Cytori Therapeutics, Inc
Cytori Therapeutics, Inc: Cytori Reports 2006 Fourth Quarter and Year-End Results; Reviews 2006 Progress and Provides 2007 Outlook
Cytori Therapeutics, Inc. / Final 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 and year ended December 31, 2006, reviews 2006
progress, and provides 2007 outlook.
Cash, cash equivalents and short term investments were $12.9 million as of
December 31, 2006. Subsequent to the end of the year, Cytori raised $20
million from an equity offering and entered into an agreement to raise $6
million as part of a strategic equity agreement with Green Hospital Supply,
Inc.
Total development revenues for the quarter and year ended December 31, 2006
were $5.2 million and $6.5 million, respectively, compared to $235,000 and
$371,000, respectively, for the same period in 2005. The increase in
development revenues in the fourth quarter and full year 2006 is due to the
recognition of deferred revenue related to the Olympus-Cytori Joint Venture
by achieving certain regulatory, preclinical development and Celution™
System development milestones. Product revenues from our non-core
biomaterials products for the quarter and year ended December 31, 2006 were
$363,000 and $1.5 million, respectively, compared to $858,000 and $5.6
million for the same periods in 2005.
Research and development expenses for the quarter and year ended December
31, 2006 were $5.2 million and $22.0 million, respectively, compared to
$4.9 million and $15.5 million, respectively, for the same periods in 2005.
The increase in R&D for the full year 2006 is attributed to additional
preclinical studies, preparations for upcoming clinical trials, increased
Celution™ System development expenses to attain regulatory approvals, and
internal scale-up for manufacturing of devices and consumables for clinical
trials.
General and administrative expenses for the quarter and year ended December
31, 2006 were $2.5 million and $12.5 million, respectively, compared to
$2.2 million and $10.2 million, respectively, for the same periods in 2005.
Net loss for the quarter and year ended December 31, 2006 was $1.9 million,
or $(0.10) per common share, and $25.4 million, or $(1.53) per common
share. This compares to a net loss of $14.4 million, or $(0.96) per common
share and $26.5 million, or $(1.80) per common share, respectively, for the
same periods in 2005.
Cytori anticipates achieving the following milestones in 2007:
• Initiate the APOLLO heart attack safety and feasibility trial
• Announce the outcome of the investigator-initiated breast reconstruction
safety and feasibility study in Japan;
• Initiate a multi-center breast reconstruction efficacy trial in Europe in
patients who underwent partial-mastectomy;
• Expand the Celution™ System distribution network for reconstructive
surgery
• Build out internal Celution™ System manufacturing capabilities to meet
anticipated product demand in early 2008;
• Pursue commercialization partners for the Celution™ System in select
therapeutic areas; and
• Enter a commercialization agreement for adipose stem cell banking
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Information and Explaination of the Issuer to this News:
2006 Review
‘In 2006 we made significant strides toward commercializing the Celution™
System in early 2008,’ said Christopher J. Calhoun, chief executive officer
for Cytori. ‘This included the first clinical experience for the Celution™
System as part of a breast reconstruction safety and feasibility study,
attaining key regulatory milestones and adding critical design components
to tailor the Celution™ System to reconstructive surgery.
‘In addition, we laid extensive groundwork to start two cardiovascular
disease clinical trials. This included the completion of important
preclinical research that helped us design and implement controlled,
randomized dose-escalation studies. Our PRECISE chronic heart disease trial
began enrollment in January 2007 and our APOLLO acute heart attack trial is
expected to receive approval and begin enrolling patients next quarter.’
2007 Outlook
‘Our major 2007 initiatives are to prepare for commercialization, execute
strategic partnerships and advance our cardiovascular products through
clinical development,’ added Mr. Calhoun. ‘We believe the buildup to our
2008 product launch can significantly increase Cytori’s intrinsic value as
we get closer to generating regenerative medicine product revenues.’
Conference Call Information
The management of Cytori Therapeutics will host a conference call today at
10:00 a.m. Eastern Daylight Time (EDT) or 4:00 p.m. Central European Summer
Time (CEST). The conference call will be webcast live and may be accessed
under ‘Events & Webcasts’ in the Investor Relations section of the
Company’s website at http://www.cytoritx.com. The archived version of the
webcast will be available two hours after the call on the company’s website
and accessible for 14 days. A telephone replay will be available for one
week. To access the replay, please call +1 (303) 590-3000 (PIN: 11086131#).
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events,
trends and prospects of our business, which may affect our future operating
results and financial position. Such statements are subject to risks and
uncertainties that could cause our actual results and financial position to
differ materially. Some of these risks and uncertainties include our
history of operating losses, the need for further financing, regulatory
uncertainties, dependence on performance of third parties, and other risks
and uncertainties described (under the heading ‘Risk Factors’) in Cytori
Therapeutics’ Form 10-K annual report for the year ended December 31, 2006.
We assume no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the date they
are made.
DGAP 30.03.2007
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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
www: www.cytoritx.com
ISIN: US23283K1051
WKN: A0ETV6
Indices: PRIMEALL, TECHALLSHARE
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin-Bremen, Stuttgart, München, Düsseldorf
End of News DGAP News-Service
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