this offers huge potential I will write about in the days following:
Cytori Therapeutics Enters Exclusive Negotiating Rights Agreement with Olympus for Therapeutic Commercialization Collaboration
Thursday February 23, 9:30 am ET
SAN DIEGO--(BUSINESS WIRE)--Feb. 23, 2006--Cytori Therapeutics, Inc. (NASDAQ: CYTX - News; Frankfurt: XMPA - News) announced today it has granted Olympus Corporation an exclusive right to negotiate a commercialization collaboration for the use of adipose stem and regenerative cells for a specific therapeutic area outside of cardiovascular disease. In exchange for this right, Cytori will receive a $1.5 million payment from Olympus.
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As part of this agreement, 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 would be performed using the Celution(TM) System, which achieved European regulatory approval (CE Mark) in January 2006.
"We look forward to expanding our corporate relationship with Olympus," said Christopher J. Calhoun, Chief Executive Officer, Cytori Therapeutics. "We believe the potential for Olympus to obtain commercialization rights for a significant therapeutic area represents a large and attractive opportunity for both companies."
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 preclinical 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 and trends which may affect Cytori Therapeutics' future operating results and financial position. Such statements are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially. Some of these risks and uncertainties are described (under the heading "Risk Factors") in Cytori Therapeutics' Form 10-K annual report for the year ended December 31, 2004 and subsequent SEC filings, which are available through the Company's web site. Cytori Therapeutics assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made. |
