BioStem Technologies Strengthens its Board of Directors and Audit Committee with the Appointment of Accomplished Medtech Financial Leader Brandon Poe

Rhea-AI Summary

BioStem Technologies Inc. (OTC: BSEM) announced the appointment of Brandon Poe as an Independent Board Member and Chair of the Audit Committee as of September 7, 2022. CEO Jason Matuszewski emphasized Poe's extensive leadership experience in the biotech sector, expecting his insights to enhance their financial and regulatory frameworks. Poe brings over 25 years of financial experience from companies like Jumpcode Genomics and Illumina. The company aims to leverage his expertise to expand sales capabilities and product offerings in regenerative medicine.

Positive

• Appointment of Brandon Poe strengthens leadership with extensive biotech experience.
• Poe's insights expected to enhance financial reporting and capital raising efforts.
• Focus on expanding product offerings in the regenerative medicine sector.

Negative

• Concerns over continuity and experience gaps with management changes.

POMPANO BEACH, FLORIDA., Sept. 08, 2022 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived tissue allografts, today announced the appointment of Brandon Poe as Independent Board Member and Chair of the Audit Committee of BioStem Technologies Inc. as of September 7, 2022.

Jason Matuszewski, Chief Executive Officer of BioStem Technologies, commented: “We are delighted to welcome Brandon Poe to our Board of Directors where he will chair the Board’s Audit Committee. Brandon brings extensive leadership experience as a strong strategic and financial leader in the biotech sector, and his invaluable insights will help expand our financial and regulatory framework. We look forward to his expertise around raising capital, preparing financial reports, establishing strong internal controls, and developing executive management teams, as we increase our direct sales capabilities in target markets and expand our product offering in the second half of the year.”

Mr. Poe is an experienced executive with more than 25 years of financial experience across various industries, including life sciences, medical devices and genomics services. He currently serves as Chief Financial Officer (CFO) of Jumpcode Genomics, a genomic tools company unlocking the power of next-generation sequencing using CRISPRclean technology in the fields of basic research, infectious disease, oncology and consumer genomics. Previously, he held the position of CFO at Genome Medical, a genomic telehealth provider, where he led all aspects of finance. Prior to Genome Medical, Mr. Poe was Vice President of Finance at Illumina; CFO at Sotera Wireless, a medical device start-up; and Vice President of Finance at Inverness Medical Innovations, a point-of-care diagnostics company acquired by Abbott. Mr. Poe received his bachelor's degree from Bucknell University and his MBA from the University of Chicago Booth School of Business.

“I am excited to serve on the Board of Directors of an innovative company that continues to outperform other regenerative medicine companies in its field. I look forward to advising the Company on the optimal methods to expand the access of its perinatal-derived tissue allografts for advanced wound care,” said Mr. Poe.

Andrew Van Vurst, Chief Operating Officer of BioStem Technologies, added: “At BioStem Technologies, we continue to strengthen our Board of Directors with experts in our field such as Brandon. Brandon’s executive-level experience in managing the finances of several life sciences companies provides him with the unique ability to provide counsel as we pursue additional Q codes and reimbursement strategies for our VENDAJE^TM product line.”

About BioStem Technologies, Inc. (OTC PINK: BSEM): 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 VENDAJE^TM, VENDAJE^TM AC, and VENDAJE^TM OPTIC. Each BioStem Technologies placental allograft is processed at the Company's FDA registered and AATB accredited site in Pompano Beach, Florida. 

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
Email: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStemTechnologies

Investor Relations:
Russo Partners, LLC
Maxim Jacobs, CFA
12 West 27th Street, 4th Floor
New York, NY 10001
T: 646-942-5591
Maxim.Jacobs@russopartnersllc.com

FAQ

What is the significance of Brandon Poe's appointment at BioStem Technologies?

Brandon Poe's appointment as Independent Board Member and Chair of the Audit Committee is significant due to his extensive experience in the biotech sector, which is expected to enhance the company's financial and regulatory frameworks.

How will Brandon Poe impact BioStem Technologies' financial strategy?

Brandon Poe is anticipated to provide valuable insights on capital raising and financial reporting, which could strengthen BioStem's financial strategy.

When was Brandon Poe appointed to the Board of BioStem Technologies?

Brandon Poe was appointed as an Independent Board Member and Chair of the Audit Committee on September 7, 2022.

What is BioStem Technologies' focus in the regenerative medicine market?

BioStem Technologies focuses on the development and commercialization of placental-derived tissue allografts for regenerative therapies.

What products does BioStem Technologies offer?

BioStem Technologies offers products such as VENDAJE, VENDAJE AC, and VENDAJE OPTIC, which are placental allografts used in advanced wound care.