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Cytori Reports First Half And 2nd Quarter 2013 Business And Financial Results

Stocks in this article: CYTX

Cytori Therapeutics (NASDAQ: CYTX) today reports its second quarter 2013 financial results and provides updates on clinical development and commercialization activities.

Total revenue for the six months and quarter ended June 30, 2013 were $6.0 million and $2.3 million, respectively. Net loss for the six months and quarter ended June 30, 2013 were $10.9 million and $3.2 million, respectively.

Milestone Highlights

Cytori’s year-to-date accomplishments include the following:

  • Received FDA approval to expand the ATHENA trial of Cytori’s cell therapy for chronic ischemic heart failure
  • Completed first BARDA objective; substantial progress toward the second objective; final objective underway and is on schedule
  • Entered $15 million agreement to divest Puregraft®; Out-licensed Celution® for Alopecia
  • Restructured term loan resulting in net proceeds of approximately $8 million and deferral of principal payments through June 2014
  • Establishing a nationwide Japanese distribution network for Class 1 Celution® System sales
  • Received approval for the Celution® System in Australia for processing and delivering adipose-derived regenerative cells as well as commercial registration in New Zealand
  • Entered into an agreement to acquire the remaining interest in the Olympus-Cytori Joint Venture, including all manufacturing rights for the Celution® System
  • Awarded three patents, including a methods patent for using adipose-derived regenerative cell therapy for treating renal disease and licensed exclusive rights to a patent related to adipose-derived regenerative cells for the treatment of autoimmune diseases
  • Successfully recruited Dr. Steven Kesten as Executive Vice President and Chief Medical Officer

“During the first six months we have made progress across all of our core business objectives and further sharpened our corporate focus,” said Christopher J. Calhoun, Cytori’s Chief Executive Officer. “We continued patient enrollment in the ATHENA trial and received FDA approval to expand the scope of the ATHENA clinical program, with the initial data to be available in the first half of 2014. We remain on track to qualify for the next phase of our BARDA contract worth up to $56 million in development funding. Our commercial team continued to broaden market access, most recently reflected by the Australian approval and commercial registration in New Zealand, with an initial goal of selling to centers performing investigator-sponsored translational research.”

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