Wound care therapies maker Cytomedix(OTC:CMXI) landed a $35 million investment commitment from Deerfield Management Co., to be handed down in 2 tranches.
Deerfield has already invested $9 million, and will deliver an additional $26 million pending shareholder approval to issue additional shares of Cytomedix stock, according to a press release. Deerfield’s investment is tied to purchases of senior secured convertible debt facility with warrants.
The investment could "transform" Cytomedix in the wake of a recent reimbursement win from the Centers for Medicare & Medicaid Services, the companies noted.
Last month CMS granted reimbursement coverage for plasma systems, including Cytomedix’s AutoloGel wound-healing product.
"In our view, government payment changes, retrenching of some leaders in the advanced wound care market, and continued growth in the incidence of chronic wounds have presented significant opportunities for Cytomedix," Cytomedix CEO Martin Rosendale said in prepared remarks.
