Cytori Receives $12 Million For The First Installment From The Lorem Vascular Partnership Equity Agreement

Cytori Therapeutics (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 “ Webcasts” section of the Company's Investor Relations website.

About Cytori

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.

Copyright Business Wire 2010

If you liked this article you might like

Biotech Movers: Red Hill Jumps After Securing Rights Sell GERD Treatment

Pharma Bro Martin Shkreli Awaits Jury Decision in Fraud Case

Cytori Therapeutics Stock Sliding on Offering Price Discount

GNC Plummets, Mallinckrodt Regains Ground Ahead of Market's Open

Insider Trading Alert - SUNE, NRIM And CYTX Traded By Insiders