Irish-founded pharmaceutical startup Nutriband has successfully raised $8.4 million through a stock sale to advance the development and regulatory approval of its innovative opioid patch, Aversa Fentanyl. This funding round involves the sale of 2.1 million shares at $4 per share.
Founded by Dubliner Gareth Sheridan and headquartered in Orlando, Florida, Nutriband aims to bring to market the world’s first opioid patch with abuse-deterrent properties, addressing a critical need in the management of pain with safer pharmaceutical alternatives.
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Progress Towards FDA Approval
The proceeds from this funding will be invested in completing the remaining clinical development of Aversa Fentanyl and advancing regulatory efforts with the U.S. Food and Drug Administration (FDA) for marketing approval. Nutriband anticipates that Aversa Fentanyl could reach annual peak sales in the U.S. of between $80 million and $200 million.
Strategic Acquisitions and Growth
Nutriband, which went public on the Nasdaq in October 2021, has expanded its capabilities through strategic acquisitions, including Atlanta-based 4P Therapeutics for $2.25 million and Carmel Biosciences for $3.8 million. These acquisitions have bolstered the company’s expertise and development capabilities in transdermal pharmaceutical products.
The company is now poised to file a New Drug Application (NDA) for Aversa Fentanyl with the FDA, targeting submission in Q1 2025. “This is a significant step for the company as we target this submission,” stated Sheridan.
Vision for the Future
Nutriband’s vision extends beyond Aversa Fentanyl, as it aims to develop a portfolio of transdermal products that deliver approved drugs typically administered by injection. This approach aims to improve compliance and therapeutic outcomes. The technology behind Aversa can be applied broadly to various transdermal products, starting with the development of additional transdermal abuse deterrent products for pharmaceuticals that have a risk or history of abuse.
With this latest funding, Nutriband is further positioned to lead in the development of safer, more effective pharmaceutical delivery systems, potentially transforming the way pain management and other treatments are administered across the healthcare industry.
