ROCKVILLE, Md., Sept. 19, 2008 (GLOBE NEWSWIRE) -- Cytomedix, Inc. (AMEX:GTF) Chief Executive Officer Martin Rosendale told the Annual Meeting of Shareholders today that the Company is progressing with its sales and marketing campaign for its proprietary AutoloGel(tm) System indicated for use in chronic wounds, as well as plans to further develop its CT-112 peptide, an anti-inflammatory peptide that has shown favorable pre-clinical activity.
"Our recently completed capital raise, significantly bolstering our cash position, enables us to dedicate more resources to our sales and marketing efforts for the AutoloGel(tm) System, and to accelerate important short term milestones for our CT-112 anti-inflammatory peptide, including a planned FDA IND submission which will allow us to commence a Phase I study in humans," Mr. Rosendale said.
"We are initiating commercial contract discussions and facilitating payment/reimbursement opportunities for the AutoloGel(tm) System, which we feel is a quality product in a large market with significant unmet needs," Mr. Rosendale said. "We are also pursuing strategic collaborations, including licensing opportunities surrounding the Company's proprietary AutoloGel(tm) System, with companies developing other biological products that may benefit from the protein enriched environment provided by AutoloGel(tm), such as hair growth or transplantation, and applications in combination with other wound care products," Mr. Rosendale added.
Regarding the marketing/sales strategy behind the AutoloGel(tm) System, Mr. Rosendale reiterated that the Company is launching the product in a very strategic and deliberate rollout. "Our initial target markets are in the areas where we believe early adoption is likely. We are focusing on long-term acute care hospitals, the U.S. Department of Veterans Affairs, and public health services groups like the Indian Health Services," Mr. Rosendale said. "These represent inpatient and outpatient situations where cost benefits are pronounced. We estimate that this subset of the overall chronic wound care market represents $500 million of the $2.2 billion wound care sector," he added.
Mr. Rosendale also highlighted the cost benefits of the AutoloGel(tm) System compared to other treatments currently available. "The economic analysis conducted by a Washington D.C. based consulting group determined that the AutoloGel(tm) System results in lower costs over five years as compared to other therapies, and the benefits of AutoloGel(tm) dominated other therapies when considering quality adjusted life years," Mr. Rosendale said.
Shareholders attending the annual meeting and those voting by proxy re-elected four current members of the Board of Directors to new one-year terms. They are: James S. Benson, a retired healthcare industry executive and former Deputy Commissioner and Acting Commissioner of the FDA; David P. Crews, Executive Vice President of brokerage house Crews and Associates, Inc.; Arun K. Deva, President of Deva & Associates, P.C., an accounting and consulting firm; and Mark T. McLoughlin, Senior Vice President VWR International.
In addition, shareholders elected three new members to the Board to one year terms, expanding the board to seven members. They are: Mr. Rosendale; Chief Executive Officer, David E. Jorden, a Vice President with Morgan Stanley in its Private Wealth Management group; and Dr. Stephen N. Keith, MD, President and Chief Operating Officer of Panacea Pharmaceuticals, Inc.
Shareholders also voted to ratify the appointment of PricewaterhouseCoopers LLP as the Company's independent registered auditors for the fiscal year ending Dec. 31, 2008.
ABOUT CYTOMEDIX
Cytomedix is a biotechnology company that develops, sells, and licenses regenerative biological therapies, including the AutoloGel(tm) System, a device for the production of platelet rich plasma ("PRP") gel derived from the patient's own blood. The AutoloGel(tm) System is cleared by the Food and Drug Administration ("FDA") for use on a variety of exuding wounds. The Company is currently pursuing a multi-faceted strategy to penetrate the chronic wound market with its AutoloGel(tm) System. The Company is also moving forward with the development of other product candidates in its pipeline.
Most notably is its CT-112 product, an anti-inflammatory peptide that has shown promise in pre-clinical testing, and for which the Company is currently preparing an Investigational New Drug (IND) application for the FDA. Additional information regarding Cytomedix is available at: http://www.cytomedix.com.
SAFE HARBOR STATEMENT
Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and Cytomedix's actual results may differ materially due to a number of factors, many of which are beyond Cytomedix's ability to predict or control, including among others, the ability of the Company's management to achieve its strategic goals, the success of new sales initiatives, studies, or trials, obtainment of broad reimbursement, and development of technologies under the Company's patents or products in its pipeline.
These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by Cytomedix, Inc. Except as is expressly required by the federal securities laws, Cytomedix undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.