BioRestorative Therapies, Inc. (BRTX)

BioRestorative Therapies Provides End of Year Shareholder Letter
MELVILLE, N.Y., Jan. 05, 2021 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative” or the “Company”) (OTC: BRTX), a life sciences company focused on stem cell-based therapies, today announced the following letter from its Chief Executive Officer, Lance Alstodt, to its shareholders and the investment community.
Dear Fellow BioRestorative Therapies, Inc. Shareholder:
As 2020 comes to a close, I’d like to introduce myself as the new CEO of BioRestorative Therapies. 2020 has brought much in the way of challenges for many of us here in the United States and throughout the world. In light of this, I’m very grateful to be in the position to experience and navigate these challenges with the team at BioRestorative Therapies, including our employees, service providers and investors. I thought as we conclude this difficult 2020 and approach 2021, it would be appropriate to share with you some important strategic goals for our Company.
As you may already know, on November 16, 2020, we successfully emerged from chapter 11 reorganization. This process was a long and challenging journey for the Company. I’m inspired by the great resolve and execution from our employees, professionals and investors. We are very pleased that all requirements were met for us to emerge. Allowed creditor claims have been satisfied and, as importantly, our equity holders have retained their shares in this exciting new opportunity. We were able to preserve all of our intellectual property assets and look forward to initiating our Phase 2 clinical trial.
Focus and intensity will be the way we approach all of our corporate activities. In our immediate future, we will focus on setting realistic, measurable goals and executing upon them. Looking ahead, we have identified three critical strategic goals: getting current with our SEC filings; advancing our scientific programs; and streamlining our organization to maximize efficiencies.
Our first priority is to become current with our SEC filings. Our latest filed periodic report is the September 30, 2019 10-Q; therefore, we will need to file our 2019 10-K, our 2020 10-Qs and our 2020 10-K (which is not due until March 31, 2021). Much work needs to be done, but with our team of accountants, auditor and attorneys, we expect to return to a current status by early next year. Discussions with the SEC have provided us with the information necessary to create a clear and thoughtful pathway to executing on this process. We expect to file our 2019 10-K in February 2021, our 2020 10-Qs in March 2021 and our 2020 10-K timely in 2021 (giving effect to the 15 day extension afforded by the SEC’s rules). Not only would that bring us current, but it would also trigger, pursuant to the confirmed plan of reorganization, a milestone funding obligation from the company that provided the debtor-in-possession (DIP) financing to us during the chapter 11 process. The amount of the funding is to be $3.5 million less the sum of the approximately $1.2 million of DIP financing provided during the reorganization and the costs incurred by the DIP funder.
At the same time, we are looking to advance our scientific programs. We hope to have our cGMP manufacturing facility completed during the first half of 2021. This facility will be used to manufacture BRTX-100, our lead clinical product for our Phase 2 clinical trial. With in-house cGMP manufacturing capabilities, we will be able to coordinate with our contract research organization (CRO) and initiate our trial, transitioning us into a clinical stage company. During 2021 we expect to finalize the pre-clinical work for our brown fat program and file a drug master file (DMF) with the FDA. This would allow us to file an investigational new drug (IND) application giving BioRestorative Therapies two active clinical programs.
Although we remain focused on our efforts to take BRTX-100 to the clinical trials, we plan on leveraging our cellular therapy platform by working with our product pipeline and expanding our programs, targeting new indications that address unmet medical needs.
In terms of streamlining our operations, we have begun to renegotiate key contracts with service vendors, both operational and professional, that impact our overhead. We have analyzed our human resource needs and will outsource some of the key positions to better match the resource with the business need. We intend to reduce near-term executive cash-based salaries to better align our team with investors. The successful implementation of such programs will ensure that we are operating more characteristically like a start up emerging growth biotech company, all with a healthier and cleaner balance sheet affording us a slower burn and an optimized infrastructure.
We are committed to making 2021 a landmark year by developing our programs, including the initiation of our Phase 2 clinical trial with BRTX-100.

Be patient longs, everything just became officially effective on Monday, since then, the "Q" was dropped from the ticker symbol, PR was released, and the OS was decreased from 2 billion to 1.6 billion, which would get rid of a lot of the shorts. They're taking the necessary steps. Plus, this was from an article yesterday:

"The top management targets beyond $0.50 as recent news hint investors to consider the company as a long-term investment opportunity."

Btw, last I looked, we are in the green for the week!