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Cytomedix Buys Sorin's Blood Separation System

April 17, 2010 (FinancialWire) — Cytomedix, Inc. (AMEX: GTF) has closed an agreement with Sorin Group to acquire the Angel Whole Blood Separation System and activAT Autologous Thrombin Processing Kit for $7 million in cash, to be paid in installments over the next two and one-half years.

Together these products had sales of approximately $5 million in 2009, of which over 90% were from high-margin, single-use disposable products.

The company also has raised gross proceeds of $3.65 million in a private placement of securities with both new and existing stockholders. Under the terms of the private placement, Cytomedix issued 3,650 shares of a $1,000 stated value preferred stock that is convertible into the company's common stock at $0.44 per share and carries a 10% annual dividend to be paid quarterly in cash or common stock at the company's option.

In addition, the company issued 4,128,631 warrants to purchase its common stock, exercisable at $0.54 per share. The warrants are exercisable immediately and expire on April 9, 2015. The proceeds from this private placement are being used to fund the Sorin asset purchase and for general corporate and working capital purposes.

Used primarily in operating rooms, the Angel Whole Blood Separation System consists of a blood processing device and disposable products used for separation of whole blood into red cells, platelet poor plasma and platelet rich plasma (PRP). The Angel System received market clearance from the U.S. Food and Drug Administration (FDA) in August 2005.

The activAT Kit is designed to produce autologous thrombin serum from platelet poor plasma. The activAT kit is sold exclusively in Europe and Canada, where it provides a completely autologous, safe alternative to bovine-derived products.

Maxim Group LLC served as financial advisor to Cytomedix on this transaction.

Sorin Group is a global, medical device company and a leader in the treatment of cardiovascular diseases.

Cytomedix is a biotechnology company that develops, sells, and licenses regenerative biological therapies, to primarily address the areas of wound care, inflammation, and angiogenesis.

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