Elevai Labs Expands with Launch of Elevai Biosciences and Elevai Skincare Subsidiaries, Advancing the Future of Aesthetic Medicines and Exosome Skincare
May 01 2024 - 4:00PM
Elevai Labs, Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a
pioneering force in medical aesthetics, today announced the
establishment of two new wholly owned subsidiaries, Elevai
Biosciences, Inc., and Elevai Skincare, Inc. These ventures mark a
strategic shift towards the development of next-generation
aesthetic medicines and efforts to improve the economics of its
commercialized exosome skincare brand.
Information about Elevai Biosciences, Inc. is
accessible at www.ElevaiBio.com. This subsidiary will focus on the
development and acquisition of cutting-edge aesthetic medicines,
underscoring Elevai’s commitment to innovation and its vision to
lead the evolution of the medical aesthetics industry. Leveraging
advanced research and strategic acquisitions, Elevai Biosciences
aims to pioneer breakthroughs in aesthetic medicine. Elevai
Biosciences’ lead asset, EL-22, will target muscle mass
preservation in the obesity market with a novel myostatin approach
that is planned to be tested in combination with popular weight
loss drugs, including GLP-1 receptor agonists.
Simultaneously, Elevai is transitioning its
commercialized exosome skincare brand and operations into Elevai
Skincare, Inc., its subsidiary dedicated to advancing Elevai’s
skincare solutions. By reorganizing skincare operations into a
separate entity, Elevai aims to enhance focus, agility and market
penetration. We believe the restructuring will position Elevai
Skincare for accelerated growth and profitability, in order to
capitalize on emerging opportunities in the medical aesthetics
skincare market.
In conjunction with the reorganization of its
skincare operations, Elevai Skincare’s Chris Kraneiss, Chief
Commercial Officer (CCO) of Elevai, and Brenda Buechler, Chief
Marketing Officer, will transition from their roles from Elevai
Labs Inc. to oversee operations within Elevai Skincare. This
strategic realignment aims to drive operational efficiency and
accelerate revenue growth within the skincare segment.
Commenting on the announcement, Company CEO Jordan
R. Plews stated, “The launch of Elevai Biosciences, Inc. and Elevai
Skincare, Inc. as wholly owned operating subsidiaries signifies a
significant milestone in our journey towards reshaping the future
of medical aesthetics. With Elevai Biosciences, we are poised to
lead the development of next-generation aesthetic medicines, while
Elevai Skincare will continue to develop and deliver exceptional
cosmetic solutions to our customers worldwide.”
“There is a large unmet need of under-developed
biotechnology assets we can look at to build a robust pipeline
targeting multi-billion-dollar indications, starting with our
clinical-stage lead asset in the obesity space,” said Deniel
Mero, co-founder of Elevai Biosciences. “We look forward to
unlocking the potential of EL-22 as a combination with weight loss
treatments including GLP-1 receptor agonists, as we embark on
the path to building an industry-leading aesthetic medicine
company. I’m excited to be working under the Elevai Labs umbrella
as co-founder of Elevai Biosciences and executing our future plan
to develop and license additional assets, broadening Elevai’s
existing expertise in aesthetics.”
The creation of Elevai Biosciences and Elevai
Skincare reflects Elevai’s commitment to innovation, growth, and
delivering unparalleled value to its customers. By capitalizing on
emerging trends in medical aesthetics and skincare, Elevai believes
it is poised for sustained success in the evolving beauty
landscape.
About Elevai Labs
Elevai Labs Inc. (NASDAQ: ELAB) specializes in
medical aesthetics and biopharmaceutical drug development, focusing
on aesthetic innovations for skin, and treatments tied to obesity
and metabolic health. Driven by a commitment to scientific
research, we aim to transform personal health and beauty. For more
information, please visit www.elevailabs.com.
About Elevai Biosciences
Elevai Biosciences Inc., an Elevai Labs company, is
a biopharmaceutical company focusing on the development and
acquisition of cutting-edge aesthetic medicines. Our lead asset,
EL-22, is leveraging a first-in-class engineered probiotic approach
to address obesity’s pressing issue of preserving muscle while on
weight loss treatments, including GLP-1 receptor agonists. For more
information, please visit www.elevaibio.com.
About Elevai Skincare
Elevai Skincare Inc., an Elevai Labs company, is a
medical aesthetics company developing and commercializing
cutting-edge physician-dispensed skin and hair care applications.
Elevai develops cosmetic products for the physician-dispensed
market, with a focus on leveraging novel proprietary science-backed
technologies, including its stem cell exosome technology. For more
information, please visit www.elevaiskincare.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may include,
but are not limited to, statements regarding Elevai’s expectations
regarding the establishment of Elevai Biosciences and Elevai
Skincare, the anticipated benefits of the restructuring, and
Elevai’s future growth prospects. These forward-looking statements
are based on Elevai’s current assumptions, expectations, and
beliefs and involve significant risks and uncertainties that may
cause results to differ materially from those expressed or implied
in these statements. Factors that could cause Elevai’s actual
results to differ materially from those contemplated in these
forward-looking statements include, but are not limited to, the
risks and uncertainties associated with the success of Elevai
Biosciences and Elevai Skincare, competition, market demand and
other factors . These and other risks are described more fully in
Elevai’s filings with the United States Securities and Exchange
Commission (“SEC”), including the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023, filed with the SEC on March 29, 2024, and its other
documents subsequently filed with or furnished to the SEC. All
forward-looking statements contained in this press release speak
only as of the date on which they were made. Except to the extent
required by law, the Company undertakes no obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made.
Media & Product Contact:
Brenda Buechler, CMO
contact@elevailabs.com
Investor Relations Contact:
Tyler Troup, Circadian Group IR
IR@elevailabs.com
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