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Biotech / Medical : Cytori Therapeutics, Inc.
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From: SnowShredder12/7/2010 11:36:34 AM
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CYTORI ENTERS STRATEGIC EQUITY DEAL WITH ASTELLAS PHARMA; TO SELL $10 MILLION IN EQUITY AT $7.00 PER SHARE

ir.cytoritx.com

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CYTORI ENTERS STRATEGIC EQUITY DEAL WITH ASTELLAS PHARMA; TO SELL $10 MILLION IN EQUITY AT $7.00 PER SHARE
SAN DIEGO, CA and TOKYO -- (MARKET WIRE) -- 12/07/10 -- Cytori Therapeutics (NASDAQ: CYTX) and Astellas Pharma Inc. have entered into a strategic equity agreement to evaluate the potential of adipose derived stem and regenerative cells for the treatment of serious illnesses for which there is no fundamental treatment. Astellas will purchase approximately 1.43 million unregistered shares of Cytori common stock at $7.00 per share for net proceeds to Cytori of $10 million. As part of the agreement, Cytori granted Astellas the following additional rights:

Two year right of first refusal for a worldwide research, development and/or commercialization partnership using Cytori's products and technologies in the treatment of liver disease;
Non-voting observer seat on Cytori's board-of-directors; and
Participation in a newly formed scientific advisory board.
Per this agreement, Cytori and Astellas will further explore a collaboration for an advanced regenerative drug technology. The premium equity purchase will further support Cytori's ongoing clinical and commercial activities. The transaction is expected to close around December 13, 2010, subject to customary closing conditions.
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