Sanara MedTech Announces First Sale of ALLOCYTE Plus Advanced Viable Bone Matrix and Provides Other Product Updates

FORT WORTH, TX, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, wound and skincare markets, announced today the first sale of ALLOCYTE Plus Advanced Viable Bone Matrix (“ALLOCYTE Plus” or “ALLOCYTE+”).

ALLOCYTE Plus First Sale

As previously disclosed, in late Q3 2022, the Company began to experience material supply issues related to its ALLOCYTE Advanced Cellular Bone Matrix (“ALLOCYTE”) product line. The supply constraint was caused by significant supplier limits on qualifying eligible donor tissue and supplier necessity to subcontract all processing to secondary suppliers. Sanara has expanded the ALLOCYTE product line with the release of ALLOCYTE Plus, a human cells, tissues, and cellular and tissue-based products equivalent, which is processed by an alternative supplier with in-house processing capabilities, affording greater control of product supply. ALLOCYTE Plus was first sold by the Company on October 9, 2023. Sanara currently has a sufficient supply to meet expected demand and has orders in place to be able to regularly stock the product in the future.

BIASURGE Advanced Surgical Solution (“BIASURGE”) Updates

The commercial launch for BIASURGE is scheduled for November 2023. Initial manufacturing runs have been completed and the product is currently being evaluated by clinical partners prior to the scheduled launch.

Zach Fleming, Sanara’s CEO, stated, “A key strategic goal of Sanara is to continue to grow sales while diversifying our product mix. Both ALLOCYTE Plus and BIASURGE are key products that we believe will help the Company achieve that goal. We believe the ALLOCYTE stock out has significantly impacted our sales growth since the fourth quarter of 2022. Beginning sales of ALLOCYTE Plus will allow us to fill the demand from surgeons who understand the efficacy and value proposition of this product. BIASURGE is an efficacious product intended for mechanical cleansing and removal of debris, including microorganisms, from wounds that we believe could potentially be utilized in any surgical procedure where our existing products are currently utilized. Our 40 sales managers have been trained on BIASURGE and we are currently rolling out our training program for ALLOCYTE Plus.”