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.
- 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.
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.
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