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Esophageal implant developer Biostage files for a $12 million Nasdaq uplisting

June 21, 2022

Biostage, which is developing an esophageal implant using stem cell technology, filed on Tuesday with the SEC to raise up to $12 million in a Nasdaq uplisting. The company is thinly traded on the OTCQB under the symbol BSTG. 

Biostage states that it is initially targeting regeneration of the organs of the gastro-intestinal tract and the airway, where organ transplants are not medically possible today due to high rates of rejection. The company's technology uses mesenchymal stem cells retrieved via biopsy from the patient’s abdominal adipose tissue prior to surgery. These cells are then incubated to form a finished graft that is surgically implanted to replace the resected portion of the damaged organ. Based on a successful first-in-human procedure and pre-clinical procedures in 45 pigs, the FDA cleared Biostage's IND in the 1Q20, and the company plans to begin a combined Phase 1/2 clinical trial for esophageal regeneration in early 2023. 

The Holliston, MA-based company was founded in 2012 and plans to list on the Nasdaq under the symbol BSTG. Newbridge Securities is the sole bookrunner on the deal.