BioRestorative Therapies (NASDAQ:BRTX) Announces Commercial Agreement With Cartessa, Further Expanding Into $75.46 Billion Aesthetics Market

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.

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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.