Total revenues for the first quarter of 2011 of $1.37 million, up from $179,000 for the same period in 2010.
Negotiated a $1.3 million reduction of principal under the promissory note payable to Sorin USA arising from the acquisition of the Angel(R) assets, by facilitating early retirement of the remaining $3.4 million principal balance in late-April 2011 via a $2.1 million payment. The refinancing reduces the Company's debt service payments by 90% or $2.2 million over the next 12 months.
Completed two productive meetings with the Coverage and Analysis Group within the Centers for Medicare & Medicaid Services (CMS) in support of an anticipated reimbursement reconsideration submission.
Four poster presentations and one podium presentation highlighting the clinical merits of the Company's AutoloGel(TM) System in wound management were presented at the 24th Annual Symposium on Advanced Wound Care and Wound Healing Society (SAWC).
Received Patent No. 7,927,563 "Kit for the Separation of Biological Fluids" from the U.S. Patent and Trademark Office for the Company's newly designed AutoloGel(TM) Separation System, which enables a safer and more convenient point-of-care procedure for the separation of platelets and plasma from whole blood in a single, specially designed syringe system that maintains a closed environment.
Recruited industry veteran Gary R. Otto as Director of National Accounts to lead all aspects of the Company's commercial business with major customers such as healthcare networks, group purchasing organizations, U.S. government accounts and managed care organizations.
Received CE marking certification for the Angel(R) Whole Blood Separation System (Angel) and the activAT(R) Autologous Thrombin Processing Kit (activAT), which allows for the sale and distribution of these products in 28 countries across Europe.