SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
The Company on March 19, 2023 entered into a three-year $2,000,000 credit line facility, drawdowns under which bear interest at the rate of 7% per annum. The credit line does not permit conversion by the lender of amounts outstanding under the line into common stock. The credit line provides the Company with financing, through the FDA approval process and into commercial scale manufacturing, for the Company’s patented lead product, AVERSA™ Fentanyl, an abuse-deterrent fentanyl transdermal system.
See Press Release attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are being filed with this Current Report on Form 8-K:
| 99.1 | Nutriband Press Release dated March 28, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
| NUTRIBAND INC. | ||
| Date: March 29, 2023 | By: | /s/ Gareth Sheridan |
| R: Gareth Sheridan | ||
| Chief Executive Officer | ||
EXHIBIT 99.1
Nutriband Secures $2 Million Line of Credit Financing Facility to be Used for Commercialization of AVERSA™ Abuse-Deterrent Transdermal Technology
ORLANDO, Fla., March 28, 2023 – Nutriband Inc. (“Company”) (NASDAQ:NTRB) (NASDAQ:NTRBW) has entered into a three-year $2,000,000 Credit Line facility to provide financing through the FDA approval process into commercial scale manufacturing for the Company’s patented lead product, AVERSA™ Fentanyl, an abuse-deterrent fentanyl transdermal system. AVERSA™ Fentanyl contains Nutriband’s proprietary transdermal abuse deterrent technology.
AVERSA™ Fentanyl combines Nutriband’s proprietary AVERSA™ abuse-deterrent transdermal technology and Kindeva Drug Delivery’s FDA-approved transdermal fentanyl patch system. AVERSA™ Fentanyl was recently estimated to have the potential to reach peak annual US sales of $80M - $200M.1
"This financing allows us to continue progress towards commercializing our AVERSA™ abuse-deterrent transdermal technology and capitalizing on its huge market potential," said Gareth Sheridan, Nutriband CEO. “Securing non-dilutive financing such as this credit facility is an important component of our growth strategy and we look forward to updating our shareholders as we continue to execute on our vision.”
Nutriband’s AVERSA™ abuse-deterrent technology can be utilized to incorporate aversive agents into transdermal patches to help prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential. The AVERSA™ abuse-deterrent technology has the potential to improve the safety profile of transdermal drugs susceptible to abuse, such as fentanyl, while making sure that these kinds of treatments remain accessible to patients that really need them. The technology is covered by a broad intellectual property portfolio with patents granted in the United States, Europe, Japan, Korea, Russia, Canada, Mexico, and Australia.
1 Health Advances market analysis report 2022
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.
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 10-K for the year ended January 31, 2021, filed April 29, 2022, and the Forms 10-Q for that fiscal year filed subsequent thereto 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
Cover |
Mar. 19, 2023 |
|---|---|
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Mar. 19, 2023 |
| Entity File Number | 000-55654 |
| Entity Registrant Name | Nutriband Inc. |
| Entity Central Index Key | 0001676047 |
| Entity Tax Identification Number | 81-1118176 |
| Entity Incorporation, State or Country Code | NV |
| Entity Address, Address Line One | 121 S. Orange Ave. Suite 1500 |
| Entity Address, City or Town | Orlando |
| Entity Address, State or Province | FL |
| Entity Address, Postal Zip Code | 32801 |
| City Area Code | (407) |
| Local Phone Number | 377-6695 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | true |
| Common Stock [Member] | |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | NTRB |
| Security Exchange Name | NASDAQ |
| Warrants | |
| Title of 12(b) Security | Warrants |
| Trading Symbol | NTRBW |
| Security Exchange Name | NASDAQ |