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.