NEXGEL Develops New Hydrogel Patch to Treat Amblyopia
October 20 2022 - 8:00AM
NEXGEL, Inc. (“NEXGEL” or the “Company”) (NASDAQ: NXGL, NXGLW), a
leading provider of ultra-gentle, high-water-content hydrogel
products for healthcare and consumer applications, announced today
that it has developed a new, proprietary hydrogel eye patch to
treat amblyopia, a type of poor vision that typically occurs in one
eye but can occur in both eyes (also called lazy eye). The patch is
expected be available for ophthalmologists and optometrists to
offer to their patients in the first half of 2023.
Amblyopia is present in approximately two to
four percent of the U.S. population. According to the National
Eye Institute, it is the most common cause of visual impairment in
childhood and affects approximately two to three children out of
every 100. The global amblyopia treatment market is also expected
to reach over $6 billion by 2027. Unlike the current
standard-of-care patching for amblyopia, NEXGEL’s hydrogel patch is
much gentler on the skin and is manufactured without the use of
harsh chemicals or painful adhesives.
“The most effective eye patches for the
treatment of amblyopia are placed directly on the skin covering the
eye, however, traditional eye patches for amblyopia are difficult
to adjust and remove, pulling at and irritating the thin skin
around the eye. For children, the associated discomfort often leads
to poor compliance and suboptimal treatment,” said Dr. Leonard
Nelson, Co-Director of the Pediatric Ophthalmology Department and
Director of the Strabismus Center at Wills Eye Hospital. “NEXGEL’s
unique hydrogel technology is the innovation that pediatric
ophthalmologists have been waiting for. The patches are gentle, can
be worn for long periods of time without experiencing any pain or
discomfort and are easily removable and replaceable – exactly what
we need to treat our pediatric patients.”
“Our ability to quickly develop this patch after
learning about the growing need for a better amblyopia treatment
product in the market is a hallmark of our hydrogel technology and
is just another example of its many applications across healthcare,
particularly at the interface between a medical device and the
patient’s skin,” added Adam Levy, NEXGEL CEO. “Parents and doctors
have been searching for a superior solution to treat this condition
for pediatric patients, and we look forward to bringing our product
to market in early 2023.”
About NEXGEL, INC.NEXGEL is a
leading provider of ultra-gentle, high-water-content hydrogels for
healthcare and consumer applications. Based in Langhorne, Pa., the
Company has developed and manufactured electron-beam, cross-linked
hydrogels for over two decades. Alongside its strategic partners,
NEXGEL has formulated more than 200 different combinations to bring
natural ingredients to gentle skin patches that can be worn for
long periods of time with little to no irritation.
Forward-Looking Statement
This press release contains "forward-looking
statements" 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 (the "Exchange Act") (which Sections were
adopted as part of the Private Securities Litigation Reform Act of
1995). Statements preceded by, followed by or that otherwise
include the words "believe," "anticipate," "estimate," "expect,"
"intend," "plan," "project," "prospects," "outlook," and similar
words or expressions, or future or conditional verbs, such as
"will," "should," "would," "may," and "could," are generally
forward-looking in nature and not historical facts. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the Company's
actual results, performance, or achievements to be materially
different from any anticipated results, performance, or
achievements for many reasons including the impact of the COVID-19
pandemic. The Company disclaims any intention to, and undertakes no
obligation to, revise any forward-looking statements, whether as a
result of new information, a future event, or otherwise. For
additional risks and uncertainties that could impact the Company's
forward-looking statements, please see the Company's Annual Report
on Form 10-K for the year ended December 31, 2021, including but
not limited to the discussion under "Risk Factors" therein, which
the Company filed with the SEC and which may be viewed
at http://www.sec.gov/.
Investor Contact:Valter Pinto,
Managing DirectorKCSA Strategic
Communications212.896.1254valter@kcsa.com
Media Contacts:Raquel Cona / Michaela
FawcettKCSA Strategic Communications212.896.1204 /
978.995.4683rcona@kcsa.com / mfawcett@kcsa.com
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