ROCKVILLE, Md., March 14, 2005 (PRIMEZONE) -- Cytomedix, Inc. (OTCBB:CYME) today announced that it has signed a sales agreement with KOL Bio-Medical Instruments, Inc. to represent the company in select east coast territories of the United States for an initial six-month period under a commission fee structure, subject to renewal based upon mutual agreement. Additional terms were not disclosed.
"We believe that the engagement of KOL Bio-Medical Instruments further establishes a strong sales infrastructure for the company's products on the east coast. Upon completion of our clinical trial, we expect that the partnership with KOL, a well established and successful sales organization, will provide the additional resources necessary to even more aggressively reach healthcare professionals and patients who might benefit from our AutoloGel(tm) therapy. We expect the relationship will complement our existing sales force," said Dr. Kshitij Mohan, chief executive officer of Cytomedix.
He noted that sales activities under the initial agreement will be confined to New York City, including Long Island; New Jersey; Philadelphia, Pennsylvania; Maryland; Washington, D.C.; Georgia; North Carolina; South Carolina; and, the Miami and Ft. Lauderdale metropolitan areas.
As recently announced, the company reached a milestone for its diabetic foot ulcers clinical study with the enrollment of more than two thirds of patients for its blinded trial. The study involves over a dozen premier sites throughout the United States. Total healing of the wounds is one of the key clinical end points being examined in the study.
Founded in 1971 and located in Chantilly, Virginia, KOL Bio-Medical Instruments is a specialty distributor committed to bringing emerging medical technologies to the market. Since its establishment, the organization's highly trained and experienced sales force has helped pioneer and introduce advanced medical devices to hospitals and clinicians throughout the eastern United States.
About Cytomedix
Cytomedix, Inc. is a biotechnology company specializing in processes and products derived from autologous platelet releasates for uses in the treatment of wounds and other applications. The company's AutoloGel(tm) system is a technology that utilizes an autologous platelet gel composed of multiple growth factors and fibrin matrix. The company is conducting a well-controlled, blinded, prospective, multi-center clinical trial on the use of its technology in healing diabetic foot ulcers. Cytomedix is working with healthcare providers to offer an advanced therapy at the point-of-care in multiple settings. Additional information is available at: www.cytomedix.com.
Forward Looking Statements
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 success of KOL Bio-Medical's sales activities and the renewal of the agreement after the initial six-month period, governmental regulation, acceptance by the medical community and competition. The company also cannot predict whether its clinical trial will result in data that will merit an approval by the FDA for specific clinical indications or whether its efforts to get reimbursement for the use of its technology will be successful. 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.