Pressure BioSciences Inc (OTCQB:PBIO) said its merger partner, SkinScience Labs, has received an initial $3.5 million order for its newly developed dermatological hand sanitizer product.
Pressure BioSciences agreed to acquire SkinScience in April and the merger is expected to close on by June 30.
READ: Pressure BioSciences eyeing around $2.4 million in 1Q 2021 as it sells its first manufacturing run of BaroShear K45 systems
SkinScience is the parent company of the Dr Denese skin care and anti-aging product lines, developed by Adrienne Denese, an industry leader in scientific skin care breakthrough technologies.
"Our goal has always been to develop and supply the highest quality of personal care products expected by our very loyal customer base. Over the past few months, shortages of hand sanitizers have been reported by stores all over the US. With SkinScience Labs' nearly two decades of experience in formulation, manufacturing, and distribution, and my expertise and training as a scientist and physician, it became clear that we could become an important new part of the solution. With particular focus on the adverse effects that the high alcohol content in typical hand sanitizers have on skin, we went back to the lab and formulated a premium quality, dermatologically driven hand sanitizer. We recently made the decision to release this very effective, premium product to the market,” Denese said in a statement.
Following the merger, Pressure BioSciences will change its name to Availa Bio and will be led by Jim Morrison, the former president of L'Oreal.
"Dr Adrienne Denese is an accomplished doctor, scientist, businesswoman, and skin care visionary. It therefore came as no surprise that she chose to expand her very popular cosmetics line with the addition of a premium quality hand sanitizer based on her own proprietary formulation. With the high quality and care that Adrienne famously builds into all of her products, combined with her enormously loyal customer base, we believe this very well-timed $3.5 million dollar hand sanitizer order, which we understand is an approximate four month supply for our customer, is just the beginning of a new and very exciting era for Dr Denese SkinScience", Morrison said.
"I have been fortunate during my 30+ years in the personal care space to have gained significant experience launching products and driving sales through a myriad of retail channels worldwide. Since the May 14 announcement that we were entering the multi-billion-dollar hand sanitizer market, I have taken the opportunity to discuss our new, premium grade hand sanitizer product with several large U.S. retail outlets. The reception we received was extremely positive. We are expecting substantial on-going growth in this exciting and innovative new product line", he added.
Pressure BioSciences develops and sells pressure-based instruments, consumables, and platform technology solutions to the biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food and beverage industries.
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