Nexgel, Inc 8-K, filed Jul 22, 2021
Nexgel, Inc. (NXGL)
About this 8-K
Nexgel, Inc filed this 8-K on July 22, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2021
| NEXGEL, INC. |
| (Exact name of registrant as specified in its charter) |
| Delaware | 000-56066 | 26-4042544 | ||
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
| of incorporation) | Identification No.) |
|
2150 Cabot Boulevard West, Suite B Langhorne, Pennsylvania |
19067 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (215) 702-8550
(Former name or former address, if changed since last report)
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| — | — | — |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On July 22, 2021, NexGel, Inc. issued a press release reporting certain preliminary, unaudited financial results for the three-month period ending June 30, 2021 and certain corporate updates. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
The information in Item 2.02 of this report, including the press release attached as Exhibit 99.1, is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, such information shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | ||
| No. | Description | |
| 99.1 | Press release of NexGel, Inc. issued on July 22, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | July 22, 2021 | ||
| NEXGEL, INC. | |||
| By: | /s/ Adam Levy | ||
| Adam Levy | |||
| President and Chief Executive Officer | |||
Exhibit 99.1
NEXGEL Reports Preliminary Second Quarter 2021 Financial Results and Provides Corporate Update
LANGHORNE, Pa. – July 22, 2021 – NEXGEL, Inc. (“NEXGEL” or the “Company”), a leading provider of ultra-gentle, high-water-content hydrogels for healthcare and consumer applications, today announced its preliminary financial results for the three-month period ended June 30, 2021 and provides a corporate update.
“Our revenue increased from $267,000 in first quarter of 2021 to $417,000 in the second quarter of 2021 primarily driven by an increase in custom label products with new customers, despite a portion of our legacy customers being affected by supply chain delays. It is great to see that our new product offerings are being met with excitement from the market. We have partnered with some of the industry’s leading beauty and consumer health companies to develop fully customizable products that leverage our ultra-gentle, high-water-content hydrogels. Our custom label business represents a significant commercialization opportunity going forward, while we continue to gain traction from our e-commerce proprietary consumer health brand, Medagel, with plans to launch our beauty & cosmetics brand, Lumagel, in the Fall of 2021,” said Adam Levy, NEXGEL CEO.
Financial & Corporate Highlights
| · | Revenue increased from approximately $267,000 in the first quarter of 2021 to approximately $417,000 in the second quarter of 2021, primarily driven by new customer orders for custom label products. |
| · | Medagel, NEXGEL’s consumer health e-commerce brand, generated over $75,000 on Amazon in the second quarter of 2021 as compared to $35,000 in the first quarter of 2021. |
| · | NEXGEL has expanded its custom and white label customer base to seven with a growing pipeline of development projects. |
| · | NEXGEL plans to launch its beauty & cosmetics brand, Lumagel, online in the Fall of 2021. |
| · | SilverSeal®, NEXGEL’s hydrogel wound care product, is undergoing a 60-patient double-blind cosmetic study investigating SilverSeal®’s ability to reduce scarring, with data readout expected in the Fall of 2021. The scar treatment market is expected to grow to $45.0 billion by 2028, according to a report published by Fior Markets. |
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 Statements
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, 2020, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the Securities and Exchange Commission and which may be viewed at http://www.sec.gov/.
Investor Contacts:
Valter Pinto / Nick Staab
KCSA Strategic Communications
212.896.1254 / 212.896.1254
valter@kcsa.com / nstaab@kcsa.com
Media Contacts:
Caitlin Kasunich / Raquel Cona
KCSA Strategic Communications
212.896.1241 / 516.779.2630
ckasunich@kcsa.com / rcona@kcsa.com