- Companies to Jointly Target $1 Billion Market Opportunity -
August 14, 2007, San Diego, Calif. and Osaka, Japan – Cytori Therapeutics (NASDAQ: CYTX; Frankfurt: XMPA) and Green Hospital Supply, Inc. (TYO: 3360), have partnered to commercialize Cytori's StemSource™ cell bank, which includes Cytori's Celution™ System, to hospitals throughout Japan. The partnership marks the first commercial introduction of the Celution™ System and will target a market opportunity estimated at more than $1 billion.
"Our StemSource™ cell bank is a comprehensive automated platform that incorporates the Celution™ System and related disposables to provide a turnkey stem and regenerative cell banking operation for almost any hospital or clinic in Japan," said Christopher J. Calhoun, CEO, Cytori Therapeutics.
Under the agreement, Green Hospital Supply will be the exclusive Japanese provider of both the StemSource™ banking platform and the Celution™ System for stem and regenerative cell banking. Cytori retains exclusive rights for both products in other countries. Revenues from all related product sales will be shared equally between Cytori and Green Hospital Supply.
"Stem cell banking is an underserved market in Japan, which is the second largest medical market in the world," said Kunihisa Furukawa, President, Green Hospital Supply. "Cytori's products coupled with Green Hospital Supply's market leadership in the supply, outfitting and management of more than 350 Japanese hospitals, makes this a compelling opportunity for both companies. We intend to begin introduction of these products by the first quarter of 2008, with a goal of installing cell banks in 250 hospitals by 2011."