GAITHERSBURG, MD -- (Marketwire) -- 05/15/12 -- Cytomedix, Inc. (OTCBB: CMXI) (the "Company"), a regenerative therapies company commercializing and developing innovative platelet and adult stem cell technologies for wound and tissue repair, today announced financial results for the three months ended March 31, 2012.
Financial highlights for the 2012 first quarter include (all comparisons are with the 2011 first quarter):
•Total revenues increased 121% to $3.02 million from $1.37 million •Product sales increased 23% to $1.69 million from $1.37 million •Licensing revenue of $1.33 million was recorded as partial recognition of the $4.50 million non-refundable option payments received to date in connection with the potential strategic supply and distribution partnership for the AutoloGel System •Net loss to common stockholders of $4.74 million or $0.07 per share included $3.44 million in non-recurring and/or non-cash expenses and transaction costs, compared with a net loss to common stockholders of $1.50 million or $0.03 per share •Cash used in operations was $0.51 million compared with $1.29 million
Martin P. Rosendale, Chief Executive Officer of Cytomedix, said, "The first quarter of 2012 and recent weeks have been noteworthy for Cytomedix. In addition to posting double-digit revenue growth with our commercial products, we made significant inroads with our reimbursement initiatives for AutoloGel and received an additional $2.5 million non-refundable option payment from our potential strategic partner for AutoloGel. Most significantly, we expanded our commitment to regenerative medicine with the acquisition of Aldagen in February 2012 and now have in place the three pillars of regenerative medicine with autologous stem cells, platelet-derived signal molecules and plasma scaffolds.
"The acquisition of Aldagen broadened our footprint in regenerative medicine and provided us with a robust pipeline of product candidates in areas of large unmet medical need. We are in the process of integrating the Aldagen technology into the business and have made progress with ongoing development programs. We have advanced the Phase 2 RECOVER-Stroke trial, which is assessing ALD-401 to treat post-acute ischemic stroke, and saw positive data from a Phase 1 clinical trial of ALD-201 to treat ischemic heart failure published in the American Heart Journal.
"We continued to post significant revenue growth for the Angel® Whole Blood Separation System during the quarter, and we look forward to expanding its potential with enhanced targeted marketing efforts as well as expansion into other indications where we can increase utilization. We have a 510(k) application on file with the U.S. Food and Drug Administration for Angel to process bone marrow and are evaluating our strategy to leverage the utility of this product in sports medicine and orthopedics where there is a growing market opportunity. In addition, we also posted a record revenue quarter for AutoloGel even though our commercial sales focus was on Angel while AutoloGel efforts were dedicated to reimbursement and partnership initiatives.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women