LANGHORNE, PA – NexGel, Inc. (NASDAQ:NXGL), a company specializing in surgical and medical instruments and apparatus, announced the results of its 2024 Annual Meeting of Stockholders held today. The meeting saw the election of seven directors to the board and the ratification of the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
In the election of directors, all seven nominees were elected to serve until the next annual meeting or until their successors are duly elected and qualified. The elected directors include Steven Glassman, Scott R. Henry, Adam Levy, Nachum Stein, and Dr. Jerome Zeldis. The votes for the directors ranged from 1,380,100 to 1,537,898 in favor, with withheld votes between 6,252 and 164,050 and broker non-votes totaling 2,044,915 for each nominee.
Additionally, the appointment of Turner, Stone & Company, L.L.P. as NexGel's independent registered public accounting firm for the current fiscal year received overwhelming approval, with 3,580,246 votes for, 8,796 against, and 23 abstentions.
The quorum for the meeting was established with 3,589,065 shares represented in person or by proxy out of the 6,227,624 shares entitled to vote. The matters voted upon are described in the company's definitive proxy statement filed with the Securities and Exchange Commission on April 29, 2024.
NexGel, formerly known as AquaMed Technologies, Inc., is based in Langhorne, Pennsylvania, and is incorporated in Delaware. The company's fiscal year ends on December 31. This news is based on a press release statement.
In other recent news, NEXGEL, a key player in hydrogel technology, posted strong financial results for the first quarter of 2024, demonstrating solid year-over-year growth. The company's revenue for the quarter soared by 104% to $1.27 million, surpassing their own forecasts, and the gross profit margin improved notably to approximately 22% from a negative margin in the same period last year. These positive results were driven by a 58% increase in contract manufacturing and a 178% increase in consumer branded products.
In addition, NEXGEL has been making strategic preparations for expansion, particularly in the European market. The company is expanding its Texas facility and working towards self-certification of its Class 1 devices for the European market. A new device launch, in collaboration with AbbVie (NYSE:ABBV), is anticipated by year-end.
Analysts have noted that NEXGEL's commitment to growth and innovation in the industry, demonstrated by its facility expansion and preparation for European compliance, is a positive sign. The company's plans to commercialize its products in Europe, coupled with optimism about its Kenkoderm product and cross-promotion plans with Medigel, suggest potential future growth avenues. However, the timing of future inspections by partners and ISO is uncertain, which could potentially impact production schedules and launches.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.