POMPANO BEACH, Fla., Dec. 14, 2023 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived biologics for advanced wound care, announced that the Center for Medicare Services (CMS) has established national pricing for its product, AmnioWrap2™, in all Medicare Administrative Contractors (MAC) regions. This pricing change will be effective starting Jan 1, 2024. BioStem exclusively commercializes AmnioWrap2™ through Venture Medical LLC, an innovative solutions provider in the U.S. wound care market with an extensive wound care-focused team.
Jason Matuszewski, CEO of BioStem Technologies Inc., expressed the significance of this achievement, highlighting the benefit it brings to Medicare patients across the United States. “This change means that AmnioWrap2™ (AW2) can now be offered to all Medicare providers throughout the country. BioStem Technologies is taking the lead in wound care innovation, leveraging our distinctive BioRetain® process. This proprietary manufacturing approach ensures the retention of essential structural components, growth factors, and anti-inflammatory cytokines inherent in placental tissue. It's not just a process; it's a commitment to excellence. By preserving these critical elements, we empower healthcare providers and Medicare beneficiaries with a validated, reimbursable therapeutic choice meticulously designed for addressing non-healing wounds. This is more than a breakthrough; it's a transformative step towards reshaping the landscape of patient care and we expect this expansion in availability will increase adoption and lead to better patient outcomes.”
John Schroeder, President of Venture Medical LLC, stated, “The national ASP publication of AmnioWrap2™ knocks down barriers that will provide healthcare professionals and their patients with the opportunity to use AmnioWrap2™, a superior wound care product for certain applications. We are eager to provide more clinical results through providers showcasing their results, publishing whitepapers, and supporting formal clinical studies in the coming months, which we believe will further separate the BioRetain® process and its resultant products like AW2 from the other products on the market. We are confident that the product benefits will quickly translate to broad product adoption throughout the US.”
Available by prescription through a healthcare provider in all 50 states, AmnioWrap2™ offers patients who are experiencing non-healing wounds an advanced treatment option that acts as a protective barrier or covering to provide an optimal environment for wound healing and closure.
Healthcare providers or patients interested in learning more about AmnioWrap2 allografts can visit: www.amniowrap2.com.
About BioStem Technologies, Inc. (OTC: BSEM): BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. 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, visit biostemtechnologies.com and follow us on Twitter and Linkedin.
About Venture Medical, LLC.: Venture Medical is a groundbreaking healthcare services company with a decade-long history of innovation, dedication, and consistent growth in the field of wound care and healing. Over the past 13 years, Venture Medical has expanded its reach across the United States and has grown to become a leading master distributor and reseller and software services provider for manufacturers and end users of biologics, advanced diagnostics, durable medical equipment, and capital goods.
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.
BioStem Technologies, Inc.
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
Email: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStemTechnologies
Venture Medical, LLC.
Phone: 800-881-1809
Website: https://www.venturemedical1.com/
Email: info@venturemedical1.com
Instagram: Venture.medical
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1531b8d4-f4d8-4c79-802e-9be50adf2a14
