MELVILLE, NY / ACCESSWIRE / May 15, 2024 / As advancements in technology make it easier to enhance natural beauty, the global aesthetics market, which was worth $75.46 billion in 2023, is expected to reach a value of $232.49 billion by 2032, growing at a CAGR of 13.34% between 2024 and 2032. Medical aesthetics, a subsection of the global aesthetics market, was estimated to be worth $15.4 billion in 2023 and is expected to reach $25.9 billion by 2028 at a CAGR of 11%. BioRestorative Therapies Inc. (NASDAQ:BRTX) intends to elaborate on this commercial platform in connection with its Q1 filing, along with a general business update.
The increased demand and interest in the expansive aesthetics marketplace have led to the integration of innovative technologies like biotechnology, which could further fuel the growth of the bio-cosmeceuticals market. BioRestorative Therapies is a clinical-stage biotech company leveraging its intellectual property portfolio, core competencies in stem cell biology and current Good Manufacturing Practice (cGMP) to expand into the bio-cosmeceutical space.
BioRestorative recently announced signing a five-year exclusive supply agreement with Cartessa Aesthetics, LLC, a leading aesthetics company based in North America. Cartessa is known for its commitment to providing top-notch technologies and unmatched support to professionals in the industry.
"Cartessa is known for bringing differentiated, non-invasive technologies to the world's best aesthetic providers. To that end, we are thrilled to partner with BioRestorative to introduce a novel and proprietary cell-based innovation within this high-demand market category," shared Gabe Lubin, founder and CEO of Cartessa. "Upon mutual consent, the companies will also pursue opportunities to bring additional cell-based biologic products to existing and new aesthetics markets, both at home and abroad. We look forward to keeping our customers and the aesthetics industry at large updated as we progress toward making state-of-the art bio cosmeceuticals more widely available."
This agreement aims to leverage BioRestorative's extensive expertise in cell-based biologics, formulation and clinical manufacturing, along with Cartessa's strong presence and capabilities in the professional aesthetics market, including marketing and distribution. BioRestorative also plans to explore the potential of expanding this collaborative relationship to include a wider range of commercialized bio-cosmeceuticals and therapeutics through Investigational New Drug (IND)--enabling studies. The ultimate goal is to obtain approvals from the U.S. Food and Drug Administration (FDA) in the emerging bio-cosmeceuticals field.
Under the terms of this exclusive five-year agreement, BioRestorative has committed to supplying Cartessa with a predetermined minimum quantity of finished vials of its inaugural cell-based biologic commercial product annually. These vials will be sold under Cartessa's Chronos ExoCR brand as private-label products. Produced in BioRestorative's ISO-7-certified clean room using a proprietary manufacturing process, this exclusive product consists of a cell-based secretome that contains exosomes, proteins and growth factors. This biologic serum has been specifically designed to reduce the appearance of fine lines and wrinkles and enhance various cosmetic aspects.
"We believe this strategic agreement with an established aesthetics market leader like Cartessa validates our cell-based biologics platform and represents a transformative step toward our building a strong commercial engine capable of supporting profitable growth while also helping fund the continued advancement of our clinical, BRTX-100, and preclinical, ThermoStem®, pipeline," said Lance Alstodt, BioRestorative's CEO.
BioRestorative is not the only pharmaceutical company interested in the medical aesthetics market; companies like AbbVie, Cynosure and Sisram Medical are also investing in the industry.
Lance Alstodt is hoping to position BioRestorative as a leader, sharing, "We ended 2023 with approximately $11.1 million in cash, cash equivalents and investments in marketable securities, which did not include net proceeds of $7.6 million from the warrant exchange private placement completed in February. As a result, we are fortunate to have entered into this transformative agreement with Cartessa while in the enviable position of already having a cash runway well into 2025. This, combined with the meaningful revenues we expect from the commercialization of Chronos ExoCR, should make us significantly less reliant than most of our clinical-stage life sciences company peers on the capital markets going forward."
Featured photo by Nataliya Melnychuk on Unsplash.
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SOURCE: BioRestorative Therapies, Inc.
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