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TheStreet Open House

Cytori Enters $27 Million Term Loan With Oxford Finance Corporation And Silicon Valley Bank

Third bullet point in release should read: The interest-only payment period may be extended by six months through January 2015 (sted The interest-only payment period may be extended by six months to January 2014)

The corrected release reads:

CYTORI ENTERS $27 MILLION TERM LOAN WITH OXFORD FINANCE CORPORATION AND SILICON VALLEY BANK

Cytori Therapeutics (NASDAQ: CYTX) entered into a four year, $27 million term loan with Oxford Finance Corporation and Silicon Valley Bank. The loan provides for an interest-only payment period of at least 12-months with the potential to be extended up to 18-months. Proceeds were used to prepay Cytori’s existing loan with GE Capital, Oxford Finance Corporation, and Silicon Valley Bank. The loan was funded in full on June 28, 2013 and matures July 1, 2017.

Select terms of the loan include the following:

  • Fixed interest rate of 9.75% compared with 9.87% for the prior loan
  • Interest-only payments for 12-months followed by 36 equal monthly principal and interest payments
  • The interest-only payment period may be extended by six months through January 2015 should Cytori achieve $27 million in 12-month trailing revenues for the period ending June 30, 2014
  • Cytori will issue warrants to Oxford Finance Corporation and Silicon Valley Bank for the right to purchase an aggregate of 596,553 shares of the Company’s common stock at an exercise price per share of $2.26 for seven years

“We worked closely with our lenders and were able to tailor a new loan that meets our specific needs,” said Mark E. Saad, Chief Financial Officer, Cytori Therapeutics. “The loan provides an additional $8 million to help fund our ongoing operations, including clinical trial activities and reduces our near-term cash obligations by approximately $8 million to coincide with anticipated second half revenue growth.”

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