BioStem Technologies Awarded Q Code for VENDAJE AC®
Leading regenerative medicine company, BioStem Technologies (OTC:BSEM) has secured a CMS Q code for its VENDAJE AC® structural tissue allograft product. The Healthcare Common Procedure Coding System (HCPCS) code will be effective January 1, 2024. The company’s share price rose immediately following the news.
Biostem Technologies CEO Jason Matuszewski, said “Securing the CMS Q code for our VENDAJE AC® tissue allograft marks yet another win for BioStem Technologies and ensures broader access to another top-tier wound care product within our portfolio. This milestone not only expands our reimbursement pathways, but it also makes excellence in wound care a reality, particularly for those with complex chronic wounds and severe burns.”
BioStem’s VENDAJE® products serve as a protective covering for soft tissue wounds and are comprised of extracellular matrix scaffolding, growth factors, and anti-inflammatory cytokines that inhibit inflammatory effects.
Advanced wounds represent a significant healthcare concern, characterized by a prolonged healing process and the potential for severe complications. Wound types that are particularly problematic include diabetic foot ulcers, venous leg ulcers, and pressure ulcers.
Q codes are established to identify drugs, biologicals and medical equipment or services not identified by national HCPCS Level II codes and are needed for Medicare claims processing.
CMS assigns codes based on HCPCS Committee review, which are maintained by a national panel.
About BioStem Technologies
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 AmnioWrap2™, VENDAJE®, VENDAJE AC® and VENDAJE OPTIC®. Each BioStem Technologies placental allograft is processed at the Company’s FDA-registered and AATB-accredited site in Pompano Beach, Florida. For more information, visit biostemtechnologies.com and follow us on Twitter and LinkedIn.