NEXGEL, Inc. ("NEXGEL" or the "Company") (NASDAQ: "NXGL") today announced a series of leadership, governance and strategic initiatives designed to strengthen operational execution, improve liquidity, and enhance long-term shareholder value.

The actions include the appointment of Brian Kieser as Interim Chief Executive Officer and the formation of a Special Committee for Strategic Review and Value Creation.

Leadership Transition

Effective August 21, 2026, Brian Kieser has been appointed Interim Chief Executive Officer of NEXGEL.

Following the Company's April 2026 acquisition of certain assets from Celularity, Inc., Mr. Kieser became actively involved in the integration of the BioNX Surgical division, manufacturing transition initiatives, commercialization strategy, financing activities, and broader strategic planning efforts through NEXGEL's strategic partnership with Sequence Life Science, Inc.

After careful consideration, the Board unanimously determined that Mr. Kieser is particularly well-positioned to lead the Company through its next phase of operational integration and strategic review. The Board believes his industry experience, strategic relationships, and firsthand knowledge of these initiatives provide strong leadership continuity as NEXGEL focuses on improving operating performance, strengthening liquidity, and driving long-term shareholder value.

"Brian brings a deep understanding of our business, our strategic objectives and the opportunities ahead," said Steve Glassman, Chairman of the Board. "The Board believes his leadership and industry experience make him exceptionally qualified to guide the Company during this important period."

To ensure appropriate governance and oversight, all strategic review activities, restructuring initiatives, capital structure matters and potential related-party transactions will be overseen by the Board's Special Committee for Strategic Review and Value Creation.

Special Committee for Strategic Review and Value Creation

The Board has established a Special Committee for Strategic Review and Value Creation to oversee a comprehensive review of the Company's operations, asset portfolio, liquidity position, and long-term strategic direction. The Special Committee will be comprised of: Kevin Harris (Chair) and Steve Glassman.

The Committee has been authorized to evaluate and make recommendations to the Board regarding:

  • Strategic alternatives for non-core assets and businesses;
  • Capital structure and liquidity enhancement initiatives;
  • Operational efficiency and profitability improvements; and
  • Development of a formal restructuring and strategic plan.

The Company expects the Committee's initial efforts to focus on developing and presenting a comprehensive strategic and value creation framework to the Board within the next 30 to 45 days.

Strategic Review

As part of its mandate, the Committee will review all non-core assets, product lines, and business activities. The review may consider continued operation, divestiture, strategic partnerships, restructuring or wind-down opportunities. The objective is to improve liquidity, simplify operations and concentrate capital and management resources on the businesses and assets believed to offer the greatest opportunity for long-term shareholder value creation.

The Board believes the Company's most significant growth opportunities include BioNX Surgical, BioNX Regenerative Eye Health & Aesthetics, and its advanced hydrogel technologies.

Adam Levy Transition Services

Effective August 21, 2026, Adam Levy will cease serving as Chief Executive Officer and as an employee of the Company. In connection with his separation from the Company, Mr. Levy and the Company are negotiating a Separation Agreement and Release, and Mr. Levy has resigned from all officer, director, committee and other fiduciary positions with the Company and its subsidiaries effective as of August 21, 2026.