SAN DIEGO, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Cytori Therapeutics, Inc. (CYTX) announced today it has received a milestone payment of $1.0 million from Bimini Technologies, LLC (Bimini). The payment is a result of Bimini achieving the first $10.0 million in gross profits for previous divestiture of the Puregraft® product line.
In 2013, Cytori entered into a Sale and Exclusive License/Supply Agreement with Bimini, pursuant to which Cytori sold to Bimini selected assets relating to Cytori’s Puregraft® product line, a series of standalone fat transplantation products that were developed to improve the predictability of outcomes for autologous fat grafting and aesthetic body contouring.
Bimini may also be obligated to make certain additional milestone payments to Cytori (in an aggregate amount of up to $10.0 million), contingent upon future achievement of certain milestones relating to Bimini’s gross profits from sales of the Puregraft products. The aggregate value of the consideration paid by Bimini to Cytori at the execution of the agreement in July 2013 was $5.0 million.
About Cytori Therapeutics
Cytori is developing, manufacturing, and commercializing nanoparticle-delivered oncology drugs and autologous adipose-derived regenerative cell (ADRC) therapies within its Nanomedicine™ and Cell Therapy™ franchises, respectively. Cytori Nanomedicine™ is focused on the liposomal encapsulation of anti-neoplastic chemotherapy agents, which may enable the effective delivery of the agents to target sites while reducing systemic toxicity. The Cytori Nanomedicine™ product pipeline consists of ATI-0918 pegylated liposomal doxorubicin hydrochloride for breast cancer, ovarian cancer, multiple myeloma, and Kaposi’s sarcoma, a complex/hybrid generic drug, and ATI-1123 patented albumin-stabilized pegylated liposomal docetaxel for multiple solid tumors. Cytori Cell Therapy™, prepared within several hours with the proprietary Celution® System and administered to the patient the same day, has been shown in preclinical and clinical studies to act principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy™ may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care. For more information, visit www.cytori.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements contained in this release, other than statements of historical fact, constitute “forward-looking statements.” The words "expects," "believes," "potential," "possibly," "estimates," "may," "could" and "intends," as well as similar expressions, are intended to identify forward-looking statements. These forward-looking statements do not constitute guarantees of future performance. Investors are cautioned that statements which are not strictly historical statements, including, without limitation, statements regarding the future achievement of milestones and any associated payments. Forward looking statements are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Please refer to the risk factors contained in Cytori’s Securities and Exchange Commission filings available at www.sec.gov, including without limitation, the preliminary prospectus relating to the rights offering and Cytori’s most recent reports on Forms 10-K, 10-Q and 8-K. These forward-looking statements speak only as of the date made. Cytori assumes no obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Cytori Therapeutics, Inc.
Tiago Girao, +1 (858) 458.0900