State’s InvestMaryland Program Invests $500K In Gaithersburg-Based Regenerative Medicine Company

Cytomedix Inc., a regenerative medicine company in Gaithersburg, will receive a $500,000 investment, Maryland Department of Business and Economic Development Secretary Dominick Murray announced Wednesday.

The investment, made through the state’s Maryland Venture Fund and InvestMaryland program, is part of a $27.5 million capital raise that will result in Cytomedix adding 13 employees to its current staff of 55 and continuing to develop and market its products in the United States and abroad, according to a news release.

“We are pleased and grateful to receive this funding through InvestMaryland,” Martin Rosendale, CEO of Cytomedix, said in a statement. “The State of Maryland has elected to support our continued growth, helping patients with significant unmet medical needs such as those suffering with chronic wounds, peripheral arterial disease, or ischemic strokes.

"By building on milestones achieved in 2012, these funds will be used to expand our commercial operations in Maryland, resulting in more patients helped and more jobs created in the state,” he said.

Cytomedix’s product line is headlined by the AutoloGel System, a device that derives from a patient’s own blood a platelet-rich plasma (PRP) gel that stimulates the natural healing of chronic wounds, according to the news release.

It is located along Perry Parkway in Gaithersburg.