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Nutriband is developing a product to prevent the misuse of fentanyl patches.
Nutriband, an Irish-founded medtech start-up listed on the Nasdaq, is expected to raise $4m from a new offering, according to a document recently filed by the company.
Founded by Dubliner Gareth Sheridan, Nutriband is a pharmaceutical manufacturing company that plans to innovate novel drug delivery systems to fight global opioid misuse. It listed on the Nasdaq stock exchange in October 2021 and is headquartered in Orlando, Florida.
A filing with the US Securities and Exchange Commission dated 10 May shows that Nutriband plans to raise $4m in a public offering to further invest in its lead product under development, Aversa Fentanyl, an abuse deterrent transdermal system to reduce misuse of fentanyl patches.
“[Aversa] can be broadly applied to various transdermal products, and our plan is to follow the development of our abuse deterrent fentanyl transdermal system with the development of additional transdermal abuse deterrent products for pharmaceuticals that have a risk or history of abuse,” the filing reads.
Nurtiband also confirmed it is developing a “portfolio of transdermal pharmaceutical products” to deliver already approved drugs that are typically delivered by injection but with the potential to “improve compliance and therapeutic outcomes through transdermal delivery”.
The company posted revenue of $2.07m at the end of its latest financial year while loses before tax stood at around $4.5m.
The company, which Sheridan conceptualised while writing his thesis as a student at Technological University Dublin, has previously acquired Atlanta-based 4P Therapeutics for $2.25m and Carmel Biosciences for $3.8m.
Sheridan won the Best Young Entrepreneur award in the 2014 Bank of Ireland Start-up Awards and currently serves as the CEO of Nutriband.
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