BioStem Technologies, Inc. Awarded Q Code for VENDAJE® Product Line From CMS.
BioStem Technologies, Inc. (OTC PINK: BSEM) ("BioStem" or the "Company"), a pre-clinical-stage biotechnology company focused on harnessing elements of perinatal tissue for use in regenerative therapies; announces that the Centers for Medicare and Medicaid Services (“CMS”) has published a new code pursuant to the Company’s application for Healthcare Common Procedure Coding System (“HCPCS”) “Q” codes. The Company initially filed an application in July of 2020 to have CMS establish a new HCPCS Q code for VENDAJE® and has now received a favorable decision in July of 2021.
The HCPCS Q-code assigned to VENDAJE will be billed as Q4252, and will be effective October 1st, 2021. Q-Codes are established to identify drugs, biologicals, and medical equipment or services not identified by national HCPCS Level II codes, but for which codes are needed for Medicare claims processing. CMS, via its sub-committee, the HCPCS Committee, assigns Q-Codes based on the Committee's review and they are maintained by the HCPCS national panel, which is comprised of representatives from the Health Insurance Association of America, Blue Cross/Blue Shield, and CMS.
Jason Matuszewski, CEO of BioStem Technologies, states, "Establishment of a unique Q-code for VENDAJE is an integral building block to our growth and reimbursement strategy and will offer greater access to our tissue allografts for patients and providers through Medicare and the CMS system. We are excited about the opportunities that this new Q-code provides for our customers to now more appropriately bill and code for VENDAJE and we anticipate significant growth opportunities. We will continue to work to ensure we can deliver better outcomes that improve quality of life, reduce recovery times, and lower costs.”
About BioStem Technologies, Inc. (OTC PINK: BSEM): BioStem Technologies, Inc. is a pre-clinical-stage biotechnology company focused on harnessing elements of perinatal tissue and the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases. Our proprietary approach, called Local Microenvironment Activation®, or LMA®, uses combinations of small molecules, cytokines, and growth factors to activate the microenvironment within the body to create communication for repair in the tissue. BioStem Technologies offers a comprehensive portfolio of high-quality brands that include RHEO™, OROPRO®, VENDAJE®, VENDAJE AC®, and VENDAJE OPTIC®. The Company is comprised of a diverse group of scientists, physicians, and entrepreneurs who collaborate to create innovative products. These technologies improve the Quality of Life for our patients and, as a result, drive shareholder value.
Forward-Looking Statements: Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," believe" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with OTC Markets.
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