Elevai Labs Expands with Launch of Elevai Biosciences and Elevai Skincare Subsidiaries, Advancing the Future of Aesthetic Medicines and Exosome Skincare

• Elevai Labs established two subsidiaries: Elevai Biosciences, Inc., and Elevai Skincare, Inc.
• Elevai Biosciences will focus on acquiring and developing biopharmaceutical technologies with initial focus on the development of EL-22 and EL-32, the lead assets targeting indications associated with obesity.
• Elevai Skincare will continue commercializing exosome skincare technologies for the medical dispensed skincare market.
  

NEWPORT BEACH, Calif., May 01, 2024 (GLOBE NEWSWIRE) -- Elevai Labs, Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a pioneering force in medical aesthetics, today announced the establishment of two new wholly owned subsidiaries, Elevai Biosciences, Inc., and Elevai Skincare, Inc. These ventures mark a strategic shift towards the development of next-generation aesthetic medicines and efforts to improve the economics of its commercialized exosome skincare brand.

Information about Elevai Biosciences, Inc. is accessible at www.ElevaiBio.com. This subsidiary will focus on the development and acquisition of cutting-edge aesthetic medicines, underscoring Elevai’s commitment to innovation and its vision to lead the evolution of the medical aesthetics industry. Leveraging advanced research and strategic acquisitions, Elevai Biosciences aims to pioneer breakthroughs in aesthetic medicine. Elevai Biosciences’ lead asset, EL-22, will target muscle mass preservation in the obesity market with a novel myostatin approach that is planned to be tested in combination with popular weight loss drugs, including GLP-1 receptor agonists.

Simultaneously, Elevai is transitioning its commercialized exosome skincare brand and operations into Elevai Skincare, Inc., its subsidiary dedicated to advancing Elevai’s skincare solutions. By reorganizing skincare operations into a separate entity, Elevai aims to enhance focus, agility and market penetration. We believe the restructuring will position Elevai Skincare for accelerated growth and profitability, in order to capitalize on emerging opportunities in the medical aesthetics skincare market.

In conjunction with the reorganization of its skincare operations, Elevai Skincare’s Chris Kraneiss, Chief Commercial Officer (CCO) of Elevai, and Brenda Buechler, Chief Marketing Officer, will transition from their roles from Elevai Labs Inc. to oversee operations within Elevai Skincare. This strategic realignment aims to drive operational efficiency and accelerate revenue growth within the skincare segment.