ROCKVILLE, Md., Feb. 15, 2005 (PRIMEZONE) -- Cytomedix, Inc. (OTCBB:CYME) today announced that the company has received proceeds in excess of $1.4 million through the exercise of approximately 1.1 million warrants and options for the period between October 1, 2004 and February 15, 2005. Also during this period, certain shareholders converted about 1.7 million shares of the company's series A, B and C convertible preferred stock into approximately 670,000 shares of common stock. These preferred stock conversions represent a decrease in dividend expense of approximately $130,000 on an annual basis.
"While these transactions increase the company's common shares outstanding, as had been anticipated, we believe that the increased cash position and reduction in the dividend expenses strengthen the company's overall financial position," said Dr. Kshitij Mohan, chief executive officer of Cytomedix.
He noted that the company's issued and issuable shares during the October 1, 2004 and February 15, 2005 period increased 8.7 percent to approximately 22.4 million from 20.6 million issued and issuable shares reported on form 10QSB on September 30, 2004. On a fully diluted basis for the same period, the company's shares outstanding increased by 60,000 to 37.1 million.
The company expects to file its Form 10-KSB for the year ended December 31, 2004 on or before March 31, 2005.
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 the AutoloGel(TM) system, 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 dilutive effect of the increase in common stock as a result of the exercises and conversions described herein, or future exercises or conversions, and the consequence of such dilutive effect on the company's stock price. 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.