USGS Western Fisheries Research Center (WFRC) biological science technician, Genevieve Kent, is the winner of this issue’s photo contest. 

Source: Dr. Jonathan Aschoff 11/07/2024

BioRestorative Therapies Inc. (BRTX:OTCBB) received a provisional license from the New York State Department of Health (NYSDOH) to process allogeneic donor tissue for various cells, like stem, to be isolated, expanded, and cryopreserved for medical research, reported MKM analyst Dr. Jonathan Aschoff in a Nov. 5 research note.

The biotech develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells.

1,100% Upside Implied

Aschoff reiterated Roth's US$18 per share target price on the biotech, trading at the time of the report at about US$1.50 per share, the analyst noted. These figures reflect a potential return for investors of 1,100%.

BioRestorative Therapeutics remains a Buy.

Sources of Revenue

Aschoff discussed how BioRestorative can generate revenue. This new license is the second from NYSDOH that the biotech holds. The previous one allows it to process autologous mesenchymal stem cells, in other words, act as a tissue bank.

The U.S.-based biotech now may capitalize on its Current Good Manufacturing Practices capabilities and process, bank and distribute clinical-grade allogeneic biologics. This revenue generation would better position the biotech financially, "allowing it to reduce cash burn and dependence on equity markets," wrote Aschoff.

Another source of revenue for BioTherapeutics is from its supply agreement with Cartessa Aesthetics LLC signed earlier in 2024. Per the five-year agreement, BioTherapeutics will supply Cartessa with a preset minimum quantity of finished vials of the aesthetic company's initial cell-based biologic commercial product each year. This product, intended to reduce the appearance of fine lines and wrinkles, will be sold under the Chronos ExoCR mark. Cartessa, on the other hand, will give BioTherapeutics access to its marketing and distribution capabilities to get its technologies to aesthetic providers.

The biotech may expand the Cartessa agreement into a broader offering of biocosmeceuticals and therapeutics if future clinical trials support their approval by the U.S. Food and Drug Administration. This expansion would transform the partnership into "a vertically integrated biocosmeceutical platform," Aschoff wrote.

Clinical Trial Catalyst

Meanwhile, Aschoff reported, BioRestorative will continue its Phase 2 clinical evaluation of its novel back pain treatment, BRTX-100, in patients with chronic lumbar disc degeneration.

Preliminary results from this clinical trial are expected in late Q4/24 or early Q1/25.

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Disclosures for Roth MKM, BioRestorative Therapies Inc., November 5, 2024

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Disclosures: Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from BioRestorative Therapies, Inc.. ROTH makes a market in shares of BioRestorative Therapies, Inc. and as such, buys and sells from customers on a principal basis. Shares of BioRestorative Therapies, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2024. Member: FINRA/SIPC.

( Companies Mentioned: BRTX:OTCBB, )

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