Although the company stresses it is still very much involved in the cosmetic and cosmeuticals business, it says that the broadening of its business portfolio in recent years means that the company name no longer reflected its full activities, prompting the change.
However, the company did add that it would continue to trade under the same acronym, BCSM, to avoid any further confusion.
The board of directors said that the new strategy focuses on capitalizing on the emerging markets in biotechnology and pharmaceuticals, which are currently providing major growth opportunities in a number of specific segments, including the increasingly popular cosmeutical category.
BTG Cosmetics CEO, Paul Lisenby, said, "Our new name will reflect the opportunities that have materialized for the company over the past three months. Our President and COO have over 60 combined years in the pharmaceutical industry and we've been approached by several biotech companies to manufacture, license, and distribute cosmeceutical products.
"Our cosmetics division continues to expand the product offerings and we feel very confident the financial potential for the company will far exceed any previous revenue forecasts."
The company is a manufacturer and distributor of cosmetic products for the beauty and health industries, with lines including the internationally distributed Toma nail polishes.
It also markets the Mood-Changing polish line, which is sold both to the professional salon under the Toma name, and to the retail sector under the American Woman.
Additionally it has a full line of health and beauty products such as salon gloves, mascara, lip glosses, and skin care lotions and creams, together with a range of private labels, including polish and cosmetics for salons and retail stores.
Currently the company markets and retails its product portfolio in North America and Canada, together with 16 other countries throughout the world.
In August last year the company achieved OTC listing through its subsidiary Future Tech Capital. At the time it said that the move formed part of its plans to significantly grow the company over the course of two years.