Cytomedix Inc. (OTC: CMXI), a biotechnology company focused on the development of regenerative therapies to primarily address the areas of wound care, inflammation and angiogenesis, has seen a sharp rise in its shares in trading today.
CMXI shares are currently trading 7.37% higher at $2.04 on above average volume of 454,194. The stock is now up more than 23% in the last three trading sessions.
Cytomedix shares have been gaining momentum after the company announced this week that the Centers for Medicare & Medicaid Services (CMS) issued a proposed National Coverage Determination (NCD) memo for autologous blood-derived products for chronic non-healing wounds. CMS proposed coverage through its Coverage with Evidence Development (CED) program for all three major wound categories; diabetic, venous and pressure wounds.
According to Martin P. Rosendale, CEO of Cytomedix, the one advantage to CED is that it provides a mechanism for promising therapies like AutoloGel to be covered in clinical practice while evidence generation is underway.
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