Biostage, Inc. (Nasdaq: BSTG), a biotechnology company developing bio engineered organ implants to treat cancers and other life-threatening conditions of the esophagus, bronchus and trachea, today announced that the Nasdaq Hearings Panel (the "Panel") has granted the Company's request for continued listing on Nasdaq. The Company's continued listing is subject to a number of conditions, with the Panel's decision ultimately requiring that the Company evidence full compliance with all requirements for continued listing on The Nasdaq Capital Market, including the $1.00 bid price and $2.5 millionstockholders' equity requirements, by no later than November 13, 2017.
Biostage is a biotechnology company developing bioengineered organ implants based on the Company's new Cellframe™ technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan™ organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology.