BioRestorative Therapies Announces Filing of 2019 Annual Report on Form 10-K
BioRestorative Therapies, Inc. (OTC: BRTX) filed its Annual Report on Form 10-K for the year ended December 31, 2019, marking a crucial step towards regularizing its SEC filings following its Chapter 11 bankruptcy in 2020. The company received $3.8 million in financing as part of its reorganization and anticipates additional financing of $3.5 million as conditions allow. CEO Lance Alstodt stated that the filing reflects progress in operational efficiency and access to capital markets. The firm plans to file its 2020 quarterly and annual reports soon, aiming to update stakeholders on advancements in its stem cell therapy programs.
- Filed 2019 Annual Report on Form 10-K, demonstrating compliance with SEC requirements.
- Secured $3.8 million in financing post-bankruptcy, with potential for an additional $3.5 million.
- Plans to file 2020 Form 10-Qs and 10-K, aiming to be current in SEC filings.
- Progress reported in streamlining operating expenses and advancing clinical programs.
- The last filing prior to this was for Q3 2019, indicating significant delays in reporting.
- Company had to undergo Chapter 11 bankruptcy, which may affect investor confidence.
MELVILLE, N.Y., March 18, 2021 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative” or the “Company”) (OTC: BRTX), a life sciences company focused on stem cell-based therapies, announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2019 with the U.S. Securities and Exchange Commission. A copy of the annual report is available on BioRestorative Therapies website, www.biorestorative.com, by selecting “Investors” and then “SEC Filings”.
BioRestorative filed for Chapter 11 bankruptcy protection on March 20, 2020 and emerged on November 16, 2020 with a confirmed plan of reorganization. Pursuant to the plan, the Company has received
“This 10-K represents our very first step on the path of getting current with our SEC filings. This has always been our top near-term stated priority. This filing, in particular, was an extremely heavy lift given our last filing was for Q3 2019. The filing not only captures the activities of 2018 and 2019, but also covers the Chapter 11 process through current day. Getting current not will only demonstrate management’s ability to bring operating efficiencies and controls to the Company, but will enable us to have more robust access to the capital markets. Once current, we intend to continue to explore all strategic and financing alternatives to help facilitate the advancement of our scientific programs,” said Lance Alstodt, CEO of BioRestorative.
The Company expects to file its 2020 Form 10-Qs by early April 2021 and its Annual Report on Form 10-K for the year ended December 31, 2020 in April 2021. Upon making such filings with the SEC, the Company will be current in its SEC filings.
“We are working very hard and have made tremendous progress since the emergence from Chapter 11. We have now filed our 2019 10-K, streamlined our operating expenses, and advanced both of our clinical and preclinical stage programs. We remain passionate for the technology and the possibility to help address some of the largest and fastest growing sectors of healthcare. We look forward to keeping our shareholders and investors updated as we continue to progress.”
About BioRestorative Therapies, Inc.
BioRestorative Therapies, Inc. (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. Our two core programs, as described below, relate to the treatment of disc/spine disease and metabolic disorders:
• Disc/Spine Program (brtxDISC™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of painful lumbosacral disc disorders or as a complementary therapeutic to a surgical procedure. The BRTX-100 production process utilizes proprietary technology and involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physician into the patient’s damaged disc. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery. We have received authorization from the Food and Drug Administration to commence a Phase 2 clinical trial using BRTX-100 to treat chronic lower back pain arising from degenerative disc disease.
• Metabolic Program (ThermoStem®): We are developing a cell-based therapy candidate to target obesity and metabolic disorders using brown adipose (fat) derived stem cells to generate brown adipose tissue (“BAT”). BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in animals may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including, without limitation, those set forth in the Company's latest Form 10-K filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.
CONTACT:
Email: ir@biorestorative.com
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