Cytomedix, a regenerative therapies company focused on commercializing and developing innovative platelet and adult stem cell technologies for wound and tissue repair, today said it has extended the exclusivity period regarding an agreement with a Top 20 global pharmaceutical company to negotiate distribution of the AutoloGel System in the United States.
The parties have agreed to extend the exclusivity period until August 30, 2012, and are now in discussions to negotiate the details of a distribution agreement. The companies expect to commence sales when the agreement is finalized, on or before the exclusivity date.
The distribution agreement is expected to strengthen AutoloGel sales and brand awareness, leveraged by the pharmaceutical company's sales force.
"We look forward to finalizing a distribution arrangement that will allow our potential partner to initiate sales through its dedicated, hospital-based sales force as we bridge towards a broader license agreement," Martin P. Rosendale, CEO of Cytomedix stated in the press release. "As we await final decisions from Centers for Medicaid & Medicare Services (NYSE:CMS), this is a positive and logical step toward building a broader relationship. Importantly, such an agreement would provide a means to expand sales and enhance brand awareness for AutoloGel through a significantly larger sales force."
Rosendale said the potential partnership has provided Cytomedix with $4.5 million in non-refundable exclusivity payments to date. Cytomedix ended the second quarter of 2012 with approximately $8.4 million in cash, including approximately $4.7 million dedicated for clinical trials and related matters.
"We remain well positioned to pursue our strategic goals and opportunities and look forward to continued sales growth in our commercial markets," concluded Rosendale.
For more information visit cytomedix.com
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