STADA Arzneimittel AG

Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, announced today that it will host an audio call with a brief market update at 12:15 pm GMT / 08:15 am EDT. Anil Okay, Chief Commercial Officer, will be providing the update. Information on how to access the webcast is posted on Alvotech’s investor website at https://investors.alvotech.com/events/event-details/market-update-2024-04-03. The webcast will be archived and available for replay for 90 days after the event. About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline includes eight disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release. ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONSBenedikt Stefansson, Senior Directoralvotech.ir@alvotech.com FOR MORE INFORMATIONPlease visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, X and YouTube.

LANGHORNE, Pa., April 01, 2024 (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 its financial results for the fourth quarter and full year ended December 31, 2023. Adam Levy, NEXGEL’s Chief Executive Officer, commented, “2023 was a record year for NEXGEL and transformational in many respects. Our nearly 100% year-over-year revenue growth in 2023 was primarily driven by our branded products and contract manufacturing. Over the course of the year and into our current first quarter, we have significantly expanded our operational infrastructure, solidified several key strategic partnerships with multi-billion-dollar corporations and made key strategic investments, that collectively have our company prepared for what we believe will be significant growth going forward. We have the right product, operational expertise and balance sheet to execute on the multiple growth levers we have including our agreements with Abbvie and STADA.” Operational Highlights for the Full Year 2023 to Date Acquired a 50% interest in a JV with CG Converting and Packaging, LLC for its converting and packaging business.CG Converting and Packaging, executed a new supply agreement with AbbVie (NYSE: ABBV), a global biopharmaceutical company to be a supplier of gel pads with AbbVie’s Rapid Acoustic Pulse device being investigated for improvement in the appearance of cellulite.Announced a new strategic relationship with Enigma Health, a new joint venture company, for retail distribution and marketing services in North America.Acquired Kenkoderm, a privately-owned skincare produce company focused on treating the symptoms of Psoriasis, expanding the Company’s health and wellness consumer product portfolio.Announced a partnership with STADA Arzneimittel AG, a European leader in consumer health, to distribute and commercialize consumer health OTC products in North America in 2024.Began 12,000 square foot expansion of its CG Converting and Packaging facility in Texas to support the expected growth in product demand from its strategic partnerships as well as continued growth of branded products.Closed on a little over $1 million registered direct offering led by insiders. Full Year and Fourth Quarter 2023 Financial Highlights For the year ended December 31, 2023, revenue totaled $4.1 million, an increase of $2 million, or 99.7%, as compared to $2 million for the year ended December 31, 2022. The increase in revenue was primarily due to sales growth in contract manufacturing of 166% and an increase in branded product revenue by approximately $427,000, or 52.4%, to $1.24 million. For the fourth quarter of 2023, revenue totaled $1.1 million, an increase of approximately 110% as compared to $524 thousand in the fourth quarter of 2022. For the fourth quarter of 2023, branded products revenue was $392,000, an increase of 104.2% year-over-year and 10.1% sequentially. Gross profit totaled $619 thousand for the year ended December 31, 2023, compared to a gross profit of $256 thousand for the year ended December 31, 2022. Gross profit margin for 2023 was approximately 15.2% as compared to gross profit margin of 12.5% for 2022. The increase in the gross profit year-over-year directly correlates to our higher sales. Gross profit for the fourth quarter of 2023 was $158 thousand compared to $36 thousand for the same period in 2022. Gross profit margin for the fourth quarter of 2023 was 14.6%. Cost of revenues increased by $1.7 million, or 93.6%, to $3.5 million for the year ended December 31, 2023, as compared to $1.8 million for the year ended December 31, 2022. The increase in cost of revenues pertains to an increase in materials and finished products and equipment, production, and other expenses. These increases primarily align with the increased revenues. Cost of revenues was $924 thousand for the quarter ended December 31, 2023, an increase of $436 thousand compared to $488 thousand for the quarter ended December 31, 2022. The increase in cost of revenues was attributable to the Company’s revenue growth. Selling, general and administrative expenses increased by $756, or 23.4%, to $4.0 million for the year ended December 31, 2023, as compared to $3.2 million for the year ended December 31, 2022. The increase in selling, general and administrative expenses is primarily attributable to an increase of compensation and benefits expense, advertising, marketing, and Amazon fees as well as the costs for professional and consulting fees. Selling, general and administrative expenses totaled $1.4 million in the fourth quarter of 2023 as compared to $778 thousand for the same period the prior year. Research and development expenses decreased by $264 thousand to $103 thousand for the year ended December 31, 2023, from $367 thousand for the year ended December 31, 2022. The decrease is due to the completion of development efforts of two proof of concept studies for drug delivery candidates utilizing our hydrogel technology. In 2022 the Company paid off approximately $3.5 million in convertible notes, reducing interest expense from $1.3 million in 2022 to less than $20,000 as of December 31, 2023. Net loss for the year ended December 31, 2023, was $3.2 million as compared to $4.7 million for the same period the year prior. The Company, after paying $546,500 in quarter four for the Kenkoderm purchase, ended December 31, 2023 with $2.7 million in cash. Subsequent to December 31, 2023, the Company closed on an additional $1 million registered direct offering led by insiders. As of December 31, 2023, NEXGEL had 5,741,088 shares of common stock outstanding. Outlook for 2023 First Quarter The Company expects first quarter revenue of $1.25 million reflecting a full quarter of revenue contribution from the Kenkoderm acquisition but excluding a $176,000 non-refundable deposit from Abbvie for their first order. Fourth Quarter and Full Year 2023 Financial Results Conference Call Management will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss its operational and financial results for the fourth quarter and full year 2023. Date: Monday, April 1, 2024Time: 8:30 a.m. ETLive Call: + 1-800-274-8461 (U.S. Toll Free) or + 1-203-518-9814 (International)Webcast: Events and Presentations For interested individuals unable to join the conference call, a replay will be available through April 15, 2024, by dialing + 1-844-512-2921 (U.S. Toll Free) or + 1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 1155204. An archived version of the webcast will also be available for 90 days. 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 Dermablock. Additionally, NEXGEL has strategic contract manufacturing relationships with leading consumer healthcare companies. 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 NEXGEL, INCCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data) December 31, 2023 December 31, 2022 ASSETS: Current Assets: Cash $2,700 $1,101 Marketable securities - 5,508 Accounts receivable, net 633 222 Inventory 1,319 502 Prepaid expenses and other current assets 400 172 Total current assets 5,052 7,505 Goodwill 1,128 311 Intangibles, net 326 20 Property and equipment, net 1,499 721 Operating lease - right of use asset 1,855 1,737 Other assets 95 63 Total assets $9,955 $10,357 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $1,233 $265 Accrued expenses and other current liabilities 398 130 Deferred revenue 20 - Current portion of note payable 80 15 Warrant liability 146 242 Contingent consideration liability 439 - Operating lease liability, current portion 233 207 Total current liabilities 2,549 859 Operating lease liability, net of current portion 1,727 1,593 Notes payable, net of current portion 513 268 Total liabilities 4,789 2,720 Commitments and Contingencies (Note 15) STOCKHOLDERS’ EQUITY Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding - - Common stock, par value $0.001 per share, 25,000,000 shares authorized; 5,741,088 and 5,577,916 shares issued and outstanding as of December 31, 2023 and 2022, respectively 6 6 Additional paid-in capital 19,406 19,189 Accumulated deficit (14,715) (11,558)Total NexGel stockholders’ equity 4,697 7,637 Non-controlling interest in joint venture 469 - Total stockholders’ equity 5,166 7,637 Total liabilities and stockholders’ equity $9,955 $10,357 NEXGEL, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data) Year Ended December 31, 2023 2022 Revenues, net $4,089 $2,048 Cost of revenues 3,470 1,792 Gross profit 619 256 Operating expenses Research and development 103 367 Selling, general and administrative 3,993 3,237 Total operating expenses 4,096 3,604 Loss from operations (3,477) (3,348) Other income (expense) Change in fair value of warrant liability and warrant modification expense 96 76 Realized gain on investments in marketable securities 191 9 Loss on debt extinguishment - (150)Interest expense, net (15) (1,336)Other expense (2) - Other income 19 3 Total other income (expense) 289 (1,398)Loss before income taxes $(3,188) $(4,746)Income tax expense - - Net loss (3,188) (4,746)Less: (Income) loss attributable to non-controlling interest in joint ventures 31 - Net loss attributable to NexGel stockholders $(3,157) $(4,746) Net loss per common share – basic and diluted $(0.56) $(0.85) Weighted average shares used in computing net loss per common share – basic and diluted 5,671,842 5,574,818 NEXGEL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) Year Ended December 31, 2023 2022 Operating Activities Net loss $(3,157) $(4,746)Adjustments to reconcile net loss to net cash used in operating activities: Loss attributable to non-controlling interest in joint venture (31) - Depreciation and amortization 226 112 Share-based compensation 217 298 Gain on investment in marketable securities (191) (9)Changes in fair value of warrant liability (125) (133)Amortization of right of use asset 217 189 Warrant modification expense 29 57 Loss of extinguishment of debt - 150 Amortization of deferred financing costs - 1,324 Changes in operating assets and liabilities: Accounts receivable, net (411) (13)Inventory (760) (211)Prepaid expenses and other current assets (260) (95)Accounts payable 968 11 Accrued expenses and other current liabilities 22 74 Deferred revenue 20 - Net Cash Used in Operating Activities (3,236) (2,992) Investing Activities Purchases of equipment (696) (96)Investment in subsidiary (547) - Proceeds from sales of marketable securities 5,699 1,500 Investments in or Purchases of marketable securities - (6,999)Net Cash Provided by (Used in) Investing Activities 4,456 (5,595) Financing Activities Principal payments on operating lease liability (175) (151)Proceeds from notes payable 315 - Principal payments of notes payable (6) - Principal payments on convertible notes - (3,511)Proceeds from margin line of credit 245 - Net Cash Provided by (Used in) Financing Activities 379 (3,662) Net Increase (Decrease) in Cash 1,599 (12,249)Cash  – Beginning of year 1,101 13,350 Cash – End of year $2,700 $1,101 Supplemental Non-cash Investing and Financing Activities Property and equipment and intangibles contributed as capital investment to JV $500 $- Net assets acquired in the acquisition of Kenkoderm $986 $- Contingent consideration liability in Kenkoderm acquisition $439 $- ROU asset and operating lease liabilities recognized upon consolidation of JV $334 $-

REYKJAVIK, Iceland, March 22, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO) (the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, has increased the Company´s share capital by an amount of one hundred and thirty thousand (USD 130,000) by issuing thirteen million (13,000,000) ordinary shares. The Company’s subsidiary, Alvotech Manco ehf. (the “subsidiary”), has subscribed to all of the newly issued shares for a price of USD 15.98 per share. The shares held by the subsidiary are treated as treasury shares without voting rights or dividend entitlement. Following the above-mentioned transactions, the subsidiary will hold 23,160,596 shares in the Company, or around 7.7% of issued shares, and the number of issued shares has increased from 289,727,462 to 302,727,462 shares as a result thereof. On 26 February 2024, the Company announced that it had accepted an offer from investors for the sale of 10,127,132 ordinary shares, previously held by the subsidiary. The share capital increase is intended to meet the reduction in the number of treasury shares resulting from settlement of the above-mentioned sale of ordinary shares, allowing the Company to continue holding a sufficient number of shares to fulfill the Company’s commitments related to various financial obligations, including warrants, convertible financial instruments, and share-based employee compensation. About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline contains eight biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release. CONTACTSAlvotech Investor RelationsBenedikt Stefanssonalvotech.ir[at]alvotech.com