POMPANO BEACH, Fla., Nov. 08, 2023 -- BioStem Technologies Inc. (OTC:BSEM), a leading regenerative medicine company focused on the development, manufacture and commercialization of placental-derived biologics for advanced wound care, today announced that the Centers for Medicare and Medicaid Services (CMS) has published a new Q code, Q4279 for VENDAJE AC® pursuant to its application for Healthcare Common Procedure Coding System (HCPCS) “Q” codes. The HCPCS code assigned for VENDAJE AC® will be effective January 1st, 2024.
VENDAJE AC is a human connective tissue matrix comprised of dehydrated amniotic/chorionic tissue processed using BioStem’s proprietary BioREtain® process. It is an easy to handle, thicker structural tissue allograft, intended for use as a protective covering for soft tissue wounds.
Q codes are established to identify drugs, biologicals and medical equipment or services not identified by national HCPCS Level II codes and are needed for Medicare claims processing. CMS assigns codes based on HCPCS Committee review and they are maintained by the HCPCS national panel, comprised of representatives from the Health Insurance Association of America, Blue Cross/Blue Shield and CMS.
"Securing the CMS Q code for our VENDAJE AC® tissue allograft marks yet another win for BioStem Technologies and ensures broader access to another top-tier wound care product within our portfolio,” said Biostem Technologies CEO Jason Matuszewski. “This milestone not only expands our reimbursement pathways, but it also makes excellence in wound care a reality, particularly for those with complex chronic wounds and severe burns.”
About Advanced Chronic Wounds
Advanced wounds represent a significant healthcare concern, characterized by a prolonged healing process and the potential for severe complications. These wounds may encounter healing delays at any stage of the healing cascade due to a variety of factors, including irritation from friction or pressure, poor circulation, persistent inflammation, oxidative stress, and infection. Wound types that are particularly problematic include diabetic foot ulcers, venous leg ulcers, and pressure ulcers. The complexity of treating advanced wounds has a considerable impact on patient well-being and on healthcare systems, highlighted by the need for specialized care. The global advanced wound care market size was valued at $7.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030
About BioStem’s Product Portfolio
BioStem's structural tissue allograft product portfolio includes VENDAJE®, VENDAJE AC®, VENDAJE OPTIC® and AmnioWrap2TM. The company’s VENDAJE® products are placental-derived, minimally manipulated dehydrated tissue allografts that serve as a protective covering for soft tissue wounds. They are comprised of extracellular matrix scaffolding which provides the wound bed with mechanical protection and functional support for cell migration, growth factors that help modulate proliferation and angiogenesis, and anti-inflammatory cytokines that inhibit inflammatory effects, to support the body's natural healing cascade.
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.
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.