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NEXGEL announced the acquisition of 50% interest in a newly formed joint venture, JV, CG Converting and Packaging, LLC, with C.G. Laboratories for its converting and packaging business. The agreement is effective March 1, 2023. "We are excited to announce this strategic opportunity with one of our largest and long-standing customers," said Adam Levy, Chief Executive Officer of NEXGEL. "CG Labs converting and packaging division is already a successful and profitable business that has been one of NEXGEL's largest customers for over 15 years. This transaction immediately increases capacity, improves margins and streamlines our supply chain. There are also significant synergies between the two operations, allowing for the onboarding of potential finished goods customers that in the past were not large enough to be practical for CG Labs or might be too large for NEXGEL to on board alone, as well as combined marketing and customer outreach." Under the terms of the agreement, this JV, named CG Converting and Packaging, LLC, will be owned 50% by NEXGEL. CG Labs will contribute its existing converting and packaging division to the JV, including, but not limited to, its facilities, equipment, employees, and customers. NEXGEL will contribute $500,000 to the JV to be used for equipment and facility upgrades as well as general corporate purposes.

NEXGEL announced that it has launched a new product dubbed Turfguard, a unique hydrogel dressing for soothing turf burn and protecting athletic wounds. Turfguard's sterile silver patches, cleared by the U.S. Food and Drug Administration, kill 99 percent of staph, MRSA and strep. "For athletes, turf burns and skin abrasions are often a common, unfortunate part of the game," said Adam Levy, Chief Executive Officer, NEXGEL. "Additionally, turf fields and other shared equipment frequently house harmful bacteria, such as MRSA, that can lead to serious health complications. NEXGEL's proprietary Turfguard patches can be used on superficial burns, abrasions or lacerations and has been shown to kill staph, MRSA and strep. What's more, these dressings have a high-water content making them delicate on the skin and helping the area to heal quickly. This product is a must-have for training rooms across football, lacrosse, wrestling, gymnastics and many other applicable sports."

NEXGEL announces that its Board of Directors has approved a share repurchase program, effective immediately, with authorization to purchase up to $500,000 of the Company's common shares.

NEXGEL announced positive results from its proof-of-concept study for its diclofenac hydrogel patches. The patches are designed to treat pain indications such as arthritis, joint pain, muscle aches and more. The study compared NEXGEL's diclofenac hydrogel patches with the leading commercially available topical treatment. It assessed the formulations, skin retention and permeation of the products through the skin. The results revealed NEXGEL's diclofenac hydrogel patches delivered an equivalent dose considerably faster and are longer-acting compared to the current standard-of-care, on a head-to-head basis. They also showed gentle skin adhesion for eight to 12 hours. "The early-stage data from this study showcases the efficiency of our unique hydrogel and its potential for this product to become a preferred alternative to treat pain as well its potential utility in a host of other applications," said Adam Levy, NEXGEL CEO. "As the Company moves toward next steps of human clinical studies, we are also seeking potential strategic partners as we see this as a potential platform technology. We look forward to updating the market with our progress."

NEXGEL announced that it has developed a new, proprietary hydrogel eye patch to treat amblyopia, a type of poor vision that typically occurs in one eye but can occur in both eyes. The patch is expected be available for ophthalmologists and optometrists to offer to their patients in the first half of 2023. "Our ability to quickly develop this patch after learning about the growing need for a better amblyopia treatment product in the market is a hallmark of our hydrogel technology and is just another example of its many applications across healthcare, particularly at the interface between a medical device and the patient's skin," added Adam Levy, NEXGEL CEO. "Parents and doctors have been searching for a superior solution to treat this condition for pediatric patients, and we look forward to bringing our product to market in early 2023."

NEXGEL announced that SAGE Journals' Scars, Burns and Healing publication has published new data from a study evaluating the impact of NEXGEL's SilverSeal hydrogel dressing on postoperative scarring and complications. The results demonstrated significant scar improvement in patients treated with SilverSeal. Study Design: SilverSeal was used post-surgery as an antimicrobial dressing to evaluate its ability to aid in the healing process. Scarring and complications were evaluated, and follow-up was performed at two, six and 12 weeks post-surgery using the Patient and Observer Scar Assessment Scale, which measures a scar's quality from both the physician and patient's perspective. Results: The treatment group demonstrated statistically significant improvements in the POSAS observer score and observer opinion at six and 12 weeks; Patients in the treatment group reported significantly reduced pain, compared with the control group, at 12 weeks; Patients reported that itching at the surgical site declined over time for both groups, with significantly less itching reported by the treatment group; The scar area considerably decreased for the treatment group compared to the control group at six and 12 weeks. "Surgical incisions all result in scar formation, some more pronounced than others," said Dr. Stephen Brigido, Section Chief of Foot and Ankle Reconstruction and Fellowship Director at the Orthopedic Institute at Lehigh Valley Hospital. "As skin heals and scar formation occurs, patients often experience discomfort such as sharp pain, burning and itching. After 12 weeks of observing these patient groups, we saw noteworthy differences when comparing the control group with the treatment group. We found that patients treated with NEXGEL's SilverSeal hydrogel dressing experienced significantly less negative symptoms and regained their skin functionality quickly. We also found that the overall scar area significantly decreased in patients who used SilverSeal."