Please note: this Update is being issued for ticker indexing purposes. The content of the release itself remains the same.
NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- PRISM MarketView presents an exclusive interview with Jason Matuszewski, CEO of BioStem Technologies, Inc. (OTC: BSEM). Following a successful start to 2024, the biotechnology company has seen substantial revenue growth and is making significant strides towards consolidating its debt, pursuing a potential uplisting to a senior stock exchange, and launching pivotal clinical trials.
BioStem Technologies reported a remarkable increase in first-quarter revenues to $41.9 million in 2024, up from $600,000 in the same period last year, marking a pivotal milestone in the company's financial performance. "The first quarter of 2024 has been phenomenal," Jason Matuszewski, CEO of BioStem, explained. The company has also transitioned into a net positive equity position, reporting positive net income on a US GAAP basis for the first time.
Looking ahead, BioStem is focused on sustainable growth by expanding its product offerings and geographical presence in the hospital wound care and other medical settings. "Our strategic direction is clear as we move towards 2025," Matuszewski added.
One of the key strategic goals for BioStem is the uplisting to a senior stock exchange. "An uplisting to a senior exchange has always been a crucial goal for us," Matuszewski stated. BioStem has completed a rigorous two-year audit to meet the high standards required by senior exchanges and is actively preparing for this transition.
BioStem is set to initiate clinical trials in the second half of the year to showcase the effectiveness of its products in real-world clinical settings. "We recently announced our intention to launch two clinical trials to evaluate the effectiveness of our products," Matuszewski explained.
The full interview with Jason Matuszewski can be found at: PRISM MarketView BioStem Technologies – Soaring Revenues and Strategic Expansion
About BioStem Technologies:
BioStem Technologies Inc. (BSEM) is a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental-derived biologics. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioREtain processing method. BioREtain has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies' quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks ("AATB"). These systems and procedures are established per current Good Tissue Practices ("cGTP") and current Good Manufacturing Processes ("cGMP"). Our portfolio of quality brands includes AmnioWrap2™, VENDAJE®, VENDAJE AC®, and VENDAJE OPTIC®. Each BioStem Technologies placental allograft is processed at the Company's FDA registered and AATB accredited site in Pompano Beach, Florida. For more information, please visit: http://www.biostemtechnologies.com
Forward-Looking Statements: Except for statements of historical fact, this release also contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate", "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact of any changes to the reimbursement levels for the Company's products; (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company's products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete;(4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company's ability to raise funds to expand its business; (6) the Company has incurred significant losses since inception and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company's ability to maintain production of its products in sufficient quantities to meet demand; and (10) the COVID-19 pandemic and its impact, if any, on the Company's fiscal condition and results of operations; You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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