Nutriband Inc. (NTRB) stock soared 154.48% in the current market trading session at the price of $9.95 following the issuance of its patent by the Korean Intellectual Property Office.
NTRB has mainly focused on the growth of its transdermal pharmaceutical products portfolio. Its lead product is an abuse-deterrent fentanyl patch that employs AVERSA technology. This abuse deterrence technology incorporated in the transdermal patch prevents abuse, diversion, misuse, and emergency drug exposure.
KIPO Issued Patent for AVERSA Technology
On 31st December 2021, NTRB announced the issuance of a patent for its Abuse and Misuse Deterrent Transdermal System from KIPO. This application has affiliated with the company’s developmental stage AVERSA technology. The patent features AVERSA, an abuse-deterrent transdermal system, which employs taste aversion to treat the abuse for opioid-based transdermal patches. The Korean Intellectual Property Office issued a preliminary notice of allowance on 1st December 2020.
NTRB $1M Share Repurchase Program
Earlier on 29th December 2021, NTRB reported a share repurchase program to purchase an additional $1 million of its common stock shares. Earlier on 29th December 2021, the company had common stock shares outstanding of 7.7 million.
NTRB Offered Contract Manufacturing Services
Previously on 21st December 2021, NTRB disclosed its intentions to deliver contract manufacturing services for liquid-based transdermal and cosmetic products. This announcement follows current certification as a cGMP facility after the cGMP audit reported on 13th December 2021.
Chief executive officer of NTRB, Gareth Sheridan, remarked that their purpose is to develop contract manufacturing capacities to improve revenue growth. The inclusion of liquid-based options to their contract faculty is the essence of this goal. This addition is in line with the prospects and connections they had developed with other partners.
NASDAQ Stock Market Opening Bell
On 3rd December 2021, NTRB announced receiving an invitation to ring the Stock Market Opening Bell in NASDAQ at 9:30 a.m. EST. Gareth Sheridan, chief executive officer, had joined the ceremony with the board of directors and other senior officials. Sheridan remarked that they are happy to be invited to ring the NASDAQ Opening Bell.