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BioRestorative Therapies Announces the Appointment of Lance Alstodt as Executive VP and Chief Strategy Officer
MELVILLE, N.Y., Oct. 18, 2018 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. ("BioRestorative" or the “Company") (OTC:BRTX), a life sciences company focused on stem cell-based therapies, today announced the appointment of Lance Alstodt as Executive Vice President and Chief Strategy Officer. In this capacity, Mr. Alstodt will be responsible for developing and refining the Company’s overall strategy and implementing investment decisions. Mr. Alstodt brings over 25 years of experience in operations, strategy and mergers & acquisitions.
Mr. Alstodt was the Founder and CEO of MedVest Consulting Corporation (“MedVest”), an advisory and capital firm focused exclusively within the healthcare sector, focusing on growth and channel strategy, strategic planning, merger and acquisition support and investor activities.
Prior to MedVest, Mr. Alstodt was a career investment banker with over 20 years of experience in healthcare investment banking, including mergers and acquisitions. In 2011, he joined Leerink Partners as Managing Director to help lead its medical technology sector. He brings significant domain experience within the orthopedic and spine specific sectors. From 2008-2011, Mr. Alstodt was a Managing Director and Head of Medical Technology at Oppenheimer & Co. From 2000-2008, he was a Managing Director in the Healthcare Group and Global M&A Group at Bank of America Merrill Lynch (“BAML”). Prior to BAML, Mr. Alstodt spent seven years in the Global M&A Group at J.P. Morgan Chase, where he worked extensively on acquisitions, leveraged buyouts, private and public financings, exclusive sales and general advisory assignments.
Lance Alstodt commented, “I am pleased to join BioRestorative at this exciting time in the Company’s development. Specifically, we look forward to advancing the Phase 2 trial for BRTX-100, an autologous therapy designed for the non-surgical treatment of painful lumbosacral disc disorders. This therapy addresses a significant and underserved multi-billion dollar market, and provides an attractive alternative to traditional spine surgery.”
Mark Weinreb, CEO of BioRestorative, commented, "Lance brings an impressive background in both business development and capital markets along with extensive knowledge within medical technology, which will be invaluable as we advance our clinical program. Importantly, he brings extensive relationships that will be of further benefit as we explore potential joint ventures and strategic alternatives.”
About BioRestorative Therapies, Inc.
BioRestorative Therapies, Inc. (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. Our two core programs, as described below, relate to the treatment of disc/spine disease and metabolic disorders:
• Disc/Spine Program (brtxDISC™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of painful lumbosacral disc disorders. The BRTX-100 production process utilizes proprietary technology and involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physician into the patient’s damaged disc. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery. We have received authorization from the Food and Drug Administration to commence a Phase 2 clinical trial using BRTX-100 to treat persistent lower back pain due to painful degenerative discs.
• Metabolic Program (ThermoStem®): We are developing a cell-based therapy to target obesity and metabolic disorders using brown adipose (fat) derived stem cells to generate brown adipose tissue (“BAT”). BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in the body may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including those set forth in the Company's Form 10-K filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.