As I hope you’ve seen, we announced today important progress from our biomaterial product distribution agreement with Tamer Group in the Kingdom of Saudi Arabia. Specifically, Tamer has provided us with advisory guidance regarding anticipated purchase orders this year in the range of
$60 million to $80 million. I encourage you to read the announcement closely, including risk factors.
This is tremendous news and represents the kind of progress I referred to in my March 17th letter. Our unique business model allows us to capitalize on investments we made in intellectual property, discovery and translational research, operating and manufacturing infrastructure, and product development expertise. These investments are the foundation of what we believe is a sustainable, growth-oriented business model that serves our stakeholders as well as patients who rely on our products. Celularity’s revenue-generating commercial business, which today sells advanced biomaterial products in the United States and soon internationally, is one source of non-dilutive cash flow to support our business operations and, we hope, future profitability.
We continue to pursue our cell therapy programs with focus, speed and efficiency, while also seeking opportunities like the one we’ve announced today to enhance revenue-generating opportunities in a growing number of markets.
We deeply value your support as we navigate today’s challenging landscape and remain focused on the long-term opportunities to create meaningful shareholder value. I will personally continue to keep you informed as we progress along our journey together.
Robert J. Hariri, M.D., Ph.D.
Chairman, CEO and Founder
Paul Graves, Chief Communications Officer