-2447)
407-491-4498
View original
content:https://www.prnewswire.com/news-releases/nutriband-inc-reports-revenue-up-56-in-fiscal-2022-to-a-record-1-4m-301536225.html
SOURCE Nutriband Inc.
