ELEVAI Labs, Inc. Acquires Worldwide License Agreement for Proprietary Stem Cell Manufacturing Technology
January 16 2024 - 8:30AM
Elevai Labs, Inc. (Nasdaq: ELAB) a medical aesthetic company
specializing in physician-dispensed skincare is pleased to announce
it has signed an exclusive, worldwide manufacturing and processing
technology licensing agreement with INmune Bio, Inc., [Nasdaq:
INMB]. The licensing agreement grants Elevai a license to use
INmune Bio’s proprietary “EMx” technology, developed by INmune Bio,
Inc., CMO, Mark Lowdell, PhD, that enables Elevai to manufacture
current Good Manufacturing Practice (“cGMP”) grade, human umbilical
cord-derived mesenchymal stromal cells (hucMSCs) at a lower cost to
Elevai than purchasing hucMSCs outright. Manufactured hucMSCs can
be incorporated into certain licensed topical cosmetic products
sold in the medical aesthetics skincare market.
Elevai believes incorporating the “EMx”
technology into its operations is a step towards the company’s goal
of achieving vertical manufacturing integration, while also
expanding long-term production capabilities and lowering overall
costs. Ultimately, Elevai believes controlling its processes
through its product pipeline with what it believes to be efficient
technologies like “EMx” will allow greater stem cell consistency,
purity, and propel Elevai’s branded cosmetic products further to
maintain the company’s position as an industry innovator in the
medical aesthetics skincare market.
Highlights of the Licensing
Agreement:
Innovative
Manufacturing: The licensed “EMx” technology is a
proprietary manufacturing process that entails specific know-how
designed to efficiently produce cGMP grade hucMSCs. The licensing
agreement grants Elevai an exclusive license, to utilize “EMx”
technology for the development and commercialization of licensed
topical cosmetic applications. Elevai expects the “EMx” technology
to provide the ability to manufacture cGMP grade hucMSCs for its
future topical cosmetic product development and manufacturing
needs, at a lower cost than purchasing them at market which Elevai
believes enhances its competitive position for long-term
success.
Global Rights: The agreement
stipulates worldwide rights, emphasizing the global impact and
potential of this license-based partnership.
Ethical and Quality Standards:
The agreement requires all licensed topical cosmetic products to be
manufactured in compliance with cGMP and ethical sourcing and
screening of umbilical cords of healthy full-term newborns.
Consideration: Under the
agreement, Elevai will make an initial deposit for the license in
two installments over six months, and a final tech transfer fee
within two years of executing the agreement. As further
consideration under the agreement, Elevai will be required to pay
a nominal royalty on the sale of licensed topical cosmetic
products that are manufactured using the “EMx” technology.
Statement from the Company:
In response to the license agreement, Jordan R.
Plews, PhD, CEO of Elevai Labs, Inc. stated: "partnering with
INmune Bio, Inc. aligns perfectly with our mission to pioneer
innovative stem cell exosome products. Their understanding of
efficient human stem cell isolation and large-scale manufacturing
provides us with a remarkable opportunity to expand our
manufacturing capabilities, expand our product portfolio, and make
a significant impact in the market."
About ELEVAI LabsELEVAI Labs,
Inc. [Nasdaq: ELAB] is a medical aesthetics company developing
cutting-edge physician-dispensed skin care applications. The
company solves unmet needs in the medical aesthetics space through
a combination of cutting-edge science-driven and next-generation
consumer applications. ELEVAI Labs develops topical aesthetic skin
care cosmetic products for the physician-dispensed market, with a
focus on leveraging a proprietary stem cell exosome technology. For
more information visit www.elevaiskincare.com.
Forward-Looking Statements
Certain statements made in this press release
are "forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified using words
such as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements reflect the
current analysis of existing information and are subject to various
risks and uncertainties. As a result, caution must be exercised in
relying on forward-looking statements. Due to known and unknown
risks, actual results may differ materially from the Company’s
expectations or projections. The following factors, among others,
could cause actual results to differ materially from those
described in these forward-looking statements: (i) the failure to
meet projected research & development and production targets;
(ii) changes in applicable laws or regulations; and (iii) other
risks and uncertainties described herein, as well as those risks
and uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC"). These statements are subject to uncertainties and
risks including, but not limited to, the uncertainties related to
market conditions and the completion of the initial public offering
on the anticipated terms or at all, and other factors discussed in
the “Risk Factors” section of the registration statement filed with
the SEC. The Company’s SEC filings are available publicly on the
SEC’s website at www.sec.gov. Any forward-looking statement made by
us in this press release is based only on information currently
available to the Company and speaks only as of the date on which it
is made. The Company undertakes no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether because of new information, future
developments, or otherwise, except as required by law.
Media ContactBrenda BuechlerChief Marketing
Officercontact@elevailabs.com
Investor RelationsIR@elevailabs.com
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