Societal CDMO Signs Multiple Project Expansion Agreements With Existing Customers
Societal CDMO (NASDAQ: SCTL) has announced work order extensions with multiple existing customers across its various service areas. This strategic growth is a significant aspect of the company’s operations, complementing efforts to acquire new clients. Current projects include the manufacturing of an antibiotic capsule, analytical method validations for ADHD treatments, stability studies for a cancer therapy, and clinical trial services for depression treatments. COO Scott Rizzo expressed satisfaction with these expansions as a validation of their service quality, contributing to revenue growth. The company maintains a strong focus on solving complex formulation and manufacturing challenges in the pharmaceutical industry.
- Work order extensions signed with multiple existing customers.
- Projects include manufacturing for antibiotic treatments and ADHD therapies.
- CEO expresses confidence in revenue growth from existing account expansions.
- Continued focus on acquiring new customers.
- None.
Scope of Work Involved Includes Range of Analytical Method, Stability Testing, Engineering Batch Manufacturing, and Packaging and Labeling Activities
SAN DIEGO and GAINESVILLE, Ga., April 12, 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 work order extensions with multiple existing customers that span a variety of the company’s CDMO service areas of expertise. The expansion of the scope of work of existing customers continues to be a strategic area of growth for the company, complementing its parallel efforts dedicated to the securing of new customers.
The recently signed work expansions agreements include:
- Manufacturing of additional engineering batch of an antibiotic capsule formulation for the treatment of Staphylococcus aureus infections.
- Analytical method transfer, evaluation, and validation for an investigational treatment for attention-deficit/hyperactivity disorder (ADHD).
- Preparation and execution of a stability protocol, as well as a compatibility study, for an investigational cancer therapy.
- Clinical trial services focused on product encapsulation, packaging, and labeling for an investigational treatment for depression.
“We always feel gratified when an existing customer approaches us to expand their scope of work, as this offers the strongest indication that we are meeting their CDMO needs and delivering high quality results. Additionally, these types of work extensions make important and meaningful contributions to Societal CDMO’s continued revenue growth,” said Scott Rizzo, chief operating officer of Societal CDMO. “Our business development, project management and operations teams continue to deliver exceptional results in terms of growing our business and we look forward to supplementing these latest existing customer expansions with the announcement of additional new customer wins in the near future.”
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.
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