ROCKVILLE, Md., May 14, 2009 (GLOBE NEWSWIRE) -- Cytomedix, Inc. (NYSE Amex:GTF), today announced that on May 13, 2009 it received notice from the NYSE Amex (the "Exchange") notifying the Company it is not in compliance with Section 1003(a)(ii) of the Company Guide with stockholders' equity of less than $4,000,000 and losses from continuing operation and/or net losses in three of its four most recent fiscal years, and Section 1003(a)(iii) with stockholders' equity of less than $6,000,000 and losses from continuing operation and/or net losses in its five most recent fiscal years.
As allowed by Exchange rules, the Company intends to submit a plan of compliance by June 12, 2009 demonstrating its ability to regain compliance with the listing standards within an 18 month remediation period. If the plan is accepted, and periodic reviews by the Exchange confirm progress consistent with the plan, the Company will continue its listing during the 18-month plan period. Otherwise, the Company will be subject to delisting procedures as set forth in the Exchange Company Guide. The Company would have the right to appeal any such determination. However, there is no assurance of success throughout this process.
The Company's stock trading symbol will remain GTF, but will include a ".BC" appendage to denote its noncompliance. The trading symbol will bear this additional indicator until the Company regains its compliance with the NYSE Amex continued listing requirements.
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 gel. The AutoloGel(tm) System is cleared by the Food and Drug Administration for use on a variety of exuding wounds. Additional information regarding Cytomedix is available at: http://www.cytomedix.com
Safe Harbor Statements
Statements contained in this press release not relating to historical facts are forward-looking statements 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, 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, its ability to present and execute upon a viable plan of compliance with the NYSE Amex continued listing requirements, 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. There is no assurance that the Exchange staff will accept the Company's plan of compliance or that, even if such plan is accepted, the Company will be able to implement the plan within the prescribed timeframe, in either of which cases, the Company's securities could be delisted from the Exchange.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.