LANGHORNE, Pa., July 19, 2023 (GLOBE NEWSWIRE) -- NEXGEL, Inc. (“NEXGEL” or the “Company”) (NASDAQ: “NXGL”), a leading provider of ultra-gentle, high-water-content hydrogel products for healthcare and consumer applications, today announced a new strategic relationship with Enigma Health, a new joint venture company, for retail distribution and marketing services in North America. In addition to NEXGEL, Enigma will also be providing services for Moiety, Inc., a cutting edge topical lotion and creams manufacturer.
Adam Levy, CEO of NEXGEL, Inc, stated, "We have been very strategic and patient with our expansion from direct-to-consumer to brick and mortar retail. Our leading products are performing very well online and we believe now is the opportune time to broaden our distribution channels. We are excited to leverage the expertise and market presence of Enigma Health’s management team to expedite the delivery of our cutting-edge hydrogel topical patches directly to consumers."
At the helm of this visionary joint venture are two highly accomplished retail distribution industry executives. Mr. Joe Magnacca, an esteemed leader who has served in multiple executive roles including CEO of Massage Envy, President of Walgreens and President of Duane Reade, will assume the role of the joint venture’s Distribution Executive and serve as a Board Member. Mr. George Lamont, a 30+ years executive with experience in strategic food, drug brokerage sales, and marketing, will also serve as a Board Member and as Chief Revenue Officer of the joint venture. Mr. Magnacca’s and Mr. Lamont’s exceptional leadership, strategic vision, and extensive network are expected to drive the joint venture's expansion and cement its position as a force to be reckoned with in the retail distribution landscape.
"We are elated to embark on this transformative journey alongside NEXGEL and Moiety," said Mr. Magnacca. "This joint venture represents an unparalleled opportunity to amplify our reach and make innovative topical solutions accessible to consumers across North America and beyond.”
About NEXGEL, INC.
NEXGEL is a leading provider of ultra-gentle, high-water-content hydrogels for healthcare and consumer applications. Based in Langhorne, Pa., the Company has developed and manufactured electron-beam, cross-linked hydrogels for over two decades. NEXGEL has formulated more than 200 different combinations to bring natural ingredients to gentle skin patches that can be worn for long periods of time with little to no irritation.
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs, such as “will,” “should,” “would,” “may,” and “could,” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons including the impact of the COVID-19 pandemic. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2022, including but not limited to the discussion under “Risk Factors” therein, which the Company filed with the SEC and which may be viewed at http://www.sec.gov/.
Investor Contacts:
Valter Pinto, Managing Director
KCSA Strategic Communications
212.896.1254
valter@kcsa.com
Media Contacts:
Kelly Knobeck
Director of Consumer Products
info@nexgel.com
