Solésence Beauty Science Expands to Australian Market as Nanophase Technologies Receives TGA GMP Site Clearance
Solésence Beauty Science has received TGA GMP site clearance, allowing Nanophase Technologies (NANX), its wholly owned subsidiary, to manufacture and market sunscreens in Australia. This long-awaited approval, anticipated for years, enables expansion into a sun care market valued at approximately $120 million USD. CEO Jess Jankowski emphasized the potential for growth in Australia, while COO Kevin Cureton noted an exciting opportunity for globalization and collaboration with brand partners. The approval is a significant milestone for Solésence, enhancing its product offerings in environmental protection technologies.
- TGA GMP site clearance enables full product manufacturing and marketing in Australia.
- Access to a sun care market valued at around $120 million USD enhances revenue potential.
- Long-term growth opportunities identified by CEO for in-country manufacturing.
- None.
ROMEOVILLE, Ill., March 01, 2022 (GLOBE NEWSWIRE) -- Solésence Beauty Science, a beauty product developer and manufacturer of finished goods at the forefront of skin health technologies, today announced that it has been issued TGA GMP site clearance for the full finished product manufacture of creams, lotions, sprays, sticks and all topical sunscreen forms. The site clearance has been granted to Nanophase Technologies, of which Solésence is a wholly owned subsidiary.
An innovation-driven beauty science company, Solésence finished goods offer brands patented formulas that leverage an ever-expanding suite of environmental protection technologies within their own Active Stress Defense™ platform. These technologies, which target aggressors such as UV, pollution and HEV (blue) light, are only available through the finished goods that they develop and manufacture. TGA GMP site clearance signals the possibility of expansion into Australian markets.
Jess Jankowski, Chief Executive Officer, commented: “TGA GMP site clearance has been years in the making, and it opens a lot of doors for us in the long term, as it is required to market Solésence-made products as primary sunscreens in Australia. This will also help us to evaluate the strategic possibilities of manufacturing products in-country as our presence grows. Our initial focus will be on establishing a footprint with both new and existing Solésence brand partners, to enable the sale of our patented sunscreen products as primary sunscreens in the Australian market, where the retail market size for sun care is estimated to be around
“At Solésence, we take a holistic approach to enhancing people’s lives through skin health, and that includes making skin health not only an essential part, but also a fun part of consumers’ daily lives,” commented Kevin Cureton, Chief Operating Officer. “Our brand partners across the globe launch clean, inclusive and patented environmental protection products, and our expansion to the Australian market is an exciting and pivotal milestone in the continued globalization of Solésence Beauty Science.”
About Solésence
Solésence Beauty Science, www.solesence.com, is changing the face of skin health with patented, mineral-based technologies that are embraced by leading performance-driven and clean beauty brands alike. Their patented products for brands transform the way mineral actives look, feel and function — enabling textures never seen before in the mineral space and inclusivity never seen before in the sun care space. Solésence’s innovative formulations offer best-in-class UV protection, unparalleled free radical prevention to protect against pollution and enhanced antioxidant performance.
About Nanophase
Nanophase Technologies Corporation (NANX), www.nanophase.com, is a leading innovator in minerals-based and scientifically driven health care solutions across beauty and life science categories, as well as other legacy advanced materials applications. Leveraging a platform of integrated patented and proprietary technologies, the Company creates products with unique performance, enhancing consumers health and wellbeing. We deliver commercial quantity and quality engineered materials both as ingredients and as part of fully formulated products in a variety of formats.
Forward-Looking Statements
This press release contains words such as “expects,” shall,” “will,” “believes,” and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company’s current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company’s results of operations, performance, and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, without limitation, the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company’s dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company’s engineered materials, ingredients, and fully formulated products; the Company’s manufacturing capacity and product mix flexibility in light of customer demand; the Company’s limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company’s dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors described in the Company’s Form 10-K filed March 26, 2021. In addition, the Company’s forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties, or other contingencies.
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