EXHIBIT 99.1

 

 

Biostage Reports 2018 Financial Results

 

-        Pre-clinical and human compassionate use clinical evidence support IND filing mid-year 2019

 

Holliston, MA – March 28, 2019 –

Biostage, Inc. (OTCQB: BSTG) (“Biostage” or the “Company”), a biotechnology company developing bioengineered organ implants to treat life-threatening conditions of the esophagus, bronchus and trachea, today announced its financial results for the three and twelve months ended December 31, 2018.

 

Company CEO Jim McGorry commented, “Operationally, we had a strong final quarter of 2018 and we are confident in our growing body of data to support our Investigational New Drug (IND) filing in esophageal disease mid-year. Our pre-clinical and clinical results continue to show that our Cellspan™ Esophageal Implant (CEI) stimulates a constructive wound healing response and induces a tissue regenerative response facilitating reconstruction of small gaps in the esophagus.”

 

McGorry also noted the pattern of consistency among the Company’s preclinical studies and the successful first use of a CEI in a human by the Mayo Clinic performed in 2017 under approval by the U.S. Food and Drug Administration (FDA). He stated, “The pattern and timing of regeneration has been consistent between our juvenile piglet model for esophageal atresia, the pig model for esophageal disease, and the 75-year-old human treated at Mayo Clinic.”

 

McGorry added, “It is an exciting moment for Biostage as product readiness and clinical evidence all support our IND filing mid-year.” Details about the human case were recently presented at a major meeting of thoracic surgeons by the chair of Mayo Clinic’s Division of General Thoracic Surgery.

 

Turning to Biostage’s finances, McGorry stated, “Biostage’s strategic investors have continued to fund and support our transition to a clinical stage development company. Further, feedback from analysts and potential investors at the recent Alliance for Regenerative Medicine Cell and Gene Investor Day Conference was favorable about our progress and optimistic about our prospects.”

 


The following information was filed by Biostage, Inc. (BSTG) on Thursday, March 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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