Nutriband Inc. Signs LOI to Acquire Carmel Biosciences
Published: Jun 13, 2018
Nutriband Inc. (OTCQB: NTRB), is pleased to announce that it has signed a Letter of Intent to acquire 100% of Carmel Biosciences, a pharmaceutical company that addresses critical needs in new drug and liquid reformulation for cardiovascular and metabolic therapies. Nutriband plans to complete the deal, valued at approximately $3.8 million, through payment of 450,000 restricted common shares of the Company's stock.
In December 2017, Carmel Biosciences received FDA approval for PREXXARTAN™, the first and only approved oral liquid dosage form of the angiotensin receptor blocker (ARB) valsartan in the United States.
PREXXARTAN™ (valsartan oral solution) is indicated for treatment of hypertension in adults and children six years and older. PREXXARTAN™ is also indicated for use as therapy for the treatment of heart failure (NYHA class II-IV). Additionally, PREXXARTAN™ has also been indicated for stable left ventricular failure or left ventricular dysfunction after myocardial infarction.
"The Carmel Biosciences team combines a deep understanding of lipid biochemistry and clinical expertise in the cardiovascular and metabolic space," stated Gareth Sheridan, CEO of Nutriband. "Carmel's focus in the reformulation of drugs with a high degree of safety and efficacy allows improved access to patients who have difficulty swallowing tablets or capsules and provides enhanced usage of these widely acclaimed products."
The hypertension therapeutics market is growing at a compound annual growth rate of 3.2% and is expected to reach $4.75 billion by 2024, according to research and consulting firm GlobalData.
About Nutriband Inc.
Nutriband is a unique, result's driven, health and pharmaceutical Company based in Orlando Florida. Unlike traditional health product companies, Nutriband found its start by spotting and targeting a gross and virtually unexplored niche in the supplement market through its method of ingredient delivery. All Nutriband products are based around the science of transdermal / Topical technologies.
Certain statements contained in this press release, including, without limitation, statements containing the words "believes", "anticipates", "expects" 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. Our actual results may differ materially from those anticipated in our forward-looking statements as a result of a number of factors, including our ability to create, sustain, manage or forecast our growth; our ability to attract and retain key personnel; changes in our business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions. Except as required by applicable law, we undertake no obligation to revise or update any of our forward-looking statements in order to reflect any event or circumstance that may arise after the date hereof.
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SOURCE Nutriband Inc.
Company Codes: OTC-PINK:NTRB, OTC-QB:NTRB