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Nutriband (NTRB) Announces 2.1M Share Offering at $4/sh

April 19, 2024 7:14 AM EDT

Nutriband Inc. (NASDAQ: NTRB)(NASDAQ: NTRBW), a company engaged in the development of abuse deterrent pharmaceutical products announced that it has entered into definitive securities purchase agreements for the purchase and sale of an aggregate of 2,100,000 shares of common stock (the "Shares"), at a purchase price of $4 per share of common stock; for each Share of common stock purchased the investor receives a five-year warrant to purchase two shares of common stock. The exercise price of the Warrants is $6.43 per share. The private placement is expected to close on or about April 19, 2024, subject to the satisfaction of customary closing conditions.

The primary use of proceeds will be for completing the remaining clinical development of AVERSA Fentanyl and submission of its NDA with the FDA for marketing approval. AVERSA Fentanyl has the potential to become the world's first opioid patch with abuse deterrent properties and is estimated it could reach peak annual US sales of $80 million to $200 million.1

"The completion of this private placement should provide sufficient funding through our NDA filing for AVERSA Fentanyl with the FDA for marketing approval. This is a significant step for the company as we target this submission in Q1 2025," Said Gareth Sheridan, CEO.

The Securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the Shares and the shares underlying the Warrants issuable in connection with the Purchase Agreements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

1 Health Advances Aversa Fentanyl market analysis report 2022



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