Celularity Announces $45 Million Purchase Order, First Middle East Private Label Agreement For Celularity's Halal-Certified Biomaterial Products
FLORHAM PARK, N.J., May 23, 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 received a $45 million purchase order for Celularity private label Halal-Certified biomaterial products from Jamjoom Medical Store (Jamjoom). Dr. Walid Swelim will serve as marketing manager for promotion and distribution of the products. This marks the first purchase order received by Celularity under its recently announced expansion into the Middle East market, as part of Celularity’s global market strategy.
“We are delighted today to announce receipt of a $45 million purchase order for private label Celularity Halal-Certified biomaterial products from Jamjoom. We are grateful to Jamjoom and to our exclusive territories distributor in the Islamic Markets, CH Trading Group, for making this important milestone possible,” said Robert J. Hariri, M.D., Ph.D., Celularity’s CEO, Chairman and Founder. “Our global expansion strategy and entrance into enter lucrative markets like the Middle East are enabled by our investment in platform technologies and infrastructure, including our world class cGMP/cGTP-compliant manufacturing facility in Florham Park, New Jersey, which allows us to rapidly scale and efficiently manufacture our proprietary placenta-derived, Halal-certified biomaterial products.”
Dr. Khalid Ali, Jamjoom CEO, said, “As the first private label distributor of Celularity Halal-Certified biomaterial products in the Kingdom of Saudi Arabia, this purchase order marks our commitment to bringing innovative regenerative medicine products to physicians and patients alike. We look forward to developing this important opportunity with Celularity and CH Trading Group.”
“The availability of Halal-Certified biomaterial products is a key enabler of the rapidly emerging regenerative medicine market in Saudi Arabia,” said CEO of CH Trading Group, Elsayed Zayan. “We are excited to partner with Jamjoom as the first private label distributor of these products in the Kingdom.”
Celularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a biotechnology company leading the next evolution in cellular and regenerative medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells targeting indications in autoimmune, infectious and degenerative diseases, and cancer. Celularity also develops, manufactures and commercializes innovative biomaterial products also derived from the postpartum placenta. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies.
To learn more, visit clularity.com
About CH Trading Group
CH Trading Group LLC (CH Trading) is part of the CH Group family of companies (www.chgroupus.com). CH Group constitutes a diversified conglomerate targeting eight economic “Sectors”: healthcare, pharmaceuticals, food, finance, cosmetics, tourism, fashion, media/entertainment. Spanning a variety of multi-national products, services and solutions, its world mission involves connecting, developing and promoting, from Local to Global™ and throughout the world, all aspects of a wholesome, healthy and productive lifestyle.
CH Trading focuses on international import/export and trade, prioritizing the countries of the Organization of Islamic Cooperation (OIC), as well as the Middle East and North Africa (MENA) and Gulf Cooperation Council (GCC) Regions. It has responded to worldwide demands for identifying and securing supply chains by introducing innovative products, including from the US, and developing a robust distribution network for goods.
To learn more, visit www.chgroupus.com.
About Jamjoom Medical Store
The Jamjoom family of companies (www.jamjoom.com) consists of a 100% Saudi conglomerate comprising a diversified business portfolio operating over one hundred years in the local market, in the GCC region and many African countries. Its business specialties include Pharmaceuticals, Medical Equipment and Supplies, Vehicles, Hotels & Hospitality, Metal Industries, Food, Fine Writing Instruments, Stationery and Office Supplies, Perfumes, Toys, Cosmetics & Skin Care, and Fashion. For instance, Jamjoom Medicine Store distinguishes itself as a 57-year-old leading healthcare product distribution and services leader, including in the areas of marketing, sales, supply chain and logistics, and regulatory affairs.
About Celularity Biomaterials
Celularity’s suite of biomaterial products that are Halal-Certified under globally recognized Circle H International Inc. standards include:
This press release includes “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, as well as 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. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include express or implied statements regarding Jamjoom Medical Store purchase orders and the impact on Celularity’s 2023 revenues. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: the non-binding nature of the purchase order guidance; the risk that the purchase orders may never materialize; as well as other commercial risks associated with Jamjoom Medical Store distribution agreement; as well as the inherent risks in biotechnological development, including with respect to the development of novel cellular therapies, and the clinical trial and regulatory approval process; and risks associated with Celularity’s current liquidity, as well as developments relating to Celularity’s competitors and industry, along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2023, , and other filings with the SEC. These risks and uncertainties may be amplified by current economic situations, including inflation, supply chain issues and overall economic uncertainty, as well as the risks of expanding the biomaterials business internationally. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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