BioStem provides a business update and highlights recent accomplishments
Preliminary fourth quarter net revenues of $11.5 million and full year 2023 net revenues of $16.7 million
National Pricing for Amniowrap2™ effective January 1st in all 50 states and territories
POMPANO BEACH, Fla., Jan. 30, 2024 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental-derived allografts for advanced wound care, today highlights its 2023 accomplishments and provides a business update.
BioStem Technologies CEO, Jason Matuszewski, said, “2023 was a year of tremendous growth, progress and achievement for BioStem. This growth is primarily attributed to the successful launch of Amniowrap2™, our innovative placental-derived allograft product designed to address a broad spectrum of wound applications. A significant factor contributing to this success has been the widespread acceptance and utilization of Amniowrap2™ by medical professionals, underscoring its effectiveness and growing prominence in the healthcare industry.
“We remain committed to our mission of delivering unparalleled wound care solutions for patients and healthcare professionals, and look forward to broadening our reach into new markets in the next year. I want to thank the BioStem team for their unwavering dedication. I am very excited to see what we can achieve together in 2024 and beyond.”
Financial updates for the year and quarter ended December 31, 2023:
Preliminary net revenue for the fourth quarter 2023 was $11.5 million, (UNAUDITED) an increase of 1,351% from the same period in 2022.
Total preliminary net revenue reached $16.7 million (UNAUDITED), in the fiscal year concluding on December 31, 2023, representing a 142% increase compared to the previous year.
Operational updates for the year and quarter ended December 31, 2023:
- In September 2023, BioStem entered into an agreement with Venture Medical, LLC., for the nationwide release of its innovative product, AmnioWrap2™. In addition, BioStem entered into a commercialization agreement with NovaBay Pharmaceuticals for its Amniotic Tissue Allograft, which will be used as a protective covering during the repair of ocular surfaces.
- In September 2023, the Company was successfully listed on key government contract vehicles, on the Department of Defense’s Distribution and Pricing Agreement (DAPA), the Department of Veterans Affairs Federal Supply Schedule (FSS), and the Defense Logistics Agency’s ECAT system. This listing was made possible by BioStem’s Service-Disabled Veteran-Owned Small Business (SDVOSB) exclusive partner, Lovell Government Services.
Recent achievements:
January 2024
- BioStem Technologies appointed a proven life science sales leader, Mr. Shawn McCarrey, as Chief Commercial Officer.
- Effective January 1, 2024, the Center for Medicare Services Established National Pricing for AmnioWrap2TM in all 50 states and territories.
- BioStem’s Healthcare Common Procedure Coding System (HCPCS) code for VENDAJE AC® became effective.
December 2023
- BioStem added industry leaders, Mr. Thomas J. Dugan and Mr. Patrick Daly, to its Board of Directors.
November 2023
- BioStem was awarded a Q code for VENDAJE AC® by the Centers for Medicare and Medicaid Services (CMS).
- The Company closed an oversubscribed private placement for gross proceeds of $2 million.
October 2023
- BioStem announced the opening of the first clinical site for a study that will evaluate its Vendaje® tissue allograft in the treatment of diabetic foot ulcers (DFU).
Fourth quarter and full year 2023 financial results conference call
BioStem will host a conference call and webcast to discuss fourth quarter and full year 2023 financial results in March 2024.
BioStem has used, and intends to continue to use, its investor relations website, as a means of disclosing material, non-public information, and for complying with its disclosure obligations under Regulation FD.
The unaudited results in this press release are preliminary and subject to the completion of the Company’s annual independent audit and, therefore, are subject to adjustment.
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.
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
E-Mail: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStemTechnologies
PCG Advisory
Jeff Ramson
jramson@pcgadvisory.com
646-863-6893
