Elevai Labs, Inc. - $elab STOCK NEWS

Elevai Labs, Inc. announced the establishment of two new subsidiaries - Elevai Biosciences, Inc., and Elevai Skincare, Inc. Elevai Biosciences will focus on developing biopharmaceutical technologies with lead assets targeting indications related to obesity. Elevai Skincare will commercialize exosome skincare technologies for the medical skincare market. The restructuring aims to enhance focus, agility, and market penetration for accelerated growth and profitability.

Elevai Labs has acquired exclusive rights to two myostatin muscle loss prevention assets, EL-22 and EL-32, for the treatment of obesity. EL-22 has shown promising results in preclinical trials, increasing body weight and restoring muscle damage. The company aims to combine these assets with popular GLP-1 obesity treatments to improve the standard of care for obesity patients. Elevai plans to submit an IND application in 2025 for further clinical trials in the U.S. market. The CDC reports that 42% of adults suffer from obesity, creating a large market opportunity for weight-loss medications.

The licensing agreement with MOA Life Plus Co., includes global rights excluding South Korea. The agreement involves upfront cash, equity considerations, milestone payments, and royalties based on development and sales milestones. Elevai's approach to muscle preservation while decreasing fat mass could address the current challenge of muscle loss associated with GLP-1 weight-loss drugs, offering a unique solution to the obesity epidemic.

ELEVAI Labs Inc. (NASDAQ: ELAB), a medical aesthetic company, highlights global distribution agreements securing up to $4.9M in revenue commitments over five years. With five agreements signed and five more in discussion, Elevai aims to expand its global presence with innovative skincare solutions tailored to diverse markets. The company's distribution partners will lead marketing efforts, ensuring seamless product entry and compliance in various regions.

ELEVAI Labs, Inc. signs an international distribution agreement with ILIA International for the Taiwan market, marking their fifth international deal in 14 months. The agreement grants ILIA exclusive rights to distribute ELEVAI's patented skincare products in Taiwan, tapping into a $13 billion Asia-Pacific prestige skincare and luxury haircare market. The partnership provides immediate access to 40 specialty hair treatment clinics and four high-end medical aesthetic clinics in Taiwan, showcasing Elevai's rapid expansion and strong market positioning in the region.

Elevai Labs Inc. (ELAB) reports record annual revenues of $1.71 million for 2023, up 123.5% from the previous year, with Q4 2023 revenues reaching $698,591, a 403% increase from Q4 2022. The company's CEO emphasizes improved operational efficiency and gross margin, signaling market strength and growth prospects.

ELEVAI LABS, INC. (NASDAQ: ELAB) launches an online E-commerce portal for physician-dispensed skincare products, aiming to simplify distribution operations and increase sales. The company introduces ELEVAI enfinityTM, a face serum with unique technology, and plans to expand its product line. With a focus on physician partnerships, social media integration, and data-driven marketing, ELEVAI prepares for growth in the $19.7 billion global industry.

ELEVAI LABS, INC. (NASDAQ: ELAB) has been granted a utility patent by the USPTO for its exosome-based skincare products, covering the primary formulation for their enfinity™ and empower™ products. The patent, titled 'Exosome-based Skincare Product' (US Patent No. 11,878,038), solidifies ELEVAI's position in the physician-dispensed skincare market. The company's use of exosomes derived from specially cultured and treated umbilical mesenchymal stem cells sets them apart in the market, providing a specific profile for desired applications. ELEVAI's co-founder and CEO, Jordan R. Plews, PhD, expressed the company's commitment to maintaining a competitive edge through innovation and acquisition of technically advanced products.

ELEVAI LABS, INC. (NASDAQ: ELAB) announced unaudited financial results for 2023, showing over $1.635M in total net revenue, a 113% YoY increase. International revenue exceeded $213K, with a gross profit margin of over 67.8%. Customer accounts grew by over 75% YoY, reflecting strong market trust and expanded customer base.

Elevai Labs, Inc. has signed an exclusive, worldwide manufacturing and processing technology licensing agreement with INmune Bio, Inc., to use their proprietary 'EMx' technology to produce cGMP grade mesenchymal stromal cells at a lower cost. The agreement grants Elevai the ability to manufacture hucMSCs for its cosmetic products, emphasizing global rights, ethical and quality standards, and providing financial details. Elevai's CEO, Jordan R. Plews, sees this partnership as an opportunity to expand manufacturing capabilities and product portfolio.