Modern Meadow Announces Sale of its Beauty and Biomedical Applications and Appoints New President/Chief Operating Officer and Executive Chair
June 4, 2024

NUTLEY, NJ, June 4, 2024 - Moder Meadow, a creator of innovative, environmentally-friendly biomaterials whose mission is to enable the world to transition to sustainable materials, today announced that it has shifted its strategic direction to focus solely on its biomaterials business. The company is pleased to announce the sale of its beauty and biomedical divisions to HTL Biotechnology, a French biotech company responsible for the development and biomanufacturing of pharmaceutical-grade polymers. This divestiture signals a strategic commitment to expanding innovations in biology and materials science to accelerate progress across the industry, and enable companies to bring high-quality, sustainable products to market worldwide.

David Williamson, PhD, has been named as the President and COO and will lead the company's efforts to prioritize and accelerate the growth of its biomaterials business. Prior to working at Modern Meadow, Dr. Williamson spent over a decade at DuPont building and leading a variety of key technical and operations initiatives. *The collaboration between design, biology, and material science will lead to real-world solutions that make a meaningful difference for people and the planet," said Dr. Williamson.

"Our decision to focus on our bio-materials business will focus both our research and commercial efforts in this sector and bring next-gen products to industries such as apparel, footwear, outdoor, and automotive. HTL is the ideal acquirer for our Beauty and BioMed business, creating the right environment for these units to realize their full potential. Their expertise and resources will enable the continued growth and innovation necessary to make a lasting impact in these fields."

In support of the strategic focus to biomaterials Bill Ghitis, an esteemed global business leader and advisor, is joining Moden Meadow as their Executive Chair of the Board of Directors. Mr. Ghitis has a proven track record of driving significant financial growth at global manufacturing companies such as DuPont, Koch/Invista, Nilit, leveraging specific expertise in turnaround strategies, marketing-driven top-line growth, and sustainable innovation. Fluent in multiple languages, his leadership and mentorship have shaped numerous individuals worldwide, propelling them into C-suite roles. " I am thrilled to be joining social impact company Modern Meadow and support Dave and the team in delivering sustainable biomaterial solutions for a greener future" said Bill Ghitis.