Cytomedix licenses patents to Biomet for $2.6 million

By Lisa Kerner

Erie, Pa., May 22 - Cytomedix, Inc. said it has entered into a $2.6 million licensing agreement with Biomet Biologics, Inc., a subsidiary of Biomet, Inc., related to its platelet therapy.

Under the agreement, Cytomedix will receive an immediate payment of $1.4 million and $100,000 each quarter for the next three years, as well as royalty-free licenses to certain Biomet patents related to platelet gel products.

Biomet is granted a worldwide non-exclusive license to Cytomedix's "Knighton" patent (U.S. Patent No. 5,165,938) for all applications of its autologous platelet releasate therapy, not including the chronic, non-healing wound market, according to a company news release.

Cytomedix said its patented technology uses platelet-rich plasma taken from a patient's own blood to produce an autologous plasma gel that can be used to heal surgical or chronic wounds.

The company has entered into several agreements, licensing its autologous platelet gel technology for applications including orthopedic surgery, spinal neurosurgery, blood separation and blood therapies.

Cytomedix is a biotechnology company located in Rockville, Md.

Based in Warsaw, Ind., Biomet designs, manufactures and market reconstructive products.

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