ROCKVILLE, Md. and MILAN, Italy, Oct. 10, 2005 (PRIMEZONE) -- Cytomedix, Inc. (AMEX:GTF) today announced that COBE Cardiovascular, Inc., a member of Sorin Group (Reuters Code:SORN.MI), has been granted a worldwide license to Cytomedix's "Knighton" patent for all applications relating to the use of autologous platelet releasate therapies for healing purposes.
Cytomedix indicated that it expects to receive significant revenues over the life of the patent as a result of this licensing agreement. Under the terms of the agreement, COBE has agreed to make an upfront royalty payment to Cytomedix plus pay royalties of 7.5% and 1.5% of net future sales of disposable products and hardware products, respectively, related to the manufacture, use and sale of platelet releasate therapies.
Rodger Stewart, President, Sorin Group North America, welcomed the agreement saying, "Our agreement with Cytomedix, coupled with our technologically advanced Angel Whole Blood Separation System, will allow us to accelerate the growth of this exciting new therapy. The interest in this emerging therapy has increased significantly in recent years and we are confident it will continue to increase dramatically in the coming years. The Sorin Group is committed to be a part of that development." The Angel Whole Blood Separation System, released worldwide by the Sorin Group last year, is both extremely portable and highly flexible. This makes it ideal for a number of clinical applications and easy to move from one clinical setting to another. No other system offers Angel's unique combination of functionality and flexibility.
Dr. Kshitij Mohan, Cytomedix's Chairman and Chief Executive Officer, stated, "This agreement represents another milestone in the implementation of Cytomedix's licensing strategy and will help further expand the global marketplace for platelet-gel therapies in a variety of clinical applications. We believe that this agreement with COBE/Sorin Group, like those previously with Medtronic, DePuy Spine, Harvest Technologies, and Perfusion Partners & Associates, further validates the increased demand for wound-healing and tissue repair therapies using Cytomedix's patented platelet releasate technologies. Once again, we have demonstrated through this license agreement our clear desire to share our intellectual property equitably with other companies who manufacture products or provide services relating to the use of platelet releasates for purposes of healing wounds and other damaged tissue. In addition to licensing our patent portfolio to other companies, our business strategy includes the sale of our portable point-of-care AutoloGel(TM) system currently undergoing an FDA-approved prospective clinical trial for diabetic foot ulcers."
ABOUT THE COMPANIES
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 the AutoloGel(TM) system, a technology that utilizes an autologous platelet gel composed of multiple growth factors and fibrin matrix. The Company has concluded the treatment phase of a blinded, prospective, multi-center clinical trial on the use of its technology in healing diabetic foot ulcers. Additional information regarding Cytomedix is available at: http://www.cytomedix.com.