ROCKVILLE, Md., Oct. 9, 2006 (PRIMEZONE) -- Cytomedix, Inc. (AMEX:GTF) today announced that David A. Hotchkiss, a seasoned executive with extensive experience in the wound care market, has joined the Company as Vice President, Sales and Marketing.
Mr. Hotchkiss will lead the effort to achieve immediate sales growth by building on the current autologous platelet gel customer base and will assist in the Company's effort to obtain third party reimbursement for its AutoloGel(tm) System, with an ultimate focus on access to the broader wound care market.
"With the immediate opportunity to sell our product to certain segments of the market, and with the FDA reviewing the Company's 510(k) Pre-market Notification for AutoloGel(tm) for specific indications, the time is right to strengthen our Sales and Marketing function," said Kshitij Mohan, Chairman and CEO of Cytomedix. "David will be able to leverage his extensive experience in the wound care space and his significant familiarity with the reimbursement process as we embark into this exciting phase. His proven sales successes make him the ideal person to lead our commercial efforts."
Mr. Hotchkiss most recently served as Vice President, Sales and Marketing for Coloplast Corporation, the U.S. division of The Coloplast Group, the $1.2 billion Danish medical supplies and devices company. Prior to Coloplast, Mr. Hotchkiss held senior level positions with several other medical companies with a focus on wound related products. Mr. Hotchkiss earned his bachelor of arts degree in business administration at the University of North Texas.
"Cytomedix is at a very exciting point in time with the development of the AutoloGel(tm) System," said Mr. Hotchkiss. "The Company is the first to complete such a rigorous, well-controlled, multi-site clinical trial for platelet gel therapy in the treatment of diabetic foot ulcers. With its strong patent position, there exists tremendous opportunity to improve patient health and grow revenues at the same time. I look forward to developing and implementing an aggressive sales and marketing strategy to help the Company achieve its goals."
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 current offering is AutoloGel(tm), a technology that utilizes an autologous platelet gel composed of multiple growth factors and fibrin matrix. The Company has announced favorable results from its blinded, prospective, multi-center clinical trial on the use of its technology in healing diabetic foot ulcers and has submitted a 510(k) application for marketing clearance for a new product to the FDA seeking specific labeled indications for the healing of chronic wounds. Additional information regarding Cytomedix is available at: http://www.cytomedix.com.
SAFE HARBOR STATEMENT
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 new sales initiatives, governmental regulation, acceptance by the medical community and competition. There is no guarantee that the FDA will complete its review of the Company's 510(k) submission for a specific wound healing indication within any estimated timeframe, or that the FDA will fully agree with the Company in the interpretation of the data or the regulatory pathway and provide marketing clearance. Further, even assuming the FDA grants the Company's request for marketing clearance, there is no guarantee that the Company will receive Medicare reimbursement for its product; the Company's marketing efforts will be successful; or that it will be able to achieve its other strategic goals. There is also no guarantee that the Company's current capitalization will be sufficient to attain its goals or that future funding will be available to the Company on acceptable terms. 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. Except as is expressly required by the federal securities laws, Cytomedix undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.