Nutriband Discloses $8.4M Private Placement Representing 2.10M Shares Of Common Stock At $4 Per Share; Company Targets 505(b)(2) NDA To FDA For Marketing Approval Of AVERSA Fentanyl In Q1 2025

Company says that for each Share of common stock purchased the investor receives a five-year warrant to purchase two shares of common stock. The exercise price of the Warrants is $6.43 per share. The private placement is expected to close on or about April 19, 2024, subject to the satisfaction of customary closing conditions.

The primary use of proceeds will be for completing the remaining clinical development of AVERSA Fentanyl and submission of its NDA with the FDA for marketing approval. AVERSA Fentanyl has the potential to become the world's first opioid patch with abuse deterrent properties and is estimated it could reach peak annual US sales of $80 million to $200 million.1