Amniowrap2™ Product Launch Leads Year of Highlights for BioStem Technologies

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 1^st in all 50 states and territories

POMPANO BEACH, Fla., Jan. 30, 2024 (GLOBE NEWSWIRE) -- . (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 AmnioWrap2^TM 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 (DF