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BioRestorative Therapies Reports Second Quarter 2024 Financial Results and Provides Business Update
MELVILLE, N.Y., Aug. 13, 2024 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a regenerative
About this update from Biorestorative Therapies, Inc.
[{"type":"text","content":"MELVILLE, N.Y., Aug. 13, 2024 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a regenerative medicine innovator focused on stem cell-based therapies and products, today reported financial results for the second quarter June 30, 2024 and provided an update on its business. “We have had an exciting and productive first half of 2004 and are energized by the many potential value enhancing inflection points we see ahead,” said Lance Alstodt, BioRestorative’s Chief Executive Officer. “From an operating perspective, we are thrilled with our second quarter results, as we are seeing initial progress on our path to sustainable profitability.” Recent Highlights DEVELOPMENT To support the launch of its new Regenerative Medicine section in July, the prestigious Journal of Translational Medicine named Francisco Silva, BioRestorative’s Chief Scientist and Vice President of Research and Development, as its Section Editor. This peer-reviewed open-access journal had a 2021 impact factor of 8.440, ranking it among the top 3% of journals worldwide, according to Journal Citation Reports. Disc/Spine Program In April, the Company announced U.S. Food and Drug Administration (“FDA”) clearance of an important amendment to the protocol of the ongoing Phase 2 BRTX-100 study in chronic lumbar disc disease (cLDD), removing saline injection in the control arm of the study and replacing it with a sham injection. This positive change in the protocol brings additional safety to the trial’s subject participants, and helps preclude the possibility of transient clinical outcomes in the control group.BioRestorative continues to work toward achieving completion of patient enrollment in the Phase 2 BRTX-100 study, as well as providing additional preliminary data updates, before the end of 2024. Metabolic Program In May, the Company revealed the development of a novel exosome-based biologic program targeting obesity. BioRestorative currently anticipates initiating the formal FDA process for this ThermoStem®-based therapeutic candidate by filing a Drug Master File (“DMF”) in the third quarter of 2024. The DMF is expected to facilitate the timely initiation of first-in-human clinical studies.On the heels of that announcement, BioRestorative reported that it had begun to engage in substantive discussions with a...