POMPANO BEACH, Fla., April 24, 2024 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived biologics, today announced the successful completion of comprehensive audits for fiscal years 2022 and 2023. This completion is a significant step in the company's strategy to uplist to a senior stock exchange.
The primary purpose of this audit was to strategize BioStem's process and timing for transitioning to a fully reporting company with the Securities and Exchange Commission (SEC), focusing on its near-term fundraising plans. The successful audit is a strategic move toward uplisting to a senior exchange, which the company anticipates will help to further validate its market position, attract a broader investor base, and enhance shareholder value.
Jason Matuszewski, CEO of BioStem Technologies, stated, "Completing this rigorous two-year audit underscores our dedication to transparency and regulatory compliance. 2023 was a pivotal year for BioStem, marked by robust revenue growth, particularly in Q4, establishing a solid foundation for the company's future expansion. We are excited about the next phase, which includes our plans to uplist and become a fully reporting company with the SEC. We believe these efforts will further solidify our position in the market and serve as a stepping stone toward driving sustained growth and innovation in the MedTech industry."
In 2023, BioStem Technologies Inc. demonstrated significant financial and operational progress. The company reported a remarkable year-over-year net revenue increase of 1,355% to $11.5 million in the fourth quarter, with the gross profit margin reaching 95% of revenue, up from 84% the previous year. Operationally, BioStem expanded its capabilities by acquiring assets from Auxocell Laboratories, launching AmnioWrap2 nationwide with Venture Medical LLC, initiating a clinical trial for diabetic foot ulcers (DFU), and securing commercialization agreements for Avenova Allograft with NovaBay. The company's products also gained listings with the U.S. Department of Defense and Veterans' Administration, achieved CMS reimbursement for Vendaje AC® and AmnioWrap2, and strengthened its leadership by appointing two new board members.
About BioStem Technologies, Inc.
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, 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.
Contacts:
BioStem Technologies, Inc.
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
Email: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStem Technologies
Investor Relations:
Jeff Ramson
New York, NY 10001
T: 646-863-6893
jramson@pcgadvisory.com
