Pompano Beach, FL, July 02, 2020 (GLOBE NEWSWIRE) -- BioStem Technologies, Inc. (OTC PINK: BSEM), a leading life sciences company specializing in the development and commercialization of perinatal tissue-based allografts for regenerative therapies, today announced the submission of applications for three of its dehydrated placental membrane allograft products to the Centers for Medicare and Medicaid Services (CMS), in process to be granted Q-Codes.
Q-Codes are established to identify drugs, biologicals, and medical equipment or services not identified by national HCPCS Level II codes, but for which codes are needed for Medicare claims processing. The Centers for Medicare and Medicaid Services (CMS), via its sub-committee, the Healthcare Common Procedure Coding System (HCPCS) Committee, assigns Q-Codes based on the Committee's review and they are maintained by the HCPCS national panel, which is comprised of representatives from the Health Insurance Association of America, Blue Cross/Blue Shield, and CMS.
The committee will review the applications and make a decision in November of 2020. If approved, the Company’s products VENDAJE™, VENDAJE™ AC, and VENDAJE™ OPTIC will obtain Q-Codes to be active on January 1st, 2021.
“These Q-Codes are the strategic next step for BioStem in the reimbursement process. By making these products eligible for Medicare coverage and reimbursement, the beneficiaries will be able to receive the treatments they need at a cost they can afford.” said CEO, Jason Matuszewski.
The global Tissue Engineered Skin Substitutes market in 2020 is valued at $131.5 billion and is anticipated to $335.5 billion by 2025 growing at an estimated value of CAGR of more than 16.9% during the forecast period 2020 to 2025. North America will dominate the Tissue Engineered Skin Substitutes Market in the upcoming years. It will generate revenue of $169.4 billion by 2025 at a CAGR of 16.70%.1
About BioStem Technologies, Inc. (OTC PINK: BSEM): BioStem Technologies, Inc. is a global life sciences corporation, providing innovative technologies with a concentration in Regenerative Medicine. The company’s mission is to discover, develop and produce the most effective Regenerative Medicine products in the world. BioStem Technologies offers a comprehensive portfolio of high-quality brands that include RHEO™, VENDAJE™, VENDAJE™ AC, and VENDAJE™ OPTIC. The company is comprised of a diverse group of scientists, physicians, and entrepreneurs who collaborate to create innovative products. These technologies improve the Quality of Life for our patients and, as a result, drive shareholder value.
Forward-Looking Statements: Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," believe" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with OTC Markets.
BioStem Technologies, Inc.
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
Email: info@biostemtech.com
Twitter: @Biostemtech
Facebook: https://www.facebook.com/biostemtechnologies
Investor Relations:
Andrew Van Vurst
info@biostemtech.com
(954) 380-8342
1https://www.businesswire.com/news/home/20200522005186/en/Global-Tissue-Engineered-Skin-Substitutes-Market-2020