Biostage hires David Green as Chief Executive Officer

HOLLISTON,Mass., Nov. 30, 2021 /PRNewswire/ -- Biostage, Inc. (OTCQB: BSTG) ("Biostage" or the "Company"), a biotechnology company with successful “first-in-human” experience in esophageal cancer and FDA approval to commence a clinical trial of its Biostage Esophageal Implant for esophageal disease, today announced it has hired David Green as its Chief Executive Officer and appointed Mr. Green as Chairman of the Board of Directors (the “Board”). Mr. Green is the founder and CEO of Zero CarbonTMLLC, an energy-efficiency business. He is also the former CEO and Chairman of Biostage. Mr. Green resigned from his roles in Biostage in 2015 after he had been involved in a major road accident.

In addition to rejoining Biostage, Mr. Green has invested $250,000 in Biostage in a private placement as a combination of 72,464 shares of common stock and a warrant to purchase 36,232 shares of common stock. The warrant is exercisable at $3.45 per share, a 50% premium to the closing price on November 26, 2021.

Other than the minimum wage required by Massachusetts law, Mr. Green’s compensation will consist entirely of stock options. Approximately two thirds of these options will vest based on the achievement of milestones set by the Board, and one third will vest over the next12 months. This both minimizes the cash burn of the Company and provides a strong incentive for Mr. Green to achieve the goals of the Company and its shareholders.

Mr.Green commented, “I am excited to be back running Biostage. The clinical results of the first-in-human use of our Biostage EsophagealImplant, conducted at Mayo Clinic in 2017, were very positive. We believe that this is the first time that the esophagus has been regenerated inside the human body.”