Cytori Therapeutics, Inc
Cytori Therapeutics, Inc: Cytori Therapeutics Reports Second Quarter Results; Provides Update on Recent Developments and Commercialization Plans
Cytori Therapeutics, Inc. / Half Year Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Cytori Therapeutics (NASDAQ: CYTX; Frankfurt: XMPA) reports financial
results for the quarter ended June 30, 2007 and provides an update on
recent developments and plans for commercialization.
Reconstructive Surgery
A targeted International launch is planned for the Celution™ System in 2008
for the reconstructive surgery market. The RESTORE II breast reconstruction
post-marketing study is scheduled to begin in Europe in 2007. This
multi-center study will include approximately 70 patients. It is intended
to support reimbursement for reconstruction of soft tissue following a
partial mastectomy (lumpectomy) in breast cancer patients.
Partnerships were recently formed with established and proven healthcare
distributors in Belgium, Greece, Israel, Italy, Luxembourg, Portugal,
Spain, Taiwan, and The Netherlands. Cytori intends to continue to
selectively expand its distribution network. In parallel, Cytori is
building out its internal manufacturing capabilities so that the Company
will be able to meet anticipated demand starting in 2008 and until such
time as the Olympus-Cytori Joint Venture begins manufacturing the Celution™
System.
Cardiovascular Disease
Cytori’s 36 patient PRECISE trial, which is investigating adipose-derived
regenerative cells processed via the Celution™ System in patients suffering
from chronic myocardial ischemia, started in Europe in January. Enrollment
of the first 12 patients at the lowest cell dose is complete.
Cytori’s 48 patient APOLLO trial, which will investigate adipose-derived
regenerative cells processed via the Celution™ System in heart attack
patients, is expected to begin shortly. The company is awaiting customary
protocol review and approvals. Following initiation, Cytori expects to
quickly add a second clinical trial center to accelerate enrollment.
Cell Banking
Cytori entered into a partnership to commercialize Cytori’s StemSource™
cell bank, which includes Cytori’s Celution™ System, to hospitals
throughout Japan. Green Hospital Supply will be the exclusive
commercialization partner in Japan of the StemSource cell bank. Cytori and
Green Hospital Supply are jointly planning the marketing campaign and
making preparations for manufacturing and commercialization. Green Hospital
Supply intends to begin selling StemSource cell banks by the first quarter
of 2008. Revenues from all related product sales will be shared equally
between Cytori and Green Hospital Supply.
Financials
Cash, cash equivalents and short term investments were $26.6 million as of
June 30, 2007, compared to $24.5 million as of March 31, 2007. Development
revenues for the quarter and six months ended June 30, 2007 were $1.8
million and $1.9 million compared to $63,000 and $894,000 for the same
periods in 2006.
General and administrative expenses for the quarter and six months ended
June 30, 2007 were $3.4 million and $6.6 million, compared to $3.6 million
and $6.8 million for the same periods in 2006, respectively. Research and
development expenses for the quarter and six months ended June 30, 2007
were $4.4 million and $9.4 million, compared to $6.0 million and $11.2
million in the same periods in 2006. The decline in research and
development for the second quarter and six months ended June 30, 2007 is
attributable to lower costs associated with preclinical studies, which were
partially offset by clinical trial-related expenses.
Net loss for the quarter and six months ended June 30, 2007 was $4.0
million, or $(0.17) per common share and $12.7 million, or $(0.58),
compared to a net loss of $7.3 million, or $(0.47) and $14.8 million or
$(0.95) per common share for the same periods in 2006.
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Information and Explaination of the Issuer to this News:
‘Cytori’s three key initiatives this year are to gear up for our 2008
targeted European launch of the Celution™ System for reconstructive surgery
market, to advance our cardiovascular disease product pipeline, and to
prepare to launch our Celution™ System-based cell bank in Japan,’ said
Christopher J. Calhoun, chief executive officer. ‘Significant progress has
been made across all areas this year.’
‘To be able to target multiple large markets, we must continue to
effectively manage our cash resources ahead of our planned product launches
and resulting revenues,’ said Mark E. Saad, chief financial officer. ‘The
balance sheet has strengthened year-over-year and we expect to
continue to minimize our reliance on the capital markets where possible
through anticipated strategic transactions.’
DGAP 14.08.2007
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Language: English
Issuer: Cytori Therapeutics, Inc.
6740 Top Gun Street
92121 San Diego, CA
Vereinigte Staaten von Amerika
Phone: 001-858 / 736 5485
Fax: 001-858 / 458 0994
E-mail: sbacher@cytoritx.com
Internet: www.cytoritx.com
ISIN: US23283K1051
WKN: A0ETV6
Indices: PRIMEALL, TECHALLSHARE
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Düsseldorf
End of News DGAP News-Service
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