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News  ›  GlobeNewswire Inc.

Nutriband Inc. Signs Agreement to Sell Majority Stake of Subsidiary Pocono Pharmaceutical for $5M USD to EarthVision Bio

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Nutriband Inc. Signs Agreement to Sell Majority Stake of Subsidiary Pocono Pharmaceutical for $5M USD to EarthVision Bio

Nutriband Inc. announced the sale of a 90% stake in its subsidiary Pocono Pharmaceutical to EarthVision Bio for $5 million USD, with Nutriband shareholders retaining 10% ownership. The company plans to use proceeds to develop AVERSA Fentanyl, an abuse-deterrent opioid patch with potential annual US sales of $80-200 million. EarthVision Bio is developing sustainable product alternatives founded by Intel co-founder Dr. Gordon Moore and ex-Chevron Europe chairman Dr. Hans Franke.

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NTRB   positive

Company is raising capital ($5M) to fund development of its lead product AVERSA Fentanyl with significant market potential ($80-200M annual sales). The divestment of non-core subsidiary allows focus on higher-value pharmaceutical development. Retention of 10% stake in EarthVision Bio provides upside participation.