Cytori Therapeutics Announces Receipt of Puregraft® Royalty Milestone
October 30 2018 - 9:28AM
Cytori Therapeutics, Inc. (Nasdaq: CYTX) announced today it has
received a milestone payment of $1.0 million from Bimini
Technologies, LLC (Bimini). The payment is a result of
Bimini achieving the first $10.0 million in gross profits for
previous divestiture of the Puregraft® product line.
In 2013, Cytori entered into a Sale and Exclusive License/Supply
Agreement with Bimini, pursuant to which Cytori sold to Bimini
selected assets relating to Cytori’s Puregraft® product line, a
series of standalone fat transplantation products that were
developed to improve the predictability of outcomes for autologous
fat grafting and aesthetic body contouring.
Bimini may also be obligated to make certain additional
milestone payments to Cytori (in an aggregate amount of up to $10.0
million), contingent upon future achievement of certain milestones
relating to Bimini’s gross profits from sales of the Puregraft
products. The aggregate value of the consideration paid by Bimini
to Cytori at the execution of the agreement in July 2013 was $5.0
million.
About Cytori Therapeutics
Cytori is developing, manufacturing, and commercializing
nanoparticle-delivered oncology drugs and autologous
adipose-derived regenerative cell (ADRC) therapies within its
Nanomedicine™ and Cell Therapy™ franchises, respectively.
Cytori Nanomedicine™ is focused on the liposomal encapsulation of
anti-neoplastic chemotherapy agents, which may enable the effective
delivery of the agents to target sites while reducing systemic
toxicity. The Cytori Nanomedicine™ product pipeline consists of
ATI-0918 pegylated liposomal doxorubicin hydrochloride for breast
cancer, ovarian cancer, multiple myeloma, and Kaposi’s sarcoma, a
complex/hybrid generic drug, and ATI-1123 patented
albumin-stabilized pegylated liposomal docetaxel for multiple solid
tumors. Cytori Cell Therapy™, prepared within several hours with
the proprietary Celution® System and administered to the patient
the same day, has been shown in preclinical and clinical studies to
act principally by improving blood flow, modulating the immune
system, and facilitating wound repair. As a result, Cytori Cell
Therapy™ may provide benefits across multiple disease states and
can be made available to the physician and patient at the
point-of-care. For more information, visit
www.cytori.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements contained
in this release, other than statements of historical fact,
constitute “forward-looking statements.” The words "expects,"
"believes," "potential," "possibly," "estimates," "may," "could"
and "intends," as well as similar expressions, are intended to
identify forward-looking statements. These forward-looking
statements do not constitute guarantees of future performance.
Investors are cautioned that statements which are not strictly
historical statements, including, without limitation, statements
regarding the future achievement of milestones and any associated
payments. Forward looking statements are subject to risks and
uncertainties that could cause our actual results and financial
position to differ materially. Please refer to the risk factors
contained in Cytori’s Securities and Exchange Commission filings
available at www.sec.gov, including without limitation, the
preliminary prospectus relating to the rights offering and Cytori’s
most recent reports on Forms 10-K, 10-Q and 8-K. These
forward-looking statements speak only as of the date made. Cytori
assumes no obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect any changes
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
Cytori Therapeutics, Inc.
Tiago Girao, +1 (858) 458.0900
ir@cytori.com
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