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Biostage Reports First Quarter 2019 Financial Results
- Preparing to file first IND in Q3 2019
Holliston, MA – May 14, 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 months ended March 31, 2019.
Biostage is focused on preparing to file its first Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) in the third quarter, seeking approval to start a Phase 1 clinical trial for the Company’s pioneering Cellspan™ Esophageal Implant (CEI) product candidate.
Company CEO Jim McGorry commented, “Operationally, we had a strong first quarter of 2019 and are confident in our growing body of data to support our IND filing in esophageal disease in the coming months. We’ve been meeting with key thought leaders in the field at leading institutions as we do the necessary legwork to lay the foundation for our planned clinical trials. Physician feedback has been positive and continues to shape our development. Our pre-clinical and clinical results continue to show that our Cellspan implant stimulates a positive wound healing response in the patient and enables the body to reconstruct short-segment gaps in the esophagus with a regenerative tissue response.”
McGorry also noted the pattern of consistency among the Company’s preclinical studies and highlighted Biostage CSO Dr. William Fodor’s recent presentation at a major industry meeting where he discussed the successful first use of a CEI in a human by the Mayo Clinic in 2017. He stated, “The meeting hosted in Madrid by the Alliance for Regenerative Medicine this past April was a great opportunity for Dr. Fodor to talk about the science behind our groundbreaking technology. As he discussed in that presentation, 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.”
A recording of Dr. Fodor’s presentation at the Meeting on the Med, including details about the Mayo Clinic patient, is available to view on the Company’s Twitter page
The following information was filed by Biostage, Inc. (BSTG) on Tuesday, May 14, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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