BioStem Shares Rise After Company Reports Record Revenue

New York, May 15, 2024 - PRISM MarketView - Shares in regenerative medicine company, BioStem Technologies (OTC: BSEM) climbed nearly 10.0% in morning trading on Wednesday after the company announced its earnings for the first quarter of 2024. BioStem reported record-breaking revenue of $41.9 million, demonstrating significant growth over the previous period.

The company says its strong growth has been largely driven by the launch of AmnioWrap2, BioStem’s innovative placental-derived allograft product designed to address a broad spectrum of wound applications, and the product’s continued successful commercial acceptance into the private office setting. BioStem attributes its increased reach and the resulting sales numbers to its distribution agreement with Venture Medical, signed in September 2023.

During the quarter, BioStem engaged McCoy Clinical Consulting to lead its clinical studies evaluating its BioREtain products in the treatment of Diabetic Foot Ulcer (DFU) and Venous Leg Ulcer (VLU). The consultant’s role will be to advance BioStem’s clinical capabilities, and accelerate trial processes as the company works to demonstrate the real-world benefits of its allograft product suite.

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

BioStem Technologies (OTC: BSEM) is listed on PRISM Emerging MedDevices Index 

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