GAITHERSBURG, MD -- (Marketwired) -- 04/03/13 -- Cytomedix, Inc. (OTCQX: CMXI), a regenerative therapies company commercializing and developing innovative platelet and adult stem cell technologies, today announced the appointment of Steven A. Shallcross, CPA, as Executive Vice President, Chief Financial Officer, Secretary and Treasurer, effective as of May 10, 2013. Mr. Shallcross has over 25 years of international financial, business and strategic planning experience, primarily working with companies in the pharmaceutical and biotechnology industries.
Martin Rosendale, Chief Executive Officer of Cytomedix commented, "Steve joins Cytomedix at a very exciting time for the company as we continue to expand the commercial opportunity for the Angel® cPRP System, begin Medicare reimbursement for AutoloGel and continue to advance our Bright Cell pipeline products through clinical development. His extensive experience in capital market and business development activities, and implementing strategic financial programs makes Steve ideally suited for the position. Going forward, Steve will lead the effort to build the financial and accounting infrastructure necessary to support the significant corporate and commercial opportunities ahead for Cytomedix."
"I am pleased to be joining Cytomedix, and to have the opportunity to work with this impressive team to drive value for the company and its stakeholders," said Mr. Shallcross. "I look forward to quickly contributing to the next stage in Cytomedix's evolution as a fully integrated organization focused on innovation and value creation."
Mr. Shallcross replaces Andrew Maslan, CPA who has served as Chief Financial Officer of Cytomedix since 2005 and will resign effective May 10, 2013 to pursue further career opportunities.
Mr. Rosendale added, "The Board of Directors and I wish to thank Andrew for his significant contributions over the years. During his tenure, he and his team played an integral role in Cytomedix's growth from a development stage company with seven employees, to a fully integrated commercial organization with an international reach and a robust corporate infrastructure."
Mr. Shallcross presently serves as Executive Vice President and Chief Financial Officer of Empire Petroleum Partners, LLC, a motor fuel distributor. Previously, he served as Acting Chief Financial Officer for Sensors for Medicine and Science, Inc., a medical device company. Prior to that, he was Executive Vice President and Chief Financial Officer of Innocoll Holdings, Inc., a biopharmaceutical company specializing in the development and commercialization of collagen based products. Mr. Shallcross also held Chief Financial Officer and Treasurer positions at Vanda Pharmaceuticals, Inc., and at MiddleBrook Pharmaceuticals, Inc. (formally Advancis Pharmaceutical Corporation).
Mr. Shallcross is a certified public accountant and his experience includes equity and debt transactions that raised over $600 million in capital, including two initial public offerings. He has also worked on mergers and acquisitions, partnership and product development collaborations, strategic planning and budgeting, SEC reporting, and systems integration. He received a Bachelor's degree in Accounting from the University of Illinois and an M.B.A. degree from the University of Chicago, Booth School of Business.
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