NEXGEL Acquires Kenkoderm Psoriasis Skincare Line
December 05 2023 - 7:00AM
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
the acquisition of Kenkoderm, a privately-owned skincare product
company focusing on treating the symptoms of Psoriasis, effective
December 1, 2023.
The Kenkoderm skincare line was originally
developed by a dermatologist to provide alternative treatments for
psoriasis that did not use steroids or biologics that often have
side effects. Today, Kenkoderm has six stock keeping units (SKUs)
including cream, salt soap, mud soap, shampoo, conditioner and
multivitamin. The Kenkoderm products are sold primarily
direct-to-consumer through e-commerce and Amazon, with a
significant portion of revenue derived from subscription bundles.
Kenkoderm, for the trailing twelve months is profitable and
expected to be immediately accretive to NEXGEL.
Adam Levy, NEXGEL’s Chief Executive Officer,
commented, “The Kenkoderm brand fits perfectly with our health and
wellness line of products. Together, we believe there are immediate
synergies to support the optimization of marketing and supply chain
operations to not only continue growing their brand, but also drive
further profitability. We will immediately implement our marketing
strategies while opening new distribution channels including going
to retail. Our team will continue to evaluate further accretive
acquisitions that fit within the platform we have built at
NEXGEL.”
Eric Jones, President of Kenkoderm, stated, “Our
entire team has worked tirelessly to bring to market a variety of
skincare products, with less side effects, to the millions of those
that suffer with psoriasis today. We are proud to have built our
brand and loyal customer base to date and strongly believe that
NEXGEL is the perfect partner to assist us on continuing our growth
trajectory.”
Transaction details
For details relating to the Kenkoderm
transaction, please see the Company’s Form 8-K filed with the
Securities and Exchange Commission on December 5, 2023.
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. Alongside its strategic partners, 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.
About Kenkoderm
Kenkoderm was originally developed by a
dermatologist for her husband, who suffered from psoriasis. He
wanted an alternative treatment that did not use steroids or
biologics that can often have side effects. After identifying that
one source of the inflammation and flaring of psoriasis was caused
by the skincare products he was using, the couple teamed up with
other dermatologists to develop a skincare line focused on reducing
symptoms associated with psoriasis. After realizing the significant
positive impact of this product, a line of products containing
ingredients that treat inflammation and breakouts was created. For
more information, please visit www.kenkoderm.com.
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. 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
DirectorKCSA Strategic
Communications212.896.1254valter@kcsa.com
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