Pricing Provides VENDAJETM Reimbursement in All MAC Regions
POMPANO BEACH, FLORIDA., Jan. 24, 2023 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTCQB: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived biologics for advanced wound care, announced that the Center for Medicare Services (“CMS”) has established national pricing of VENDAJETM in all Medicare Administrative Contractors (MAC) regions, effective January 1, 2023.
Jason Matuszewski, Chief Executive Officer of BioStem Technologies Inc. said, “This is a big accomplishment for BioStem Technologies and an added benefit for Medicare patients across the United States. Prior to this milestone, reimbursement for VENDAJETM was restricted to certain MAC regions. Now we will be able to offer VENDAJETM to all Medicare providers across the United States. VENDAJETM allografts now offers healthcare providers and their Medicare beneficiary patients a proven effective, reimbursable treatment option for lower extremity non-healing wounds. This accelerates our momentum as we expand availability of VENDAJETM to even more patients, thereby increasing adoption and creating better patient outcomes.”
On January 1, 2023 CMS established and published the national pricing data for reimbursement based on the Average Sales Price (“ASP”) of VENDAJETM. Establishing national pricing for VENDAJETM enables BioStem to offer its product to all Medicare providers across the U.S., streamlines the reimbursement process and potentially accelerates reimbursement payments in all MAC regions.
Andrew Van Vurst, Chief Operating Officer of BioStem Technologies Inc. added, “This is a significant milestone in VENDAJE’s commercial launch and will provide a streamlined and efficient reimbursement process. To date, we are encouraged by the payer coverage and are dedicated to facilitating patient access to VENDAJETM. This step further accelerates the successful roll out of VENDAJETM, the only allograft available that leverages BioStem’s proprietary BioREtain processing technology.”
Available by prescription through a health care provider in all 50 states, VENDAJE offers patients who are experiencing non-healing lower extremity wounds an advanced treatment option that acts as a protective barrier or covering to provide an optimal environment for wound healing and closure.
About BioStem Technologies, Inc. (OTCQB: 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 VENDAJETM, VENDAJETM AC, and VENDAJETM OPTIC. Each BioStem Technologies placental allograft is processed at the Company's FDA registered and AATB accredited site in Pompano Beach, Florida.
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.
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