BioRestorative Therapies Enters Supply Agreement with Cartessa

April 30, 2024

DENVER, Colo., Apr 30, 2024 (247marketnews.com)- BioRestorative Therapies, Inc. (NASDAQ:BRTX) reported entering into a five-year exclusive supply agreement with Cartessa Aesthetics, in which BioRestorative agreed to supply pre-set minimum quantities of finished vials of its initial cell-based biologic commercial product to Cartessa annually as private label under Cartessa’s Chronos ExoCR mark.

“Cartessa is known for bringing differentiated, non-invasive technologies to the world’s best aesthetic providers. To that end, we are thrilled to partner with BioRestorative to introduce a novel and proprietary cell-based innovation within this high-demand market category,” stated Founder and CEO of Cartessa, Gabe Lubin. “Upon mutual consent, the companies will also pursue opportunities to bring additional cell-based biologic products to existing and new aesthetics markets, both at home and abroad. We look forward to keeping our customers and the aesthetics industry at large updated as we progress toward making state-of-the art biocosmeceuticals more widely available.”

“We believe this strategic agreement with an established aesthetics market leader like Cartessa validates our cell-based biologics platform and represents a transformative step toward our building a strong commercial engine capable of supporting profitable growth while also helping fund the continued advancement of our clinical, BRTX-100, and preclinical, ThermoStem®, pipeline,” commented Lance Alstodt, BioRestorative’s CEO. “The global aesthetic medicine market size was valued at $127.1 billion in 2023, and that is projected to grow at a CAGR of 14.9% from 2024 to 2030.1 Much of this growth is related to regenerative aesthetics, and therapies containing exosomes and growth factors in particular, which have emerged as a important sub-field of the space.2,3 We see this trend continuing into the future, primarily as a result of social media driving awareness and acceptance, aesthetics service outlets proliferating globally, and new indications gaining meaningful traction. We are looking forward to working closely with Cartessa to build a significant presence for BioRestorative in this large and growing industry.

“We ended 2023 with approximately $11.1 million in cash, cash equivalents and investments in marketable securities, which did not include net proceeds of $7.6 million from the warrant exchange private placement completed in February. As a result, we are fortunate to have entered into this transformative agreement with Cartessa while in the enviable position of already having cash runway well into 2025. This, combined with the meaningful revenues we expect from the commercialization of Chronos ExoCR, should make us significantly less reliant than most of our clinical-stage life sciences company peers on the capital markets going forward.”

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