NexGel closes $1.21M private placement of convertible notes and warrants

NEXGEL, INC.

Issued $1.21M aggregate principal amount of unsecured convertible notes at $0.60/share initial conversion price.
Issued warrants to purchase 1,008,334 shares of common stock at $0.80/share, expiring 5 years from issuance.
Proceeds to be used for working capital; Alere Financial Partners acted as placement agent.
Affiliates purchased $1.085M of the offering: director Brian Kieser $1M, CEO Adam Levy $60k, director Scott Henry $25k.
Registration rights agreement requires filing of resale registration statement within 75 days.

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