What once generated a fair amount of buzz that a newer, sleeker, more efficient version of the Celution seems to have fizzled. A thread from about 5 months ago, DOV mentioned a release date of Q 1 2016. ***The development of the CTX2 next generation Celution system had earmarked funding from BARDA so progress was not held up due to lack of cash. The last I remember was that CTX2 was on schedule to be introduced in the first quarter of 2016. Therefore, it is not surprising that Cytori would hire someone with that expertise months in advance of the "go live" date.***
I find it curious that the facility where CXT2 was to be manufactured and shipped from, (Wales), is also the same country where Chris Calhoun and Celactive have established roots
The Celactive site has gone silent, and the progress of CXT2 has as well. One could make a case, based on CC's behavior from the past. Any correlation or is Wales a niche location for Stem Cell operations?
More likely Tiago made Hedrick wait for QVC to have a sale bonanza on nutra bullet blenders so they could keep their costs down... Are you kidding me? The only thing confidential is the list of lawyers Rickey emailed to Hedrick just in case there is an inquiry into this abomination of a company. One more dilution and reverse split. Then the real split when the rats leave the ship for good. I'm not bitter. I am convinced.
Have a great weekend my fellow Raccoons. It is what it is. I love you guys and I will miss you when this debacle ends. Maybe we can meet again with a more viable enterprise.
Had a conversation with Hedrick and Tiago. I asked about Ctx 2 and why it was delayed. Was it another Cytx failure. Well yes and no it was a failure to communicate to shareholders so management must be taken to task for that. The delay of Ctx 2 as explained is intentional. There are working proto types and the machine can go in to production when needed. It will not be manufactured at the Deesdale facility, that is just a bakery. The current cellution machine is adequate for all current trials. It has been enhanced with the new software we were told about that has been paid for with BARDA monies. Being that Cellution 1 is being used at Okyanos and all other centers , this strategy is part of the cost cutting. While the answer seemed logical to me I did not understand why shareholders were not given this explanation considering it has been the belief by so many of us that this was holding up revenues and impeding progress. I hope that management decides to convey this in the next call to shareholders rather then depending on me to share this with you.
I believe it was the August call where they mentioned the CTX2 would be ready when needed which I read as for BARDA which itself was pushed back a bit and also a cause of the CTX2 delay. I fully understand their position in this regard as has cash been more precious than ever right now or really the last 18 months. Besides we know CYTX timelines are pure fertilizer.
Until the debt is completely gone we are in survivor mode. Pure and simple.
***Roth, because they can lie to you like that, but cannot do the same in CC...***
Hence the scripted calls cytxer...LOL
Imagine if someone asked a real, quality question !!!!!!!!!!!!!!!
It was not over the phone was face to face with Marc and Tiago along with another investor at my office in NYC. We asked many tough questions. I have not bought a share in quite some time nor will I. As Marc put it I get it your from Missori it's show me time. I assure you our questions were not scripted and we were not lobbing softballs. We were respectful, they did not need to meet with us. Lot's of work to do to get profitable by 2018. Need another 20 million and that is not coming out of my him air. I do not like the inevitable prospect of R/S nor much of anything else that has transpired thus far. We shall see our beds are made. Cyter as to your abused spouse comment, I have two words for you and they are not happy birthday
Yes we did in depth. Lorem Vascular is not the type of deal Cytori would do today, that was a CC style deal. Lorem may very well work out if and only if KT Lim is going to put his money behind it. Oxley's was let go , I assume for financial reasons and has been replaced. The replacement knows the field and the Chinese culture. Lorem is going to have to come to the table with cash if they are to purchase cellution machines as they are today or CTX2 . They are going to have to come to the table in 2016 to keep to satisfy terms of the agreement or it is subject to cancellation. No cash no machines , Tiago reiterated that finance terms like were extended before buying on Cytori financed credit is not an option. I would consider a breach of that clarification to destroy the credibility of our conversation. I choose to take them on there word. Tiago is sharp , his credibility is TBD
Is it fair to say Cytori is pissed at KT Lim for selling the stock on the day of the Chinese approval announcement? The SEC filing followed a few days later and the stock plummeted causing the stock offering to be priced at $.77 instead of the expected $1.25 or so. Now Cytori is demanding cash-in-advance for all contractual purchases, which are 50 Celution systems in each of the next three years plus 50 consumables per celution device or 2,500 consumables in each of the next three years. The initial sale is at the transfer price which is at cost. Then Cytori gets 30% of the gross profit when Lorem sells the devices to a hospital or clinic and gets paid for the sale.
NOTE: this means the profit margin on the top line sales to Lorem will be zero. This will drag down the overall gross margins and is a watch out for those who study income statements.
It is conceivable that Lorem could lose their license.
I would surmise they are not happy about the sale, as the results speak for themselves. I did not ask that specific question. Lim needs to open the purse strings and not be so cheap if he is to drive this technology. While the Chine culture is somewhat corrupt when it comes to doing business payoffs and the like, I don't think paying off some Chinese official is going to open the floodgates, though it surely would not hurt. The tech has to work and LV needs to be committed to this project. Firing Oxley was not a good move in Cytori's management opinion, however, he has not generated meaningful results for Cytori or Lorem so based on that fact alone I can't say I disagree if his replacement makes something happen. With results to date produced by Lorem and perception (truth,reality) that KT is a real esate guy and what the hell does he know about stem cells, loosing the license and Cytori finding a real partner could be a good thing. Hope it happens quickly although I would prefer to see Lorem successful just to save some time and generate some revenue. KT although cheap can't be stupid so if he see's an opportunity one would hope he takes advantage so he can make some money back. If not he is just like the rest of us who have lost big time. He has lost bigger then all of us. I hope Cytori learned as they said that this type of deal with this type of partner is not a mistake they will make again,in the sense of making a deal for the sake of making a deal with a partner that is ill prepared to add value. Management says that is why they would not be looking to make a deal with CC in his venture, unless they bring a real organization and cash to the table. On that front I am not so sure, not about making a deal but that there is something not kosher going on behind the scenes and I fear tech could be lost to one or some of the X Cytori bandit's out there freelancing. Marc seems to not be opposed to stepping down in favor of a more experienced CEO but in reality who want's the job aboard this ship that is taking on water. Tiago seems to be bailing as fast as he can so hopefully he can bail faster then the water level rises and either, Sceloderma , Japan, a white knight or God rides in to the rescue. Rickey, I think is probably the that is doing us shareholders the most harm, with his perceived contempt for shareholders based on his actions. Rickey and whomever it was that advised Marc to release that OA announcement as it came out. I am disappointed that Marc has not done more to get the right message out there and correct the record. I suggested to them the use of social media, perhaps a you tube video or a message from our CEO on the web page explaining what is really going on. On the other hand perhaps the report was accurate. Cytori needs to go on the offensive, if this ship is going down then before it does the best money spent would be on some really great PR
From the way it appears to me KT Lim (who does not know the pharma/biotech industry) has made a major mistake in the so-called CYTX business venture.
He has not been willing to put new money into something he does not know. I think he sold the CYTX shares and used the money to buy several celution systems and consumables (contractual obligations), to facilitate Lorem cash flow in China, to use the cash for other uses (while both Australian dollar and real estate market have not been doing well ).
I think Lorem's business in China may not do well - very hard to break in. They may not be able to fulfill future purchasing agreement.
If Lorem would lose the CYTX license, does it return to CYTX? (Who holds the Chinese FDA approval rights?) If so, does it mean HARRIS can then start selling CYTX products there out of Japan.
Was told they fulfilled 2015 obligations, waiting on 2016. That is where question is, are they going to come up with dollars to pay for machines or default on agreement and license returns toCytori.