(NASDAQ: CYTX) has received the first $12 million installment from the equity agreement with newly formed Lorem Vascular. The equity agreement is part of Cytori’s partnership announced earlier this week with Lorem Vascular to commercialize Cytori Cell Therapy for the cardiovascular, renal and diabetes markets in China, Hong Kong, Malaysia, Singapore and Australia. Under the terms of the equity agreement, Cytori will receive $24 million in exchange for 8 million shares of Cytori common stock at $3.00 per share in two installments. The second $12 million payment will be made before the end of the year.
Cytori’s management will discuss the Lorem Vascular partnership today, November 7, as part of its quarterly results and business update at 5:00 PM Eastern Time. The dial-in information is as follows:
| Dial-In Number: +1.877.402.3914
| Conference ID: 95080960
The webcast will be available both live and by replay two hours after the call in the “
” section of the Company's Investor Relations website.
Cytori Therapeutics is developing cell therapies based on autologous adipose-derived regenerative cells (ADRCs) to treat cardiovascular disease and other medical conditions. Our scientific data suggest ADRCs improve blood flow, moderate the inflammatory response and keep tissue at risk of dying alive. As a result, we believe these cells can be applied across multiple “ischemic” conditions. These therapies are made available to the physician and patient at the point-of-care by Cytori’s proprietary technologies and products, including the Celution System product family.