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BioStem Technologies reports developments tied to its regenerative medicine business, which develops, manufactures and commercializes perinatal tissue allograft products used by clinicians across wound care and other specialties. Company updates commonly cover financial results, conference calls, clinical research presentations, and product portfolio activity involving brands such as Neox, Clarix, VENDAJE and American Amnion.
BioStem news also includes governance and compliance appointments, board changes, audited financial statement publication, and integration of completed asset acquisitions that expand its surgical and wound-care product offerings. Its disclosures describe proprietary BioRetain, CryoTek and SteriTek processing technologies, AATB-accredited quality systems, and operations aligned with current Good Tissue Practices and current Good Manufacturing Processes.
BioStem Technologies (OTC PINK: BSEM) announced the appointment of three new members to its Scientific Advisory Board (SAB) to enhance its focus on perinatal tissue regenerative therapies. The new members are Jeffrey Harrison, Daniel Shelly, and Shaun Opie, joining Chairman Kenneth Warrington. Their combined expertise spans pharmacology, regulatory strategies, and advanced therapeutics, which will support BioStem's innovative product development and market expansion. This strategic move aligns with BioStem's vision to reinforce its scientific foundations and improve its product portfolio.
BioStem Technologies (OTC PINK: BSEM) is expanding its national sales force to boost sales of its perinatal tissue allografts. This strategic move comes as elective surgeries resume post-COVID-19 shutdowns, increasing demand for regenerative therapies. BioStem will add experienced sales representatives in key regions: Northeast, Midwest, and Mountain Region. The company specializes in utilizing perinatal tissue for regenerative medicine, leveraging proprietary technologies to enhance patient outcomes and shareholder value.
BioStem Technologies, Inc. (OTC PINK: BSEM) reported significant growth in Q4 2020 with sales of $1,037,823, up 147% from $420,389 in Q4 2019. For fiscal 2020, total sales reached $2.5 million, down slightly from $2.6 million in 2019, while net loss improved to $2.4 million from $6.3 million. Operating expenses decreased by 44.2% due to reduced stock-based compensation, despite increased direct sales costs. The company anticipates continued revenue growth associated with the vaccine rollout and a positive response from the FDA regarding its amniotic membrane allograft, VENDAJE™.
BioStem Technologies, Inc. (OTC PINK: BSEM) has engaged D. Brooks and Associates CPA's, P.A. as its PCAOB registered accounting firm for the fiscal years 2020 and 2019. The audit is expected to conclude in Q2 2021, after which the company may pursue full SEC reporting. CEO Jason Matuszewski emphasized that hiring a PCAOB auditor aligns with their capital market goals. BioStem focuses on regenerative therapies using perinatal tissue, demonstrating a commitment to enhancing shareholder value through innovative biotechnological approaches.