CytoMedix, Inc. is a developer of biologically active regenerative therapies for wound care, inflammation and angiogenesis. The company markets several products including the Angel Whole Blood Separation System and the AutoloGel system, a device for the production of autologous platelet-rich plasma gel for use on chronic wounds.
The company announced today the execution of a letter of agreement granting an undisclosed global pharmaceutical company an exclusivity period until December 31, 2011 to conduct further due diligence regarding its AutoloGel system. In exchange, Cytomedix will receive a $2 million non-refundable option fee.
CytoMedix and the pharmaceutical company are also negotiating an exclusive license and supply agreement in which the company’s AutoloGel system would be distributed through a dedicated, hospital-based sales force. Any final agreement between the two firms is expected to include an upfront license payment, a product development milestone payment covering the second generation AutoloGel device, and a profit sharing arrangement on future US-based sales of the System in the chronic wound care market.
Any agreement reached will be very important to CytoMedix. The company’s CEO, Martin Rosendale, said, “We are very pleased to be approaching a key milestone in the broad commercialization of the AutoloGel System.”
For additional information about CytoMedix, please visit its website at www.cytomedix.com
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