On Thursday, Roth/MKM maintained a Buy rating on BioRestorative Therapies Inc. (NASDAQ:BRTX), with a steady price target of $15.00. The company recently received a notice of allowance from the Japanese Patent Office for its allogeneic ThermoStem platform, marking the fifth such approval in Japan. This follows the United States Patent and Trademark Office's issuance of a ThermoStem patent to BRTX a few months ago, which was the fourth in the U.S. for this patent family.
BioRestorative Therapies' ThermoStem patent estate is expanding, and the company is currently in the advanced stages of discussions to secure ThermoStem rights outside of the U.S. These negotiations are with a non-U.S. regenerative medicine company. The potential agreement is expected to provide non-dilutive upfront capital, as well as future milestones and royalty payments, alongside program validation.
The notice of allowance is an important step for BioRestorative Therapies as it signifies the Japanese Patent Office's intention to grant the patent. This development adds to the company's portfolio of intellectual property rights, which are crucial for protecting its proprietary technology and maintaining competitive advantage.
The ThermoStem program is a treatment platform that uses brown adipose (fat) derived stem cells to potentially treat metabolic disorders and inflammation. The growing patent estate around ThermoStem underscores the company's commitment to innovation in the field of regenerative medicine.
The anticipated deal with the non-U.S. regenerative medicine company could provide BioRestorative Therapies with additional resources to further develop and commercialize its ThermoStem technology. The collaboration would also serve as a significant endorsement of the company's research and development efforts in this space.
In other recent news, BioRestorative Therapies Inc. has maintained its 'Buy' rating and a $15 target price, as confirmed by Roth/MKM. The firm's optimism is partly due to promising preliminary results from a Phase 2 study involving BRTX-100, a treatment for chronic lumbar disc disease, and the company's solid financial standing, with $16.4 million in cash reserves at the end of the first quarter of 2024.
In addition, BioRestorative Therapies' biocosmeceutical business has reached commercial stages, securing contracts that guarantee minimum purchases estimated to be in the low millions over the next five years with Cartessa, a distributor of aesthetic medical devices. BioRestorative Therapies has also entered into a five-year exclusive supply agreement with Cartessa Aesthetics, LLC, introducing BioRestorative's cell-based biologic product aimed at enhancing cosmetic features and reducing signs of aging into the aesthetics market.
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