Phoenix, Arizona--(Newsfile Corp. - September 3, 2019) - The Stock Day Podcast welcomed Jim McGorry of Biostage, Inc. (OTCQB: BSTG) ("the Company"), a biotechnology startup developing bioengineered organ implants based on its Cellspan technology that combines a proprietary biocompatible scaffold with a patient's own stem cells to create bioengineered organ implants. McGorry is the Company CEO and director, and was joined by Stock Day host Everett Jolly.
Jolly began the interview by asking about the Company's new board members. McGorry explained that the Company added a new depth of knowledge with the addition of their board members, especially in the financial space. "We brought in some real experience, particularly onto the audit committee and management with Jeff Young and Matt Dallas," he said. "Two publicly traded CFOs and excellent for the board."
Jolly asked about the Company's work with its stated potential applications of its technology - treatments for life-threatening conditions of the bronchus, trachea, and particularly the esophagus in children. McGorry explained that the Company is able to use the patient's stem cells to develop bioengineered organ implants to treat the condition. "We have a way to ... take the child's cells, and then grow those cells onto a live tube," he said, adding that once the tube is implanted into the child, by the end of the process only the patient's cells would remain. The problems solved using this new method are common in young children, he said, who would otherwise have to endure multiple surgeries and complications.
McGorry noted that while 1,000 children per year suffer from these conditions in the United States, the Company's technology - and its markets - can be adapted for use in numerous indications. "We're able to now regenerate a piece [of the esophagus] and take out the scaffold, so that the only thing that is left is a biological response. We're using the body to heal itself," he said.
When Jolly asked about the Company's process regarding the use of their biotechnology on humans, McGorry explained that the Company has had to work within the constraints of limited capital as a startup company, but has finally begun the next phase of getting their technology approved by the FDA for human use. He further added that the Company has demonstrated their proof of concept through a successful surgery at the Mayo Clinic, and is excited to file next month for FDA approval to begin clinical trials.
Jolly then noted that the Company has been strategic about raising capital in a way that is beneficial to their growth, and asked McGorry about the Company's next steps in this area. McGorry explained that the Company has been largely funded by investors since 2017 instead of gathering what Jolly described as "toxic" funding often used by other startups. "Our investors know the value that we have," he said, adding that the Company is currently focused on developing the science behind their biotechnology platform. "We believe that if we continue to show the science and the data, the financial piece will happen," he said.
McGorry also shared that, pending a positive response from the FDA, the Company plans to uplist to the NASDAQ exchange in the future, stating Biostage "hope[s] to ... re-engage with the U.S. capital markets" using the validation afforded by a successful application.
To close the interview, McGorry emphasized that the Company has real science and data behind an incredibly innovative product that is designed to "really change the lives of a lot of kids both in the U.S. and around the world." He also expressed his excitement for the Company's FDA application and the value that a positive response from the agency will represent. "We believe that we will be approaching those [U.S.] markets when we get that scientific accreditation by the FDA hopefully later this quarter," he concluded.
To hear Jim McGorry's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7354990-biostage-inc-joins-the-stock-day-podcast-to-discuss-their-pending-fda-application
About Biostage, Inc.
Biostage is a biotechnology company developing bioengineered organ implants based on its Cellspan technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create bioengineered 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.
For more information, please visit www.biostage.com and connect with the Company on Twitter and LinkedIn.
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 effectiveness of the Company's technology, development expectations and regulatory approval of any of the Company's products, including those utilizing its 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 the Company's products, including those utilizing its 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, the Company's ability to obtain and maintain regulatory approval for its products; plus other factors described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 or described in the Company's other public filings. The Company's results may also be affected by factors of which the Company is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. The Company 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.
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