CYTOMEDIX ON TRACK WITH SALES AND MARKETING
EFFORTS FOR AUTOLOGEL™ SYSTEM AND FURTHER DEVELOPMENT OF
CT-112 PEPTIDE, ANNUAL MEETING TOLD
Shareholders re-elect four
board members and elect three new board members to one year terms
Rockville, MD, Sept. 19, 2008 –
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™
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 preclinical 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™ 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™ 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™ System, with companies developing
other biological products that may benefit from the protein enriched
environment provided by AutoloGel™, 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™ 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™
System compared to other treatments currently available. “The
economic analysis conducted by a Washington DC based consulting
group determined that the AutoloGel™ System results in lower costs
over five years as compared to other therapies, and the benefits of
AutoloGel™ 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™
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. The Company is currently pursuing a
multi-faceted strategy to penetrate the chronic wound market with
its AutoloGel™ 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,
development of CT-112, entrance into or results from any
collaborative agreements, ability to secure research grants,
licensing activities, and development of other 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. |
