NEXGEL, Inc. acquired Kenkoderm from Olympus Trading Company, LLC for $1.1 million.
December 04, 2023
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NEXGEL, Inc. (NasdaqCM:NXGL) agreed to acquire Kenkoderm from Olympus Trading Company, LLC for $1.1 million on November 30, 2023. Under the terms of the Purchase Agreement and on the Closing Date, NexGel paid the Seller a cash payment of $546,500 (the ? Initial Cash Payment ?). The Initial Cash Payment is not subject to any escrow conditions. Additionally, NexGel shall pay the Seller a cash earn-out paid on a quarterly basis which is based on an additional $546,500 payment but will be increased or decreased based on the results of the Business during 2024 based on the formula contained in the Purchase Agreement. The Purchase Agreement and the transaction contemplated thereby are not subject to approval by the shareholders of the NexGel. Jeffrey M. Quick of Quick Law Group PC acted as legal advisor for NEXGEL and Kevin J. Rooney of Downey Brand LLP acted as legal advisor for Olympus Trading Company, LLC.
NEXGEL, Inc. (NasdaqCM:NXGL) completed the acquisition of Kenkoderm from Olympus Trading Company, LLC on December 1, 2023.
NexGel, Inc. is a provider of ultra-gentle, high-water-content hydrogels for healthcare and consumer applications. It is engaged in manufacturing high water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics. It specializes in custom gels by capitalizing on proprietary manufacturing technologies. Its gels and its consumer products are manufactured using proprietary and non-proprietary mixing, coating, and crosslinking technologies. It markets under the brand names MedaGel and LumaGel Beauty. The products it sells under its MedaGel brand primarily relate to over the counter (OTC) remedy solutions, such as blister and pain applications; while the products it sells under its LumaGel Beauty brand primarily relate to beauty and cosmetic solutions, such as wrinkle and skin cream applications. The Company is also engaged in treating the symptoms of Psoriasis through its brand Kenkoderm.
NEXGEL, INC. 
