GAITHERSBURG, MD -- (Marketwire) -- 03/18/13 -- Cytomedix, Inc. (OTCQX: CMXI), a leading developer of biologically active regenerative therapies, today reported financial results for the three and twelve months ended December 31, 2012.
Fourth Quarter 2012 Financial Highlights (all comparisons are with the 2011 fourth quarter)
•Product revenue of $2.0 million compared with $1.6 million, an increase of 27%. •Consolidated revenue of $2.1 million compared with $3.0 million, a decrease of 29%. •Net loss to common stockholders of $3.8 million, or $0.04 per share. This compares with a net income of $0.8 million, or $0.02 per share in the prior year. •Cash and cash equivalents of approximately $2.6 million at December 31, 2012. In February 2013, the Company received $9.5 million of gross proceeds at closing as part of a comprehensive financing plan.
Fiscal Year 2012 Financial Highlights
•Consolidated revenue of $10.6 million compared with $7.2 million in 2011. •Product revenue increased 23% year over year to $7.2 million from $5.9 million in 2011. •Net loss to common stockholders for the year of $19.8 million, or ($0.24) per share, compared with $3.9 million, or ($0.08) per share in 2011.
Clinical and Corporate Highlights for the Fourth Quarter and Recent Weeks
•Earlier today, the Company announced that the Centers for Medicare & Medicaid Services (CMS) has issued coding and reimbursement claims instructions for autologous PRP in non-healing chronic wounds. •On March 1st, 2012 CMS granted formal approval of the protocols for AutoloGel under Coverage with Evidence Development (CED). •A comprehensive 2013 financing was executed to raise a total of up to $27.5 million, including $9.5 million in initial gross proceeds, comprised of a registered equity offering, a senior secured term loan and a committed equity facility. •The Angel® Concentrated Platelet Rich Plasma (cPRP) System was approved for marketing in Australia. •CE Mark in Europe was granted for the Angel cPRP System for processing blood and bone marrow aspirate. •The FDA granted approval for Angel for processing bone marrow aspirate. This approval significantly expands the orthobiologic 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. •A Phase 2 clinical study, in collaboration with the NIH, was announced for ALD-301 (Bright Cells) in patients with an intermittent claudication indication associated with peripheral artery disease.
"We accomplished many of our growth objectives in 2012," said Martin Rosendale, Chief Executive Officer of Cytomedix. "We were especially pleased by strong double-digit growth in Angel and AutoloGel sales. We have now placed more than 500 Angel Systems on a worldwide basis. Nearly 40,000 patients are currently being treated with the Angel System on an annualized basis."
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