Class 1 Medical Device Registration Allows Nutriband To Explore New Product Manufacturing Opportunities Through Its Wholly Owned Subsidiary Active Intelligence LLC
ORLANDO, FL / ACCESSWIRE / May 11, 2022 / Nutriband Inc. (NASDAQ:NTRB)(NASDAQ:NTRBW), a developer of transdermal pharmaceutical products, today announced its Active Intelligence LLC subsidiary has registered as a Class I medical device manufacturer with the U.S. Food and Drug Administration (FDA) to manufacture and distribute its proprietary AI Tape, to compete in the growing kinesiology tape market.
“The FDA medical device manufacturing registration for Active Intelligence represents a pivotal milestone that paves the way for commercial sales of our AI Tape product in the United States,” commented Gareth Sheridan, CEO of Nutriband. “The registration will enable Active Intelligence to manufacture AI Tape under its own brand or through white label agreements with sales and marketing partners as well as explore new opportunities for contract manufacturing in the medical device space. We look forward to providing the market with updates on the progress in the coming months.”
AI Tape is a kinesiology tape that is placed on the skin to support for athletes recovering from sports injuries. Active Intelligence is also developing a line of medicated kinesiology tapes to assist athletes in the recovery process after physical injury. The global sports medicine market exceeded $5 billion in 2021 and is projected to grow at a 6.8% CAGR through 2028, reaching an estimated $8.9 billion, according to data from Statista.
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 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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SOURCE: Nutriband Inc.