HOLLISTON, Mass., July 10, 2017 /PRNewswire/ -- Biostage, Inc.
(Nasdaq: BSTG), ("Biostage" or the "Company"), a biotechnology
company developing bioengineered organ implants to treat cancers
and other life-threatening conditions of the esophagus, bronchus
and trachea, today announced that the Nasdaq Hearings Panel (the
"Panel") has granted the Company's request for continued listing on
Nasdaq. The Company's continued listing is subject to a number of
conditions, with the Panel's decision ultimately requiring that the
Company evidence full compliance with all requirements for
continued listing on The Nasdaq Capital Market, including the
$1.00 bid price and $2.5 million stockholders' equity requirements,
by no later than November 13,
2017.
About Biostage
Biostage is a biotechnology company developing bioengineered
organ implants based on the Company's new Cellframe™
technology which combines a proprietary biocompatible scaffold with
a patient's own stem cells to create Cellspan™ organ implants.
Cellspan implants are being developed to treat life-threatening
conditions of the esophagus, bronchus or trachea with the hope of
dramatically improving the treatment paradigm for patients. Based
on its preclinical data, Biostage has selected life-threatening
conditions of the esophagus as the initial clinical application of
its technology.
Cellspan implants are currently being advanced and tested in
collaborative preclinical studies. Preclinical, large-animal safety
studies, conducted in compliance with the FDA Good Laboratory
Practice ("GLP") regulations, for the Company's Cellspan Esophageal
Implant product candidate are ongoing, in support of Biostage's
goal of filing an Investigational New Drug application ("IND") with
the U.S. FDA in the third quarter of 2017. Upon IND approval, the
Company plans to initiate its first-in-human clinical trials for
its esophageal implant product candidate by the end of 2017.
For more information, please visit www.biostage.com and connect
with the Company on Twitter and LinkedIn.
Forward-Looking Statements:
Some of the statements in this press release are
"forward-looking" and are made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These "forward-looking" statements in this press release include,
but are not limited to, statements relating to the development
expectations and regulatory approval of any of our products,
including those utilizing our Cellframe technology, by the U.S.
Food and Drug Administration, the European Medicines Agency or
otherwise, which expectations or approvals may not be achieved or
obtained on a timely basis or at all; or success with respect to
any collaborations, clinical trials and other development and
commercialization efforts of our products, including those
utilizing our Cellframe technology, which such success may not be
achieved or obtained on a timely basis or at all. These statements
involve risks and uncertainties that may cause results to differ
materially from the statements set forth in this press release,
including, among other things, our ability to obtain and maintain
regulatory approval for our products and our ability to complete
the private placement on a timely basis or at all; plus other
factors described under the heading "Item 1A. Risk Factors" in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2016 or described in our other
public filings. Our results may also be affected by factors of
which we are not currently aware. The forward-looking statements in
this press release speak only as of the date of this press release.
Biostage expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to such statements to
reflect any change in its expectations with regard thereto or any
changes in the events, conditions or circumstances on which any
such statement is based.
Investor Relations
Contacts:
|
|
Tom
McNaughton
|
Jenene
Thomas
|
Chief Financial
Officer
|
Jenene Thomas
Communications LLC
|
774-233-7321
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(908)
938-1475
|
tmcnaughton@biostage.com
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jtc@jenenethomascommunications.com
|
|
|
Media
Contacts:
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David Schull or
Maggie Beller
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Russo Partners
LLC
|
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212-845-4271 or
646-942-5631
|
|
Email:
Maggie.beller@russopartnersllc.com
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SOURCE Biostage Inc.