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Celularity Completes Strategic Review of 2023 Initiatives, Including Anticipated Biomaterials Production Ramp-Up and Pipeline Prioritization of Next-Generation Product Candidates
Commercial Biomaterials Business, Degenerative Disease Programs Continue to Gather Momentum Animal and Preclinical Data Support Significant Opportunities in
About this update from Celularity Inc.
[{"type":"text","content":"Commercial Biomaterials Business, Degenerative Disease Programs Continue to Gather Momentum Animal and Preclinical Data Support Significant Opportunities in Osteoarthritis for Biomaterial-Cell Therapy Combination Approach FLORHAM PARK, N.J., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (“Celularity,” the “Company”), a U.S.-based biotechnology company developing placental-derived allogenic cell therapies and biomaterial-based regenerative therapeutics products, announced today the results of a strategic review of its 2023 key initiatives. This strategic review included the recently announced territory distribution agreement covering more than 100 countries for Celularity’s Halal-Certified products and the exclusive distribution agreement with the Tamer Group in Saudi Arabia. Celularity’s review also included pipeline prioritization and targeted expense reductions to align operating priorities in advance of an anticipated biomaterials production ramp-up this year. “Celularity’s novel business model leverages a diversified portfolio of therapeutic technologies all derived from a single source material — the post-partum placenta. As the Company that pioneered the use of placental-derived stem, progenitor and immune cells, and as an innovator in placental biomaterial product development, Celularity’s business model is to generate commercial revenue from both cellular and regenerative therapeutics, including technologies that combine cellular and regenerative therapeutics. Already this year, we’ve been presented with a series of unique opportunities, and the environment continues to be extremely favorable,” said Robert J. Hariri, M.D., Ph.D. Celularity’s CEO, Chairman and Founder. “As we invest to scale production of our commercial biomaterial products to meet expected demand in the United States and the Middle East, we are prioritizing our most promising cell therapy product candidates and programs, and are rebalancing our workforce and identifying targeted expense reductions to support these priorities.” Advanced Biomaterial Products Celularity markets a suite of commercial placenta-derived biomaterial products. Most recently, the Company announced an exclusive territory agreement with CH Trading Group, an international import, export, and trading company, to distribute Celularity’s branded regenerative biomateri...