ELEVAI Labs Announces Launch of ELEVAI Biosciences and ELEVAI Skincare Subsidiaries
ELEVAI Biosciences and ELEVAI Skincare will work to advance the future of aesthetic medicines and exosome skincare.
- ELEVAI Labs established two subsidiaries: ELEVAI Biosciences, Inc., and ELEVAI Skincare, Inc.
- ELEVAI Biosciences will focus on acquiring and developing biopharmaceutical technologies with an initial focus on the development of EL-22 and EL-32, the lead assets targeting indications associated with obesity.
- ELEVAI Skincare will continue commercializing exosome skincare technologies for the medical-dispensed skincare market.
ELEVAI Labs (NASDAQ: ELAB), a pioneering force in medical aesthetics, 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 the new ElevaiBio.com website.
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, 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 at 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, ELEVAI Labs 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.”
ELEVAI Biosciences co-founder Deniel Mero added:
“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. 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.
Shares of ELEVAI Labs (NASDAQ: ELAB) last traded at $0.70, up +8.13% today.
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