US based Pharmaceutical company continues to grow under Irish Entrepreneurs stewardship
This week Nutriband, the Florida based health and pharmaceutical company set up by Irish man Gareth Sheridan and whose president is the well known businessman and former presidential hopeful, Sean Gallagher, officially completed their acquisition of Atlanta based 4P Therapeutics.
As part of the deal, 4P Therapeutics received 250,000 shares of Nutriband’s common stock and an additional cash payout of $400,000 bringing the overall value of the transaction to $2.25M.
The takeover of this clinical development company gives Nutriband access to develop a new and exciting drug called Defent, a specific abuse deterrent technology that aims to reduce the misuse, accidental or otherwise, of opioid based transdermal medications- transdermal meaning the use of patches as a way to deliver medications through the skin.
‘This marks a significant milestone for Nutriband. We have been working to bring 4P Therapeutics under our umbrella now for some time and we are very excited at the opportunities at hand with Defent as well as other transdermal drugs the company is working on,” says Gareth Sheridan, CEO of Nutriband.
Speaking at the company’s headquarters in Orlando, board director and newly appointed company president, Sean Gallagher went on to say that “There are tens of thousands of opioid related deaths each year in the US alone and while a significant number of these are caused by the purposeful or accidental misuse of prescription medications, others are the result of abuse for example by orally ingesting or smoking of opioid patches. Defent, once fully developed and approved, has the potential to save lives by becoming an important deterrent to such behavior.”
Read more about Nutriband on https://nutriband.com