Sanara MedTech Announces First Sale of ALLOCYTE® Plus Advanced Viable Bone Matrix and Provides Other Product Updates
FORT WORTH, TX / GLOBENEWSWIRE / October 10, 2023 / Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, wound and skincare markets, announced today the first sale of ALLOCYTE® Plus Advanced Viable Bone Matrix (“ALLOCYTE Plus” or “ALLOCYTE+”).
ALLOCYTE Plus First Sale
As previously disclosed, in late Q3 2022, the Company began to experience material supply issues related to its ALLOCYTE® Advanced Cellular Bone Matrix (“ALLOCYTE”) product line. The supply constraint was caused by significant supplier limits on qualifying eligible donor tissue and supplier necessity to subcontract all processing to secondary suppliers. Sanara has expanded the ALLOCYTE product line with the release of ALLOCYTE Plus, a human cells, tissues, and cellular and tissue-based products equivalent, which is processed by an alternative supplier with in-house processing capabilities, affording greater control of product supply. ALLOCYTE Plus was first sold by the Company on October 9, 2023. Sanara currently has a sufficient supply to meet expected demand and has orders in place to be able to regularly stock the product in the future.
BIASURGE™ Advanced Surgical Solution (“BIASURGE”) Updates
The commercial launch for BIASURGE is scheduled for November 2023. Initial manufacturing runs have been completed and the product is currently being evaluated by clinical partners prior to the scheduled launch.
Zach Fleming, Sanara’s CEO, stated, “A key strategic goal of Sanara is to continue to grow sales while diversifying our product mix. Both ALLOCYTE Plus and BIASURGE are key products that we believe will help the Company achieve that goal. We believe the ALLOCYTE stock out has significantly impacted our sales growth since the fourth quarter of 2022. Beginning sales of ALLOCYTE Plus will allow us to fill the demand from surgeons who understand the efficacy and value proposition of this product. BIASURGE is an efficacious product intended for mechanical cleansing and removal of debris, including microorganisms, from wounds that we believe could potentially be utilized in any surgical procedure where our existing products are currently utilized. Our 40 sales managers have been trained on BIASURGE and we are currently rolling out our training program for ALLOCYTE Plus.”
About Sanara MedTech Inc.
With a focus on improving patient outcomes through evidence-based healing solutions, Sanara MedTech Inc. markets, distributes and develops surgical, wound and skincare products for use by physicians and clinicians in hospitals, clinics and all post-acute care settings and offers wound care and dermatology virtual consultation services via telemedicine. Sanara’s products are primarily sold in the North American advanced wound care and surgical tissue repair markets. Sanara markets and distributes CellerateRX® Surgical Activated Collagen®, FORTIFY TRG® Tissue Repair Graft and FORTIFY FLOWABLE® Extracellular Matrix as well as a portfolio of advanced biologic products focusing on ACTIGEN™ Verified Inductive Bone Matrix, ALLOCYTE® Plus Advanced Viable Bone Matrix, BiFORM® Bioactive Moldable Matrix and TEXAGEN® Amniotic Membrane Allograft to the surgical market. In addition, the following products are sold in the wound care market: BIAKŌS® Antimicrobial Skin and Wound Cleanser, BIAKŌS™ Antimicrobial Wound Gel, BIAKŌS® Antimicrobial Skin and Wound Irrigation Solution and HYCOL® Hydrolyzed Collagen. Sanara’s pipeline also contains potentially transformative product candidates for mitigation of opportunistic pathogens and biofilm, wound re-epithelialization and closure, necrotic tissue debridement and cell compatible substrates. The Company believes it has the ability to drive its pipeline from concept to preclinical and clinical development while meeting quality and regulatory requirements. Sanara is constantly seeking long-term strategic partnerships with a focus on products that improve outcomes at a lower overall cost. In addition, Sanara is actively seeking to expand within its six focus areas of wound and skin care for the acute, post-acute, and surgical markets. The focus areas are debridement, biofilm removal, hydrolyzed collagen, advanced biologics, negative pressure wound therapy products and the oxygen delivery system segment of the wound and skincare markets.
Information about Forward-Looking Statements
The statements in this press release that do not constitute historical facts are “forward-looking statements,” within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These statements may be identified by terms such as “aims,” “anticipates,” “believes,” “contemplates,” “continue,” “could,” “estimates,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “possible,” “potential,” “predicts,” “preliminary,” “projects,” “seeks,” “should,” “targets,” “will” or “would,” or the negatives of these terms, variations of these terms or other similar expressions. These forward-looking statements include, among others, statements regarding our ability to market, sell and meet the demand for ALLOCYTE Plus, the timing and expected benefits of the commercial launch of BIASURGE, the development of new products, the timing of commercialization of our products, the regulatory approval process and expansion of the Company’s business in telehealth and wound care. These items involve risks, contingencies and uncertainties such as the extent of product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, uncertainties associated with the development and process for obtaining regulatory approval for new products, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company’s SEC filings, which could cause the Company’s actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements.
All forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events, except as required by applicable securities laws.
Callon Nichols, Director of Investor Relations
SOURCE: Sanara MedTech Inc.