GAITHERSBURG, MD -- (Marketwire) -- 11/14/12 -- Cytomedix, Inc. (OTCQX: CMXI) (the "Company"), a leading developer of biologically active regenerative therapies, today reported financial results for the three and nine months ended September 30, 2012.
Financial Highlights for the Third Quarter (all comparisons are with the 2011 third quarter)
•Total revenues increased 15% to $1.76 million from $1.53 million. •Product sales increased 11% to $1.70 million from $1.53 million. •Net loss to common stockholders was $3.78 million or $0.04 per share. This compares with a net loss to common stockholders of $2.29 million or $0.04 per share in the prior year. •Stockholders' equity at quarter end was in excess of $40 million. •Cash and equivalents at September 30, 2012 were $5.83 million.
Clinical and Corporate Highlights for the Third Quarter and Recent Weeks
•The FDA granted approval for the Angel® Concentrated Platelet Rich Plasma (cPRP) System for processing bone marrow aspirate. This approval significantly expands the commercial opportunity for the Angel system, increasing the addressable market to include the 400,000 spinal fusion procedures performed each year in the U.S. •The Centers for Medicare & Medicaid Services (CMS) granted coverage of AutoloGel in chronic wound care through its Coverage with Evidence Development (CED) program, reversing Medicare's nearly 20 year non-coverage decision. •AutoloGel was featured in multiple oral and poster presentations at a number of medical conferences including the Symposium on Advanced Wound Care in Baltimore, MD, the Congress of the World Union of Wound Healing Societies in Yokohama, Japan, the Inaugural Native American Wound Care Conference in Cabazon, CA, and the Diabetic Limb Salvage Conference in Washington, D.C. •Positive clinical data on the Angel System in facial rejuvenation were presented at the British Association of Aesthetic Plastic Surgeons annual scientific meeting in London. •Safety data from the first 10 patients in the Phase II RECOVER-Stroke study of ALD-401 were presented at the World Stroke Congress in Brazil. The trial has been expanded to multiple centers in the U.S. following clearance by the Data Safety Monitoring Board (DSMB). •Trading in Cytomedix shares was upgraded from OTCQB to the OTC market's highest marketplace, OTCQX.
"The quarter was marked by excellent progress across multiple operational and clinical areas," said Martin Rosendale, Chief Executive Officer of Cytomedix. "We posted double-digit growth in product sales and are confident that our efforts to enhance market penetration will continue to build momentum. The recent positive gains we have made on regulatory and reimbursement fronts underscore the dedication and competency of the Cytomedix team and will enable us to bring our regenerative medicine products to an expanded patient population."
"We were very pleased to report last week that the FDA has granted approval for the Angel system for processing of bone marrow aspirate. We see this as an important milestone that will enable us to access a range of orthopedic procedures. This is a significant market opportunity for Cytomedix and we see Angel as a 'best in class' device with important competitive advantages. We also plan to have the bone marrow aspirate processing incorporated in our CE mark for Angel and we expect this can be accomplished before year end."
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