BioStem Technologies Signs Letter of Intent to Acquire Wound Care Products and Technologies from ProgenaCare Global

 

Source:  BioStem Technologies, Inc. 11/20/2024

 Additions of ProgenaMatrix® and revyve™ Antimicrobial Wound Gel part of planned expansion of BioStem’s commercial product portfolio

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.