Cytomedix Share Price Surges After Coverage Determination Granted by CMS (CMXI)

Cytomedix (OTC: CMXI) staged a huge rally in today’s trading session after informing the public that the Center for Medicare & Medicaid Services (CMS) granted Coverage with Evidence Development (CED) for the Cytomedix AutoloGel products.

Today’s press release mentions that the Centers for Medicare & Medicaid Services issued a National Coverage Determination (NCD) on August 2, 2012, for autologous, blood-derived products used in the treatment of chronic, non-healing wounds. The decision reverses nearly 20 years of non-coverage for autologous, platelet-rich plasma (PRP) treatments. The journey is far from over, as the CMS granted coverage to AutoloGel under its Coverage with CED program. The CMS noted in its decision to award the determination of coverage that patients must be enrolled in a clinical research study in order to receive the benefits of coverage. However, this does mean that AutoloGel is currently the only FDA-approved product for autologous PRP treatment.

Cytomedix opened today’s trading session at a share price of $1.54. The stock quickly surged to a share price of $1.77 before 10:00 a.m. and eventually closed at $1.64, or 30.2% higher than its closing price on Friday. With 532,208 shares exchanging hands, Cytomedix also traded at a higher volume than its previous session.

With today’s positive performance, Cytomedix now has a year-to-date gain of 45.1% in share price. The stock steadily rallied from New Year’s Day until May 15, 2012, when Cytomedix peaked at an annual high of $2.28 per share. Cytomedix had been declining since May 31, 2012, until the stock started to show signs of a comeback on July 3, 2012.

Stockpromoters.com lists The Stock Wizards and Penny Trader Publisher as the promoters for Cytomedix. Both promotions are from today and compensations are not mentioned. On Twitter, @pennystock24 mentioned that Penny Stock Wizards and Penny Trader COM promoted Cytomedix today.

Other notable headlines for Cytomedix include:

  • July 12, 2012: Cytomedix announced that its July 12, 2012, RetailInvestorConferences.com presentation was available for on-demand viewing.
  • July 8, 2012: Cytomedix announced the initiation of a Phase I clinical study with ALD-451 in brain cancer patients in collaboration with Duke University Medical Center.

Cytomedix was incorporated in April 29, 1998. It is a biotechnology company that develops, sells and licenses regenerative biological therapies to primarily address the areas of wound care, inflammation and angiogenesis. The company markets the AutoloGel System, a device for the production of PRP gel derived from the patient’s own blood. The FDA has cleared the AutoloGel System for use on a variety of exuding wounds.

Cytomedix sells its products primarily to healthcare providers in the United States. The company’s CT-112 is an anti-inflammatory peptide. The company markets the AutoloGel System Centrifuge II, the AutoloGel Wound Dressing Kit and certain reagents including calcium chloride, ascorbic acid, ACD-A anticoagulant and bovine thrombin.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.