Center for Medicare Services Established National Pricing of VENDAJETM in All MAC regions
News provided byBioStem Technologies, Inc.
Jan 24, 2023, 7:30 AM ET
Pricing Provides VENDAJETM Reimbursement in All MAC Regions
POMPANO BEACH, FLORIDA., Jan. 24, 2023 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTCQB: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived biologics for advanced wound care, announced that the Center for Medicare Services (“CMS”) has established national pricing of VENDAJETM in all Medicare Administrative Contractors (MAC) regions, effective January 1, 2023.
Jason Matuszewski, Chief Executive Officer of BioStem Technologies Inc. said, “This is a big accomplishment for BioStem Technologies and an added benefit for Medicare patients across the United States. Prior to this milestone, reimbursement for VENDAJETM was restricted to certain MAC regions. Now we will be able to offer VENDAJETM to all Medicare providers across the United States. VENDAJETM allografts now offers healthcare providers and their Medicare beneficiary patients a proven effective, reimbursable treatment option for lower extremity non-healing wounds. This accelerates our momentum as we expand availability of VENDAJETM to even more patients, thereby increasing adoption and creating better patient outcomes.”
On January 1, 2023 CMS established and published the national pricing data for reimbursement based on the Average Sales Price (“ASP”) of VENDAJETM. Establishing national pricing for VENDAJETM enables BioStem to offer its product to all Medicare providers across the U.S., streamlines the reimbursement process and potentially accelerates reimbursement payments in all MAC regions.
Andrew Van Vurst, Chief Operating Officer of BioStem Technologies Inc. added, “This is a significant milestone in VENDAJE’s commercial launch and will provide a streamlined and efficient reimbursement process. To date, we are encouraged by the payer coverage and are dedicated to facilitating patient access to VENDAJETM. This step further accelerates the successful roll out of VENDAJETM, the only allograft available that leverages BioStem’s proprietary BioREtain processing technology.”
Available by prescription through a health care provider in all 50 states, VENDAJE offers patients who are experiencing non-healing lower extremity wounds an advanced treatment option that acts as a protective barrier or covering to provide an optimal environment for wound healing and closure.
About BioStem Technologies, Inc. (OTCQB: BSEM): BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioRetain® processing method. BioRetain® has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies' quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks ("AATB"). These systems and procedures are established per current Good Tissue Practices ("cGTP") and current Good Manufacturing Processes ("cGMP"). Our portfolio of quality brands includes VENDAJETM, VENDAJETM AC, and VENDAJETM OPTIC. Each BioStem Technologies placental allograft is processed at the Company's FDA registered and AATB accredited site in Pompano Beach, Florida.
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