ROCKVILLE, Md., March 31, 2009 (GLOBE NEWSWIRE) -- Cytomedix, Inc. (NYSE Amex:GTF) today reported financial results for the year ended December 31, 2008.
On March 31, 2009, the Company filed with the Securities and Exchange Commission its Annual Report on Form 10-K, and pursuant to the NYSE Amex Company Guide Section 610(b) announced that the Company's Independent Registered Public Accounting Firm has expressed substantial doubt about our ability to continue as a going concern. Further information regarding this opinion can be found in the Company's 10-K.
For fiscal year 2008, the Company reported a net loss attributable to common stockholders of $7.7 million, or $0.24 per share, compared to $5.0 million or $0.17 per share for the previous year. The increased loss was primarily due to a one-time $3.5 million non-cash charge for the impairment of goodwill and patents incurred in the 4th quarter 2008, as well as a modest increase in salaries and wages associated with the ongoing commercialization efforts for AutoloGel(tm). These increases were partly offset by a $2.1 million reduction in professional fees. Total revenue for 2008 was $2.1 million, compared to $1.9 million for 2007.
The company's cash and cash equivalents balance at December 31, 2008 was $4.0 million, as compared to $5.1 million at December 31, 2007. This primarily reflects $2.5 million of cash used in operations partially offset by last fall's capital raise, net of fees, of $1.4 million. Cytomedix believes its current cash resources are sufficient to fund the business, as budgeted, through 2009.
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. 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 outcome of development or regulatory review of CT-112, commercial success or acceptance by the medical community, competitive responses, the Company's ability to raise additional capital and to continue as a going concern, viability and effectiveness of the Company's sales approach and overall marketing strategies, and Cytomedix's ability to execute on its strategy to market the AutoloGel(tm) System as contemplated. 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. Cytomedix operates in a highly competitive and rapidly changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. 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.