NEXGEL and STADA Partner to Launch Leading European DAO Enzyme Supplement, Histasolv, in North America
LANGHORNE, Pa., June 11, 2024 (GLOBE NEWSWIRE) -- NEXGEL, Inc. ("NEXGEL" or the "Company") (NASDAQ:NXGL), a leading provider of medical and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels for healthcare and consumer applications, today announced the first product to be distributed under its recently formed partnership with STADA Arzneimittel AG ("STADA"), a European leader in consumer health. Histasolv®, sold as DAOSIN® in Europe, is Europe's number one selling Diamine Oxidase (‘DAO') enzyme supplement generating well over $10 million in annualized revenue to treat histamine food intolerance, which can cause migraines and headaches, gut issues, and skin conditions. Headquartered in Germany, STADA is one of the fastest growing top ten companies in consumer healthcare and the fourth largest manufacturer in this segment in Europe.
Adam Levy, CEO of NEXGEL, commented, "After several months of collaboration and planning, we are pleased to announce our distribution of Histasolv, the first product to be released through our partnership with the well-recognized European healthcare leader, STADA. Histasolv is one of STADA's leading consumer products in Europe and stands out as the preferred choice among consumers seeking effective and safe histamine management due to its superior ability to reduce symptoms of histamine intolerance. We always strive to offer products that have the potential to disrupt the traditional consumer health industry with innovative formulation and technology, and Histasolv fits perfectly within our business model."
Histasolv's innovative formulation and packaging strongly differentiate it from competing products in the market today. Due to its unique formulation, Histasolv can withstand the upper intestinal tract to deliver the highest potency of DAO, an important digestive enzyme in the body, to the lower intestine where it is needed. Additionally, each tablet is Individually sealed and preserved with nitrogen in a blister pack and secured in a foil pouch, enhancing stability and ensuring potency. NEXGEL will begin selling Histasolv direct-to-consumer in the third quarter of 2024.
STADA Chief Business Officer USA Patrick Genestin, stated, "We are delighted to take this important step of expansion into North America. This partnership further strengthens STADA´s role as a partner of choice in consumer healthcare. Our strategy of focusing on strong local hero brands in Europe provides a rich assortment of appealing consumer products that are available for licensing. With NEXGEL, we are confident we have found a partner with the right strategy and experience and we can imagine expanding our co-operation in the future."
Volker Sydow, STADA EVP for Consumer Healthcare, stated, "As Europe's No. 1 DAO enzyme supplement, we are proud to bring our histamine expertise to the North American market, in line with our corporate purpose of Caring for People's Health as a trusted partner. We are particularly pleased to have found such a strong and committed partner in NEXGEL to help us realize our growth ambitions in the North American food intolerance market."
About NEXGEL, Inc.
NEXGEL is a leading provider of healthcare, beauty, and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels. Based in Langhorne, Pa., the Company has developed and manufactured electron-beam, cross-linked hydrogels for over two decades. NEXGEL brands include Silverseal®, Hexagels®, Turfguard®, Kenkoderm® and Silly George®. Additionally, NEXGEL has strategic contract manufacturing relationships with leading consumer healthcare companies.
About STADA Arzneimittel AG
STADA Arzneimittel AG is headquartered in Bad Vilbel, Germany. The company focuses on a three-pillar strategy consisting of consumer healthcare products, generics and specialty pharma. Worldwide, STADA Arzneimittel AG sells its products in approximately 120 countries. In financial year 2022, STADA achieved group sales of EUR 3,797.2 million and reported earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 884.7 million. As of 31 December 2022, STADA employed 13,183 people worldwide.
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 Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
212.896.1254
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