U.S. Stem Cell, Inc.: Northstar Biotech and USRM BOD Members Reinvest in the Company
SUNRISE, FL / ACCESSWIRE / February 23, 2021 / U.S. Stem Cell, Inc. (OTC PINK:USRM), a leader in the development of proprietary, physician-based, and novel regenerative medicine solutions, is pleased to announce the efforts of NorthStar Biotech Group and USRM Board Members to reinvest in U.S. Stem Cell, Inc.
On May 9, 2018, the U.S. Department of Justice, at the request of the U.S. Food and Drug Administration (FDA), filed suit against U.S. Stem Cell, Inc. and others to enjoin defendants from utilizing the SVF Surgical Procedure, in which "stromal vascular fraction" (SVF) cells are removed from a patient's fat tissue and reimplanted in the patient during the same surgical procedure. The Company has maintained that such cellular therapies are surgical procedures regulated by state law, and that the SVF surgical procedure is excepted from regulation under the Federal Food, Drug, and Cosmetic Act (FDCA). On June 25, 2019, the federal court for the Southern District of Florida ruled in favor of the government, enjoining the Company and the other defendants from certain product sales and processes. The Company filed an appeal on August 23, 2019 and attended oral argument on January 13