BioStem Aims To Stay Ahead Of Competition Through Its Unique Processes And Versatile Offerings In Wound Healing

The human body has an amazing ability to heal itself, but the pace and extent of healing can vary dramatically from case to case, depending on the nature of the injury, site and the extent of tissue damage. 

The terms regenerative medicine and tissue engineering —where the body uses its own systems to rebuild tissues and organs — have been a hot topic as of late. These fields are being put to novel uses in the treatment of complex, often chronic diseases.

The transplantation of an individual’s own tissue or cells, known as an autograft, has been used in tissue repair for many decades. In cases where autografts are not available, doctors use allografts in which the transfer of tissue happens from one person to another genetically non-identical individual.

Allograft tissue can come from cadavers or living donors. It can also be sourced from human placenta through careful processing. 

Wound Healing Has Gotten Speedier And Less Painful

Allografts derived from the human placenta, known as perinatal allografts, have been in use for over a century for a wide range of clinical specialties. 

They owe their prominence to the advantageous properties they exhibit in wound healing, including anti-inflammatory, anti-microbial and immune privilege. Modern research and development in this area have made them even more popular and accessible.

The increased adoption of perinatal tissues has allowed for its significant penetration into the multibillion-dollar soft tissues market, which is expected to reach around $8.6 billion by 2030.

One company that is looking to ride the upward growth trajectory of the soft tissue market is BioStem Technologies Inc. BSEM. 

BioStem, a Florida-based biotechnology company, is focused on the application of tissue engineering in wound healing and has curated a suite of versatile products called Vendaje. 

Vendaje harnesses elements of perinatal tissue and the body’s innate biology to repair and restore damaged tissue in wounds, resulting in speedier healing with reduced pain.

The global advanced wound care market is also burgeoning. It was valued at $6.7 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030.

What About The Competition?

Other players operating in a similar space include MiMedx Group Inc. MDXG and Organogenesis Holdings Inc. ORGO.

BioStem reported 3Q 2022 revenues of $1.1 million, down from the year ago quarter but up 95% for the nine months ended September 30, 2022 versus last year. BioStem continues to grow its market size and the company believes the additional expenses being incurred to build out and train its sales force will prove beneficial in terms of increased sales. 

The company credits its increase in sales to the expansion of their distribution network resulting in increased sales of their Vendaje products. Since CMS granted a Q-Code to the company in October 2021, they have seen additional market acceptance and additional sales volume.  

MiMedx also has been producing dehydrated human amnion membrane allografts derived from placenta for use in wound healing. Its products Epifix and Epicord are used for simple wound healing as well as more complex wounds, ulcers and surgical incisions. 

MiMedx reported a 12.7% increase in net sales of its advanced wound-care products from $225 million in the first half of 2021 to $254 million in the first half 2022, and launched two new products — Amnioeffect for surgical wounds and Axiofill, a placental dry particulate product for surgery recoveries — in September this year.

Another competitor in the advanced wound care market is Organogenesis. The company’s advanced wound care products include Apligraf, Dermagraft, PuraPly AM, and the Affinity, Novachor and NuShield wound coverings. 

The company reported a net revenue from its advanced wound care products of $109.5 million in the three months ending September 30, 2022, increased slightly from the net revenue of $107.3 million in the three months ended September 30, 2021.Despite the slight increase in net revenue,  the company’s CEO mentioned that they “expect sales in the physician office setting to be impacted by continued competitive pressure from smaller amniotic players and overall market disruption driven by reimbursement uncertainty”. 

BioStem has been growing steadily, announcing in August this year that it will expand its product offering in the second half of 2022 with two new products —Vendaje AC® and Vendaje Optic® — in addition to Vendaje® its currently available product.

While Vendaje is designed to be placed over open wounds to speed up the healing process, Vendaje AC^® is a thicker multilayer allograft that can be used in major surgeries, for severe burns and ulcers. Vendaje Optic^® will be used for healing surgical incisions or wounds on the eye.

The company believes that its expanded offerings, coupled with its experienced team of scientists and commercial experts, will position it to become a recognized leader in advanced wound care, surgical care and dermatology.

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Featured photo by National Cancer Institute on Unsplash