{"id":475749,"date":"2021-04-13T16:09:16","date_gmt":"2021-04-13T20:09:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/"},"modified":"2021-04-13T16:09:16","modified_gmt":"2021-04-13T20:09:16","slug":"biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/","title":{"rendered":"Biostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HOLLISTON, Mass.<\/span>, April 13, 2021<\/span> \/PRNewswire\/ —\u00a0Biostage, Inc.<\/a>\u00a0(OTCQB: BSTG) (“Biostage” or the “Company”), a biotechnology company developing next-generation bioengineered esophageal implants, today announced its financial results for the three and twelve months ended December 31<\/span>, 2020.\u00a0The Company also announced the appointment of Peter A. Pellegrino Jr.<\/span> as Interim Vice President of Finance.\u00a0 <\/p>\n

\n

\n
\n \"BSTG
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n Summary of Financial Results<\/b>\n <\/p>\n

For the three months ended\u00a0December 31, 2020, the Company reported a net loss of\u00a0$1.0 million, ($0<\/span>.11\u00a0per share), compared to a net loss of\u00a0$1.6 million, ($0<\/span>.21\u00a0per share), for the three months ended\u00a0December 31, 2019. The\u00a0$0.6 million\u00a0year-over-year decrease in net loss was due primarily to a\u00a0$0.5 million\u00a0decrease in research and development costs and a\u00a0$0.1\u00a0decrease in general and administrative expenses.<\/p>\n

For the year ended\u00a0December 31, 2020, the Company reported a net loss of\u00a0$4.9 million, ($0<\/span>.55\u00a0per share), compared to a net loss of\u00a0$8.3 million, ($1<\/span>.21\u00a0per share), for the year ended\u00a0December 31, 2019. The\u00a0$3.4 million\u00a0year-over-year decrease in net loss was due primarily to a\u00a0$2.7 million decrease in research and development costs and\u00a0a\u00a0$0.7 million\u00a0decrease in general and administrative expenses. In addition, the Company recognized grant income for qualified expenditures from the SBIR grant of\u00a0$447,000\u00a0for the year ended\u00a0December 31, 2020\u00a0compared to\u00a0$473,000\u00a0for the year ended\u00a0December 31, 2019.<\/p>\n

\n Balance Sheet and Cash<\/b>\n <\/p>\n

At\u00a0December 31, 2020, the Company had operating cash on-hand of\u00a0$1.0 million. The Company used net cash in operations of\u00a0$4.0 million\u00a0during the year ended\u00a0December 31, 2020.<\/p>\n

During the year ended\u00a0December 31, 2020, the Company received\u00a0$4.2 million\u00a0from financing activities, including approximately\u00a0$1.1 million\u00a0from the issuance of common stock and warrants to investors in private placement transactions, approximately\u00a0$2.7 million\u00a0from the issuance of common stock to a group of existing investors in connection with the exercise of previously issued warrants and approximately $0.4 million<\/span> in proceeds from received under the paycheck protection program loan. <\/p>\n

Subsequent to the end of the year, the Company received approximately\u00a0$0.2 million\u00a0of additional cash proceeds from its Fast-Track Small Business Innovation Research grant.<\/p>\n

The Company will need to raise additional funds to fund its operations. In the event the Company does not raise additional capital from outside sources before or during early June 2021<\/span>, it will be forced to curtail or cease its operations.<\/p>\n

\n Appointment of Interim <\/b>
\n Vice President of Finance<\/b>\n <\/p>\n

On April 8, 2021<\/span>, the Company appointed Peter A. Pellegrino Jr.<\/span> as Interim Vice President of Finance.\u00a0 Mr.\u00a0Pellegrino is currently President of Point Providence Consulting, a financial consultancy firm that specializes in working with life sciences companies. The Company has engaged Point Providence Consulting, and appointed Mr. Pellegrino as Interim Vice President of Finance in connection therewith, to assist with certain finance and accounting functions of the Company.\u00a0 In such role, Mr. Pellegrino will be the Company’s principal accounting officer and principal financial officer.<\/p>\n

\n About Biostage, Inc.<\/b>\n <\/p>\n

Biostage is a biotechnology company that is developing next-generation bioengineered esophageal implants. The Company’s Cellspan\u2122 technology combines a proprietary, biocompatible scaffold with a patient’s own cells to create an esophageal implant that could potentially be used to treat pediatric esophageal atresia and other conditions that affect the esophagus. The Company’s esophageal implant leverages the body’s inherent capacity to heal itself as it is a “living tube” that facilitates regeneration of esophageal tissue and triggers a positive host response resulting in a tissue-engineered neo-conduit that restores continuity of the esophagus. These implants have the potential to dramatically improve the quality of life for children and adults. At Biostage, we believe the future of medicine has been inside us all along.\u00a0<\/p>\n

For more information, please visit\u00a0www.biostage.com<\/a><\/u>\u00a0and connect with the Company on\u00a0Twitter<\/a><\/u>\u00a0and\u00a0LinkedIn<\/a><\/u>.<\/p>\n

\n Forward-Looking Statements\u00a0<\/b>\n <\/p>\n

Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements in this press release include, but are not limited to, statements relating to our financing activities; development expectations and regulatory approval of any of the Company’s products, including those utilizing its Cellspan and Cellframe\u2122 technology, by the U.S. Food and Drug Administration, the European Medicines Agency or otherwise, which expectations or approvals may not be achieved or obtained on a timely basis or at all; or success with respect to any collaborations, clinical trials and other development and commercialization efforts of the Company’s products, including those utilizing its Cellspan and Cellframe technology, which such success may not be achieved or obtained on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the Company’s inability to obtain needed funds in the immediate future; the Company’s ability to obtain and maintain regulatory approval for its products; plus other factors described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended\u00a0December 31, 2019\u00a0or described in the Company’s other public filings. The Company’s results may also be affected by factors of which the Company is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.<\/p>\n

\n Investor Relations Contact<\/b>\n <\/p>\n

Shunfu Hu<\/p>\n

Vice President of Business Development
and Operations<\/p>\n

774-233-7300<\/p>\n

\n shu@biostage.com<\/a>\n <\/p>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance-301268106.html<\/a><\/p>\n

SOURCE Biostage, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire HOLLISTON, Mass., April 13, 2021 \/PRNewswire\/ —\u00a0Biostage, Inc.\u00a0(OTCQB: BSTG) (“Biostage” or the “Company”), a biotechnology company developing next-generation bioengineered esophageal implants, today announced its financial results for the three and twelve months ended December 31, 2020.\u00a0The Company also announced the appointment of Peter A. Pellegrino Jr. as Interim Vice President of Finance.\u00a0 Summary of Financial Results For the three months ended\u00a0December 31, 2020, the Company reported a net loss of\u00a0$1.0 million, ($0.11\u00a0per share), compared to a net loss of\u00a0$1.6 million, ($0.21\u00a0per share), for the three months ended\u00a0December 31, 2019. The\u00a0$0.6 million\u00a0year-over-year decrease in net loss was due primarily to a\u00a0$0.5 million\u00a0decrease in research and development costs and a\u00a0$0.1\u00a0decrease in general and administrative expenses. For the year ended\u00a0December 31, … <\/p>\n

Continue reading “Biostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-475749","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBiostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire HOLLISTON, Mass., April 13, 2021 \/PRNewswire\/ —\u00a0Biostage, Inc.\u00a0(OTCQB: BSTG) (“Biostage” or the “Company”), a biotechnology company developing next-generation bioengineered esophageal implants, today announced its financial results for the three and twelve months ended December 31, 2020.\u00a0The Company also announced the appointment of Peter A. Pellegrino Jr. as Interim Vice President of Finance.\u00a0 Summary of Financial Results For the three months ended\u00a0December 31, 2020, the Company reported a net loss of\u00a0$1.0 million, ($0.11\u00a0per share), compared to a net loss of\u00a0$1.6 million, ($0.21\u00a0per share), for the three months ended\u00a0December 31, 2019. The\u00a0$0.6 million\u00a0year-over-year decrease in net loss was due primarily to a\u00a0$0.5 million\u00a0decrease in research and development costs and a\u00a0$0.1\u00a0decrease in general and administrative expenses. 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Pellegrino Jr. as Interim Vice President of Finance.\u00a0 Summary of Financial Results For the three months ended\u00a0December 31, 2020, the Company reported a net loss of\u00a0$1.0 million, ($0.11\u00a0per share), compared to a net loss of\u00a0$1.6 million, ($0.21\u00a0per share), for the three months ended\u00a0December 31, 2019. The\u00a0$0.6 million\u00a0year-over-year decrease in net loss was due primarily to a\u00a0$0.5 million\u00a0decrease in research and development costs and a\u00a0$0.1\u00a0decrease in general and administrative expenses. For the year ended\u00a0December 31, … Continue reading \"Biostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-13T20:09:16+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/349802\/Biostage_Inc_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Biostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance","datePublished":"2021-04-13T20:09:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/"},"wordCount":932,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/349802\/Biostage_Inc_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/biostage-reports-2020-financial-results-and-appointment-of-interim-vice-president-of-finance\/","name":"Biostage Reports 2020 Financial Results and Appointment of Interim Vice President of Finance - 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