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Celularity Announces Advisory Guidance From Tamer Group Regarding Anticipated 2023 Purchase Orders for Celularity Branded Halal-Certified Biomaterial Products
Celularity has been advised by the Tamer Group to expect at least $60 million to $80 million in 2023 purchase orders for Celularity's branded Halal-Certified
About this update from Celularity Inc.
[{"type":"text","content":"Celularity has been advised by the Tamer Group to expect at least $60 million to $80 million in 2023 purchase orders for Celularity's branded Halal-Certified biomaterial products Tamer Group is the exclusive distributor of Celularity's branded Halal-Certified biomaterial products in the Kingdom of Saudi Arabia Issuance of purchase orders conditioned upon receipt of regulatory approvals and other customary conditions precedent FLORHAM PARK, N.J., May 10, 2023 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (Celularity), a biotechnology company developing placental-derived allogeneic cell therapies and biomaterial products, today announced that it has been advised by Farouk, Maamoun Tamer & Co. (Tamer Group), the exclusive distributor for Celularity's branded Halal-Certified biomaterial products in the Kingdom of Saudi Arabia, that it expects to submit purchase orders through the end of 2023 in the range of $60 million to $80 million. “We deeply appreciate Tamer advising us about its anticipated 2023 purchase orders, which will further guide operations planning at our Florham Park, N.J., facility where we manufacture Celularity's branded biomaterial products,” said Robert J. Hariri, M.D., Ph.D., Celularity’s CEO, Chairman and Founder. “Celularity’s biomaterial inventory and rapidly scalable production capacity ideally positions us for product distribution launches in the Middle East and to move quickly on opportunities to expand sales in this and other markets.” In January 2023, Celularity and CH Trading Group LLC (CH Trading Group) announced the execution of an agreement with Tamer to be the exclusive distributor for Celularity's Halal-Certified branded biomaterial products in the Kingdom Saudi Arabia. Speaking on behalf of Tamer Group, Yasser Khattab, Tamer Healthcare CEO, said, “In preparation for an anticipated second quarter 2023 launch under our exclusive distribution agreement, we advised Celularity and CH Trading Group that we expect to submit purchase orders for Celularity's branded biomaterial products totaling at least $60 million to $80 million through the end of 2023. We look forward to a long and productive partnership with Celularity and CH Trading Group to bring Celularity’s Halal-Certified biomaterial products to patients in need in the Kingdom of Saudi Arabia.” Ahmed Mousa, M.D., Business Development Head and ...