Nutriband CEO says 2024 goals are ‘ambitious yet achievable’

Nutriband announced that CEO Gareth Sheridan has published a letter to shareholders providing insights on achievements and targets through 2023 and the potential outlook for 2024. The letter read in part, “As we wrapped up a successful 2023 and our annual shareholder meeting this week, the entire team at Nutriband would like to extend our warmest appreciation to all of you for your continued support throughout the year and into 2024. Many of you have been with us from the beginning and many more joined our common goal along the way. This goal is to change the world for the better by creating technology designed to improve the safety standard of easily abused transdermal drugs while simultaneously focusing on making these safer treatments available to patients who require them. Your support has been paramount as we strive to reduce potential dilution to shareholders, a primary goal of the management team. We have dedicated ourselves to developing a portfolio of transdermal pharmaceutical products and made significant strides these past 12 months showcasing AVERSA in London and garnering recognition for our innovative technology by peers in the pharmaceutical field, receiving multiple award nominations at the 2023 Pharma industry awards…Financially, the team is excited by strong revenue growth reported in 2023 from our Pocono Pharma subsidiary which we are working to improve upon further in 2024. Pocono and our subsidiaries are an important part of our company structure to reduce our burn rate through the clinical development process. We have recently strengthened our balance sheet converting $2 million of debt into equity with a large strategic shareholder as outlined in recent filings.Our marketing initiatives, particularly the collaboration with KT Tape, are expected to significantly expand our potential revenue growth for 2024. In 2023, we also launched our own Active Intelligence. Brand portfolio simultaneously announcing Ex NFL Quarterback Donovan McNabb as brand ambassador. This new line includes our new Heating and Cooling Kinesiology Tape. All AI Tape products are manufactured in the USA at Nutriband’s facility in Cherryville, North Carolina, and are available for purchase on Amazon and Activeintell.com. These new initiatives have expanded our revenue opportunities, reducing our potential capital needs as we continue the development of AVERSA and its regulatory pathway. Our 2024 goals are ambitious yet achievable, focused on FDA pre-IND and IND meetings in the near term, the HAL Study for Aversa Fentanyl, new potential partnerships, and targeting an NDA submission before our Year End…Your continued support and belief in our vision have been pivotal to our reaching these milestones and others as we forge ahead. We remain committed to delivering innovative solutions and generating value for our shareholders. Thank you for your trust, confidence and investment in Nutriband.”