GAITHERSBURG, Md., March 10, 2011 (GLOBE NEWSWIRE) -- Cytomedix, Inc. (OTCBB:CMXI) (the "Company" or "Cytomedix"), a leading developer of biologically active regenerative therapies for wound care and tissue repair, today announced that it has appointed Gary R. Otto to the newly-created position of Director of National Accounts effective March 21, 2011.
Mr. Otto will be responsible for all aspects of the Company's commercial business with major corporate customers such as healthcare networks, group purchasing organizations, U.S. government accounts, and managed care organizations. He is an accomplished sales executive with over 25 years of relevant experience, including 14 years managing large corporate sales agreements for biological therapeutic products.
Mr. Otto spent the past 10 years with CSL Behring, an international provider of plasma derived therapeutics, where he started as the Senior Director of National Accounts for ZLB Bioplasma ("ZLB"), a U.S. subsidiary. At ZLB, Mr. Otto helped build the organization from startup to $200 million in annual revenues over a three year period. He recruited and led the National Accounts team that played an instrumental role in the success of ZLB. Upon the merger of ZLB and Aventis Behring, he managed the integration of the National Accounts Teams and the transition of complex national sales agreements, increasing product sales through national agreements to over $400 million. Prior to ZLB, Mr. Otto was the National Sales Manager for the American Red Cross Blood Services where he built and supervised a 45 person professional sales team, and managed over $145 million in national product agreements.
Commenting on the new appointment, Martin P. Rosendale, CEO of Cytomedix, said, "We are delighted to welcome Gary to Cytomedix at this important juncture for our product growth. His experience with challenging contract negotiations, knowledge of the medical sales contracting process and proven track record in growing revenues will be of great benefit to Cytomedix as we expand sales and enter new markets with our advanced, plasma-derived regenerative therapies."
About Cytomedix, Inc.
Cytomedix is a biotechnology company that develops, sells, and licenses regenerative biological therapies to primarily address the areas of wound care, inflammation, and angiogenesis. The Company currently markets the AutoloGel™ System, a device for the production of platelet rich plasma ("PRP") gel derived from the patient's own blood for use on a variety of exuding wounds; the Angel® Whole Blood Separation System, a blood processing device and disposable products used for separation of whole blood into red cells, platelet poor plasma and platelet rich plasma ("PRP") in surgical settings; and the activAT® Autologous Thrombin Processing Kit, which produces autologous thrombin serum from platelet poor plasma. The activAT® kit is sold exclusively in Europe and Canada, where it provides a completely autologous, safe alternative to bovine-derived products. The Company is currently pursuing a multi-faceted strategy to penetrate the chronic wound market with its products. Cytomedix is also pursuing opportunities for the application of AutoloGel™ and PRP technology into other markets such as hair transplantation and orthopedics, as well as actively seeking complementary products for the wound care market. The Company also seeks to monetize other product candidates in its pipeline through strategic partnerships, out-licensing, or sale. Most notably is its anti-inflammatory peptide (designated "CT-112") that has shown promise in pre-clinical testing. Additional information regarding Cytomedix is available at www.cytomedix.com.
Safe Harbor Statement
Statements contained in this communication 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, viability and effectiveness of the Company's sales approach and overall marketing strategies, 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, and Cytomedix's ability to execute on its strategy to market the AutoloGel™ System as contemplated, the Company's ability to successfully integrate the Angel® and activAT® product lines into its existing business, to assume and satisfy certain liabilities related to the Angel® and activAT® product lines, or its ability to service the deferred payments related to the acquisition of the Angel® and activAT® product lines. 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.