BioStem Technologies Signs Letter of Intent to Acquire Wound Care Products and Technologies from ProgenaCare Global
POMPANO BEACH, Fla., Nov. 20, 2024 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading MedTech company focused on the development, manufacture, and commercialization of placental-derived biologics, today announced the signing of a Letter of Intent (LOI) to acquire commercial-stage products and development technologies from ProgenaCare Global LLC (“ProgenaCare”), a pioneering medical device company leveraging cutting-edge advances in biomaterials to provide effective, affordable advanced wound care solutions. The acquisition of ProgenaMatrix and revyve Antimicrobial Wound Gel reflects the Company’s continued commitment to building a diverse portfolio of complementary wound care products that enable BioStem to leverage its commercial infrastructure.
BioStem expects to finalize definitive agreements within 60 days following customary due diligence. The transaction is subject to regulatory approvals and Board consent. BioStem and ProgenaCare will work together to integrate ProgenaCare’s products into BioStem’s portfolio.
Jason Matuszewski, CEO of BioStem, stated: “ProgenaCare represents a significant opportunity for us as part of our portfolio expansion initiatives. The products align perfectly with our goal to provide wound-care solutions across the entire continuum of care. The addition of ProgenaCare’s 510(k) cleared products will enhance our position in the hospital-based segments of the market, while ProgenaCare’s proprietary technology platforms and product pipeline offer significant opportunities for us to help drive future growth. With revyve, we could address wounds early in the treatment continuum, greatly broadening the patient population BioStem supports and offering multiple opportunities for channel expansion. We believe this acquisition will not only strengthen our existing commercial activities but also position ProgenaCare for accelerated growth and operational efficiency. This partnership will enable both of our organizations to unlock new potential, fostering talent and innovation to deliver meaningful wound care solutions.”
Howard Wathall, CEO of ProgenaCare, stated: “We believe that joining the BioStem family will significantly enhance the value of ProgenaCare’s products and provide a strong platform for expansion in the growing active and advanced healing segments. This partnership not only promises improved growth prospects and enhanced product development capabilities but also operational efficiencies that will benefit both organizations. We are particularly optimistic about the potential of our keratin protein and hydrogel product pipelines and are confident that BioStem’s experience and resources will help us finalize development and achieve commercial success. Together, we are poised to make a meaningful impact in the wound care market.”
ProgenaCare Product Portfolio:
ProgenaCare’s innovative approach to wound care leverages scientific advancements in biomaterials to deliver effective products for a range of wound types, from acute injuries to chronic conditions. The company’s proprietary human keratin technology supports the body’s natural healing processes, making ProgenaMatrix an invaluable asset in the wound care market. Revyve is a premium hydrogel that provides scientifically proven efficacy in an easy-to-use thermo-reversible pluronic gel.
ProgenaCare’s portfolio includes:
ProgenaMatrix:
ProgenaCare’s flagship product, ProgenaMatrix, is the first and only commercially available human keratin matrix for wound care. Constructed from robust and degradation resistant human keratin protein, ProgenaMatrix is a hydrated, non-cellular biomaterial that supports the body’s natural healing processes. Keratin protein has been shown to activate keratinocytes and fibroblasts, modulating the response to injury and offering clinicians a unique solution for complex wounds.
This advanced wound care solution is FDA 510(k) cleared for a broad range of indications, including:
- Venous stasis ulcers
- Diabetic foot ulcers
- Pressure ulcers
- Partial-thickness burns
- Surgical wounds
- Donor sites and grafts
To learn more about ProgenaMatrix, visit HERE
revyve:
revyve is a premium hydrogel that combines Kane Biotech’s patented coactiv+™ technology with PHMB, resulting in a thermo-reversible gel that is easy to apply. This innovative product creates a moist environment ideal for wound healing and provides broad-spectrum antimicrobial activity. Indicated for various wound types, revyve is effective for:
- Diabetic foot ulcers
- Leg ulcers
- Pressure ulcers
- 1st and 2nd degree burns
- Partial and full thickness wounds
- Large surface area wounds
- Surgical incisions
To learn more about revyve, visit HERE
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About BioStem Technologies:
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 AmnioWrap 2 ™, 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.
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.
BioStem Technologies, Inc.
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
E-Mail: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStemTechnologies
Investor Contact:
PCG Advisory
Jeff Ramson
jramson@pcgadvisory.com
646-863-6893
Media Contact:
Russo Partners
Madeline Stabinski or David Schull
Madeline.stabinski@russopartnersllc.com
David.schull@russopartnersllc.com
858-717-2310
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