Societal CDMO Highlights Growth of Existing Customer Business Through Signing of More Than $6 Million in Work Orders During Fourth Quarter of 2022

Rhea-AI Summary

Societal CDMO, Inc. (SCTL) has announced over $6 million in work orders signed with existing customers during Q4 2022. These orders encompass a wide range of its contract development and manufacturing organization (CDMO) services, including tech transfer, formulation, and fill/finish operations. The projects will take place across the company's facilities in Georgia and California, which total 145,000 square feet. CEO David Enloe emphasized that nurturing existing customer relationships is a crucial part of their growth strategy. This initiative demonstrates the company's capability to adapt to evolving customer needs and enhances its market position.

Positive

• Secured over $6 million in work orders, boosting revenue potential.
• Projects span the entire range of CDMO services, indicating diverse capabilities.
• Strengthened relationships with existing customers, reflecting trust and ongoing business.
• Operations conducted across bi-coastal facilities, enhancing service reach and operational flexibility.

Negative

• None.

Expansion in Scope of Projects Seen Across All CDMO Service Capabilities and Manufacturing Facilities; Addressing Evolving Customer Needs Through Customized Project Modifications

Existing Customer Wins Supplement Continued Momentum in Growing Business through Signing of New Customers

SAN DIEGO and GAINESVILLE, Ga., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Societal CDMO, Inc. (“Societal CDMO”; NASD: SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced that it has signed more than $6 million in work orders with existing customers during the fourth quarter of 2022. These orders involve work spanning the company’s entire range of CDMO service offerings including tech transfer, formulation, manufacturing and fill/finish, among others. Notably, the projects involved will be conducted across all three of its manufacturing facilities in Georgia and California. The signing of these work orders with existing customers represents a key component of the company’s overall growth strategy, complementing its ongoing efforts to secure project wins with new customers.

“During the fourth quarter, our business development and operations teams have remained busy driving the continued growth of our CDMO business. While attention is often focused on the signing of new customers, it is important to highlight that expanding the relationships we have with existing customers is another key contributor to revenue generation,” said David Enloe, chief executive officer of Societal CDMO. “This breadth of recent program expansions and customized modifications highlights the trust that our customers have in Societal to meet their evolving contract development and manufacturing needs. Furthermore, it reinforces the significant value that is provided by both our full suite of CDMO capabilities as well as our bi-coastal presence, which are all being utilized in the execution of these work orders.”

About Societal CDMO
Societal CDMO (NASDAQ: SCTL) is a bi-coastal contract development and manufacturing organization (CDMO) with capabilities spanning pre-Investigational New Drug (IND) development to commercial manufacturing and packaging for a wide range of therapeutic dosage forms with a primary focus in the area of small molecules. With an expertise in solving complex manufacturing problems, Societal CDMO is a leading CDMO providing therapeutic development, end-to-end regulatory support, clinical and commercial manufacturing, aseptic fill/finish, lyophilization, packaging and logistics services to the global pharmaceutical market.

In addition to our experience in handling DEA controlled substances and developing and manufacturing modified-release dosage forms, Societal CDMO has the expertise to deliver on our clients’ pharmaceutical development and manufacturing projects, regardless of complexity level. We do all of this in our best-in-class facilities, which total 145,000 square feet, in Gainesville, Georgia and San Diego, California.

Societal CDMO: Bringing Science to Society. For more information about Societal CDMO’s customer solutions, visit societalcdmo.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “anticipate”, “believe”, “could”, “estimate”, “upcoming”, “expect,”, “intend”, “may”, “plan”, “predict”, “project”, “will” and similar terms and phrases may be used to identify forward-looking statements in this press release. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that could cause the company’s actual outcomes to differ materially from those expressed in or underlying these forward-looking statements include risks and uncertainties associated with the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the customer ordering patterns or inventory rebalancing or disruption in raw materials or supply chain; demand for the company’s services, which depends in part on customers’ research and development and the clinical plans and market success of their products; customers’ changing inventory requirements and manufacturing plans; customers and prospective customers decisions to move forward with the company’s manufacturing services; the average profitability, or mix, of the products the company manufactures; the company’s ability to enhance existing or introduce new services in a timely manner; fluctuations in the costs, availability, and suitability of the components of the products the company manufactures, including active pharmaceutical ingredients, excipients, purchased components and raw materials, or the company’s customers facing increasing or new competition. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results presented herein along with those risks and uncertainties discussed in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law.

FAQ

What recent developments occurred with Societal CDMO (SCTL) in February 2023?

Societal CDMO announced over $6 million in work orders with existing customers during Q4 2022.

How does Societal CDMO (SCTL) plan to grow its business?

The company focuses on expanding relationships with existing customers and signing new ones.

What services does Societal CDMO (SCTL) offer?

Societal CDMO provides a full range of CDMO services, including tech transfer, formulation, and manufacturing.

Where are Societal CDMO's (SCTL) facilities located?

The company's facilities are located in Gainesville, Georgia, and San Diego, California.