POMPANO BEACH, FLORIDA., September 28, 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 hails a decision by the Centers for Medicare &Medicaid Services (CMS) as being in the best interests of patients.
Three Medicare Administrative Contractors today announced a decision to withdraw the final local coverage determinations (LCDs) for cellular and/or tissue-based products for the treatment of Diabetic Foot Ulcers (DFU) and Venous Leg Ulcers (VLU) that were scheduled to take effect on October1, 2023.
Jason Matuszewski, Chief Executive Officer of BioStem, said, “This is a win for patients whose lives and treatment options will be positively impacted by this far-reaching resolution. Following months of uncertainty, which saw patient treatment plans interrupted, we are delighted to have hospitals and physicians back on online.
“Today’s decision is an important milestone as BioStem works to achieve its mission of delivering cutting-edge wound care management products, and as we strategically address a significant market opportunity, adding long-term value for shareholders.”
This month, BioStem received Investigational Review Board (IRB)approval for a clinical study that aims to investigate the utilization and effects of the company’s VendajeⓇ wound care products in DFU. Diabetic Foot Ulcers are a significant risk for people with diabetes. Between 14 and 24 percent of people that develop DFU will require an amputation.
