Cytori Therapeutics Receives $1.5 Million Payment for the Option Granted to Olympus to Negotiate a Therapeutic Commercialization Collaboration
Wednesday April 26, 9:30 am ET
SAN DIEGO--(BUSINESS WIRE)--April 26, 2006--Cytori Therapeutics, Inc. (NASDAQ:CYTX - News; Frankfurt:XMPA - News) announced today it has received a $1.5 million payment for the option it granted to Olympus Corporation for the exclusive right to negotiate an adipose-derived stem and regenerative cell commercialization collaboration. The collaboration would include distribution rights to the Celution(TM) System and related one-time use cartridges for a specific therapeutic area outside of cardiovascular disease.
As part of the agreement signed in February 2006, Olympus will conduct market research and pilot clinical studies in collaboration with Cytori over a 12 to 18 month period for the therapeutic area. The studies will be performed using the Celution(TM) System, which achieved European regulatory approval (CE Mark) in January 2006.
The Celution(TM) System is designed to automate the proprietary process and methods developed by Cytori scientists to isolate and concentrate a high yield of autologous (a patient's own) stem and regenerative cells without the need for cell culture (repeated cell divisions). The Celution(TM) System can process whole adipose tissue into isolated and concentrated stem and regenerative cells from start to finish in approximately one hour.
About Cytori Therapeutics
Cytori Therapeutics, Inc. (NASDAQ:CYTX - News; Frankfurt:XMPA - News) is discovering and developing proprietary cell-based therapeutics utilizing adult stem and regenerative cells derived from adipose tissue, also known as fat. The Company's investigational therapies target cardiovascular disease, spine and orthopedic conditions, gastrointestinal disorders and new approaches for aesthetic and reconstructive surgery. To facilitate processing and delivery of adipose stem and regenerative cells, Cytori has developed its proprietary Celution(TM) System to isolate and concentrate a patient's own stem and regenerative cells in about an hour. This system will dramatically improve the speed in which personalized cell-based therapies can be delivered to patients.
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 and expected continuing losses, the need for further financing, our ability to develop and commercialize regenerative cell-based therapies, our dependence on third parties, our ability to obtain, defend and enforce our intellectual property, 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, 2005 and subsequent SEC filings, which will be available through our web site. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made. |
