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Cytomedix, Inc. Reports Year-End 2008 Financial Results
ROCKVILLE, MD., March 31,
2009 – Cytomedix, Inc. (NYSE
Alternext US:
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 t 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™. 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™ System, a device for the production
of platelet rich plasma ("PRP'') gel derived from the
patient's own blood. The AutoloGel™ 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, 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™ 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. |
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