ORLANDO, Fla., Sept. 2, 2020 /PRNewswire/ -- Nutriband Inc. (OTCQB: NTRB), a Nevada Corporation, announced that it has completed the acquisition of Pocono Coated Product's Transdermal and Health product manufacturing business effective August 31, 2020.
Pocono Coated Products was established in 2004 with a focus on the manufacturing of custom coated products and providing manufacturing and development services for 3rd party partners. One main area of focus for Pocono is on transdermal and topical product manufacturing,
Based on the Purchase Agreement, the value of the Nutriband common stock and cash used to acquire the business, Pocono's transdermal manufacturing business is valued at $7.5 million.
Following Nutriband's 2018 acquisition of 4P Therapeutics, the acquisition of Pocono's transdermal manufacturing business is a significant step in the development of Nutriband's growth and capabilities. Nutriband plans to consolidate the capabilities of both acquisitions to expand its business, enhance revenue stream opportunities, and advance in-house product development, specifically Nutriband's abuse deterrent technology for opioid-based transdermal medications, AVERSA.
The acquisition also includes the simultaneous acquisition by Pocono of Active Intelligence, LLC a veteran-founded company and the manufacturer of Active Intelligence kinesiology tape, a product that provides muscle support combined with soothing ingredients for aches or muscle pain. The product is designed to mimic the skin's elasticity, so the user still has a full range of motion during its use.
About Nutriband Inc.
The Company is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Its lead product under development is its abuse deterrent fentanyl transdermal system which the Company is developing to provide clinicians and patients with an abuse deterrent transdermal fentanyl product for use in managing chronic pain requiring opioid therapy. The product is combined with properties designed to help combat the opioid crisis by deterring the abuse and misuse of fentanyl patches.
The Company's website is www.nutriband.com and 4P's website is www.4PTherapeutics.com. Any material contained in or derived from the Company's or 4P's websites or any other website is not part of this press release.
About Pocono Coated Products
Pocono Coated products specializes in the manufacturing of various products such as tapes, topical patches and health products with a specific focus on coated products, materials and technologies.
The Company's website is www.poconoctd.com. Any material contained in or derived from the Company's or 4P's websites or any other website is not part of this press release.
About Our Forward-Looking Statements
Certain statements contained in this press release, including, without limitation, statements containing the words "believes," "anticipates," "expects," plans 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 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 development stage company that does not have a product that can be marketed and 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, 2020 and under "Management's Discussion and Analysis of Financial Conditions and Results of Operations" in the Company's Form 10-Q for the three months ended April 30, 2020, and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date hereof.
Public Relations Principal
Nutriband Office: 407-377-6695
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SOURCE Nutriband Inc.