Biostage Ushers in New Era with Chairman and CEO Transition

Biostage, Inc. (OTCQB: BSTG), a clinical-stage biotechnology company developing regenerative-medicine treatments for disorders of the gastro-intestinal system and the airway resulting from cancer, trauma or birth defects, is pleased to announce that effective March 1, 2023, Mr. Jerry He was appointed Chairman of the Board and hired as Chief Executive Officer. Mr. He has been a director since November 2021 and replaces former CEO David Green, who will remain on the Board of Directors and provide support to Mr. He during his transition.

Mr. He is a seasoned executive in the education and financial sector, with a wealth of experience ranging from portfolio management to managing director positions. After obtaining a bachelor’s degree in Chemistry from Peking University and a Master’s degree in Chemistry, MBA with Honors from the University of Chicago, he started his professional career at Bear Stearns from July 2006 to May 2008, then moved to Morgan Stanley Global Wealth Management where he worked as a portfolio manager from June 2008 to June 2009. Following this, he served as the CFO, CEO and a director of Noah Education Holdings Ltd., a former NYSE listed private education services provider in China, from July 2009 to December 2011. Most recently, he was the Executive Vice Chairman of Bright Scholar Education Holdings Limited (NYSE listed: BEDU) until February 2023, and served as its CEO from October 2015 to January 2019. He is also a CFA charter holder.

Mr. Green was enthusiastic about Biostage’s progress in the last year and their upcoming FDA-approved clinical trial to bring hope to those suffering from esophageal cancer. Tragically, one person is diagnosed with this terrible illness every minute, and 80% of them die within five years. Fortunately, Jerry’s extensive experience as a chief executive in other companies and his ability to raise capital will help ensure success not only for the patients, but for the shareholders as well. Mr. Green intends to remain on the Board and continue to support Jerry in this transition to CEO.

Mr. He thanked Mr. Green on behalf of the board for leading Biostage to clinical stage and supporting his transition to the new role. He expressed enthusiasm for the opportunity to collaborate with partners and employees to bring regenerative medicine to those with unmet medical needs. Moreover, he committed to executing with excellence in clinical trials, capital raising and up-listing, and to delivering outstanding value to shareholders.

About Biostage.

We are a clinical-stage biotechnology innovator dedicated to revolutionizing regenerative medicine treatments for disorders of the gastro-intestinal system and airway. With our proprietary cell-therapy platform, we use a patient’s own stem cells to regenerate and restore function to damaged organs, offering a next-generation solution to restoring organ function and eliminating the need for donor transplants, sacrificing another of the patient’s own organs, or permanent artificial implants. Through our groundbreaking technology, we are working to make a difference in the lives of those with these debilitating conditions.

In August 2017, Dr. Denis Wigle, Chair of Thoracic Surgery at the Mayo Clinic, achieved a historic breakthrough—the world’s first successful regeneration of the esophagus in a patient with esophageal cancer. This revolutionary procedure, which was reported in the Journal of Thoracic Oncology Clinical and Research Reports in August 2021, demonstrated that our technology could restore the integrity, continuity and functionality of the esophageal tube by successfully regenerating esophageal tissue, including the mucosal lining. This groundbreaking work is revolutionizing the treatment of esophageal cancer.

Biostage has an impressive portfolio of intellectual property, featuring 12 issued U.S. patents, 2 issued in China and 2 orphan-drug designations from the FDA. These designations provide an additional seven years of market exclusivity on top of any exclusivity granted by patents, giving Biostage a competitive edge.

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