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Saturday, September 24, 2022

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Jerry He Appointed to Biostage™ BOD: Completes Private Placement of $2.6 Million

Jerry He has been appointed as an independent director to Biostage Board of Directors, adding strength in the areas of business innovation, strategy and finance.

Biostage, Inc. (OTCQB: BSTG) (“Biostage” or the “Company”), a bioengineering company developing novel organ regeneration technology-based its patented Cellframe™ and Cellspan™ technology.

Mr. Jerry He is the Executive Vice Chairman of Bright Scholar Education Holdings Limited (NYSE listed: BEDU) and has been in that position since January 2019. Prior to the promotion, Mr. He had served as the CEO of Bright Scholar since October 2015. Prior to joining Bright Scholar, Mr. He was a Managing Director at TStone Corp, and he also served as 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. Mr. He was a portfolio manager at Morgan Stanley Global Wealth Management from June 2008 to June 2009 and was employed by Bear Stearns from July 2006 to May 2008. Mr. He obtained a bachelor’s degree in science from Peking University and a MBA with Honors from the University of Chicago, Booth School of Business. Mr. He is also a CFA charter holder.

“We are pleased to welcome Jerry He to the Biostage Board,” said Jason Chen, chairman of Biostage. “Jerry’s deep business and financial experience will be instrumental in helping the company to pursue the mission to serve the potential unmet patient needs. His appointment will be invaluable to Biostage at a time of significant opportunity and growth.”

Mr. He commented, “I am very pleased to be joining the Board of Directors for Biostage at this exciting stage of its clinical development. Biostage is developing promising novel cell therapies with the potential to change the lives of patients with significant unmet needs. I look forward to helping Biostage reach its financial and strategic objectives.”

The Company received aggregate gross and net proceeds of approximately $0.6 million in May and June of 2021 from existing investors in private placements. In September 2021, the Company received an additional $2.0 million of gross and net proceeds from existing investors in private placements, which, in total, provide a total cash infusion of $2.6 million. These placements will enable Biostage to fund its operating expenses and capital expenditure requirements into the fourth quarter of 2021.

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