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TOPIC: "Celebrating" 10 years of Term Sheets and LOI´s...

"Celebrating" 10 years of Term Sheets and LOI´s... 19 Nov 2016 09:57 #8068

  • fas
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On November 14 2006 Cytori issued its Q3 results for that year and held a conference call, which was kind of unique.
Unique since it was not the usual prepared statements, but several prepared statements based on shareholders questions, which (of course) almost all centered around cash.

Below is what was in the announcement:
San Diego, CA, November 14, 2006 – Cytori Therapeutics, Inc. (NASDAQ: CYTX; Frankfurt: XMPA) announces financial results for the quarter ended September 30, 2006 and reports progress in its development of adipose stem cells in cardiovascular disease and for use in reconstructive surgery.
"During the third quarter Cytori moved significantly closer to initiating its cardiovascular clinical trials," said Christopher J. Calhoun, Chief Executive Officer of Cytori Therapeutics. "The first trial is expected to start before year end in patients suffering from chronic ischemia, a severe form of coronary artery disease and the heart attack trial is expected to begin in early 2007.
Additionally, Cytori expanded its commitment to using adipose stem cells in breast reconstruction post mastectomy and radiation therapy. This is another significant as well as near-term product opportunity for Cytori. It represents an ideal entry into the broader aesthetic and reconstructive surgery market." Select milestones that Cytori achieved during and subsequent to the end of the third quarter include the following:
● Cytori was informed of the completion of enrollment of the RESTORE investigator-initiated study in Japan using adipose stem cells, which were processed using Cytori's stem cell processing system, to treat the complication of surgery and radiation damage following partial mastectomy
● Authored a review on the opportunity for adipose stem cells in cosmetic and reconstructive surgery
● Received U.S. 510(K) regulatory clearance on the Celution™ Cell Concentration System as a cell saver device by the FDA's Center for Devices and Radiological Health (CDRH)
● Raised approximately $16.8 million from the sale of 2,918,255 shares at $5.75 per share


Despite raising almost 17 Mio $ shareholders were really concerned with cash, since Cytori had about 140 employees and expenditures exceeding 2 Mio per month quite handily.
Calhoun calmed the investors mainly by promising (for the first time) "at least one partnership" and it was clear what the target was- Mentor, which Company was selling breast implants and had a urology business. The former Mentor Sales VP at Cytori recruited many distributors globally to sell Cytori products, which also marketed Mentor products, which distributors are now all gone...:bye:

We know what happened- Cytori/Celution was moved from a regulatory perspective from the CDRH to CBER and Celution device approval stalled. Mentor was taken over by J&J.

Anyway- I do not consider the Green Hospitals, Astellas and Lorem Vascular arrangements, therapeutic app deals. They are all , haleluya- apres moi la deluge- deals, but surely there have been many term sheets and LOI´s signed in the past.

Hopefully we will find out one day, just how many- since we have such a promising technology, which is so screwed up by managers who look at their purse first and do not think about shareholders period.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

"Celebrating" 10 years of Term Sheets and LOI´s... 19 Nov 2016 11:58 #8069

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That's 10 years ago (scary that we have made so little progress) - interesting to think where CYTX might be today if not for the CDRH/CBER change and if the Mentor partnership took place.

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"Celebrating" 10 years of Term Sheets and LOI´s... 20 Nov 2016 08:29 #8070

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rodney.strongg wrote: That's 10 years ago (scary that we have made so little progress) - interesting to think where CYTX might be today if not for the CDRH/CBER change and if the Mentor partnership took place.


On the one side, it was pretty tough from a regulatory perspective, if you are not a clear drug, like all that allo stuff. So- Cytori had to deal with a lot of uncertainty which as of today- 10 years later- is still not solved by the FDA/CBER.

I can only say- boobs or breast augmentation, was never a good app in my view, especially after I learned that it was a tedious procedure with fat droplets, which could take up to 4 hours or more. Too labor intensive. Reconstruction or repairing damages from radiation, lymphedema etc make more sense.
On top of that- 510K or device class 2 approval (instead of class 3- PMA- that Cytori is working with right now) would have triggered massive copy devices through the replicate device process. That never made much sense and therefore the Mentor partnership neither. Deals with partners on genuine unmet need apps should have been possible by the dozen. The results from Investigator Initiated Trials have proven that wholeheartedly in the past 10 years. :bash:

But first one has to get some clinical data- a fact Cytori ignored to a major degree.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:
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