The first quarter of 2024 is expected to be the fourth quarter.th consecSubstantial quarter showing both quarter-on-quarter and quarter-on-quarter net sales growth
Implemented plan to reduce selling, general and administrative expenses (SG&A) and executive cash compensation in 2024, strengthening alignment of management and shareholder incentives for company success
FLORHAM PARK, N.J., April 15, 2024 (Globe Newswire) — Celularity Inc. cell Cellularity, Inc. (“Cellularity”), a regenerative medicine company developing placenta-derived allogeneic cell therapies and advanced biomaterials products, announced today that its expected first quarter 2024 net sales are biomaterial products and biobanking business.
“Estimated net sales for the first quarter of 2024 have trended upward in both January and February, and have so far exceeded our quarterly net sales expectations that we announced in early February,” Cellularity CEO said. said Robert Hariri, M.D., founder and founder of the company. D. “Frankly, we think the wound care market is adopting our products faster than we originally anticipated, and if this is true, we believe that within the traditional wound care market and our Both further potential applications for our advanced biomaterial products should be reflected in continued sales growth.'' Celularity's predecessor companies were and remain early innovators in the field of placenta-derived biomaterials. We continue to develop innovative next-generation products in this technology. We continue to believe that Celularity is uniquely positioned to leverage a diverse platform of technologies across cell and regenerative medicine indications beyond wound care. ”
Cellularity also plans to implement a reduction in senior executive cash compensation for 2024, as more fully disclosed in Cellularity's Form 8-K filed with the Securities and Exchange Commission on February 21, 2024. He also emphasized plans to reduce selling, general and administrative expenses. If this policy is implemented, a senior executive will have a portion of her 2024 cash salary and any performance bonus payable in 2024 retained in cash.
“This action by Cellularity’s management team, combined with the recent $6 million private placement investment by our largest shareholder, will strengthen our ability to invest in expanding production of our advanced biomaterials products. '' said Robert Hariri, MD. “Our objective is to drive value creation and ensure we stay ahead of the growing demand for our advanced biomaterials products, and as previously disclosed, we have demonstrated expected triple-digit growth. Masu.”
Celularity also provided further insight into the commercial and development pipeline of its previously announced advanced biomaterial products.
Celularity's advanced biomaterials product pipeline consists of four commercial stage products and three investigational products. Commercial-stage products are ready-made placenta-derived allografts and connective tissue matrices, sold primarily in the United States under proprietary brands, for use in soft tissue repair and reconstructive procedures such as acute and chronic non-healing wounds and burns. used for. :
- Biovance® is a human amniotic allograft designed to cover or protect the surrounding environment in soft tissue repair and reconstructive procedures.
- Biovance® 3L is a trilayer human amniotic allograft designed for use as a surgical site cover, barrier, or wrap to support the treatment of ocular surface diseases and ocular surgical applications.
- Interfyl® is a decellularized human placental connective tissue matrix designed to replace or replenish damaged or insufficient integument tissue.
- CentaFlex® is a human umbilical cord-derived decellularized human placental matrix allograft designed for use as a surgical cover, wrap, or barrier to protect and support damaged tissue repair.
Celularity's investigational products include:
- Celularity Tendon Wrap is developed for the management and protection of tendon injuries.
- Celularity Bone Void Filler is developed for use as a passive osteoconductive bone filler in the pelvis, extremities, posterolateral spinal fusion settings, and other skeletal defects.
- Celularity Placental Matrix is a fully absorbable device comprised of extracellular matrix derived from decellularized human placental tissue harvested according to good manufacturing practices, and which the Company has developed for use as a passive temporary wound dressing. It is under development.
About cellularity
Cellularity Co., Ltd. cell is a regenerative medicine company that develops and commercializes advanced biomaterial products and allogeneic cryopreserved placenta-derived cell therapies, all derived from the postpartum placenta. The company's treatment programs use mesenchymal-like adherent stromal cells (MLASCs), CAR-modified T cells (CAR T cells), genetically modified and unmodified natural killers to treat degenerative diseases, cancer, and immune diseases. It targets aging-related diseases such as (NK) cells. By leveraging the unique biology and ready availability of the placenta, Cellularity develops therapeutic solutions that address the critical unmet need globally for effective, accessible and affordable treatments. I believe it can be done.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act. Masu. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements”, including statements regarding future events. Words such as “anticipate,” “believe,” “could,” “consider,” “continue,” “may,” “estimate,” “expect,” and “predict” may be used in some cases. Terminology may identify forward-looking statements. “intend”, “may”, “might”, “foresee”, “plan”, “could”, “could”, “anticipate”, “anticipate” “seek,” “should,” “endeavour,” “target,” “will,” “would,” and the negative of terms such as these or other equivalent terms and similar meanings. Other words or terms for. Forward-looking statements in this press release include statements, express or implied, regarding: Cellularity’s forecast for Q1 2024 revenue Net sales increased sequentially. the pace of market adoption of Celularity products and the impact on sales growth; The impact of reductions in cash compensation for senior executives on production of Cellularity's advanced biomaterial products. And Celularity's capabilities allow us to stay ahead of the growing demand for advanced biomaterial products. Among other things. Many factors could cause actual results to differ materially from those described in these forward-looking statements. Including but not limited to: Celularity's liquidity situation. Celularity's stock price volatility. risks inherent in biotechnology development, including the development of new advanced biomaterials; Regulatory approval process. This includes the following information under the caption “Risk Factors” in Cellularity's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2023 and other filings with the SEC. Includes the risk factors listed. If any of these risks materialize, or if the underlying assumptions prove incorrect, actual results could differ materially from those suggested by these forward-looking statements. There may be additional risks that Celularity is not currently aware of, or that Celularity currently believes to be immaterial, that could cause actual results to differ from those contained in the forward-looking statements. There is a possibility. Additionally, these forward-looking statements reflect Cellularity's current expectations, plans or projections regarding future events and beliefs as of the date of this communication. Evaluations may change due to subsequent events and developments. Accordingly, forward-looking statements should not be relied upon as representing Celularity's views as of any subsequent date, and Celularity expressly believes that forward-looking statements should not be relied upon as representing Celularity's views as of any subsequent date, and Celularity expressly believes that Celularity will not be able to express its views after the date hereof, whether as a result of new information or otherwise. We undertake no obligation to update any forward-looking statements to reflect any future changes. Future events and the like, except as required by applicable securities laws.
Investor contact information:
carlos ramirez
Senior Vice President, Celularity Inc.
Carlos.ramirez@celularity.com
media contact:
patrick maddox
KCSA Strategic Communications
Cellularity@kcsa.com