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TOPIC: New controller, Titus gone, becomes advisor etc etc

New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 10:00 #12984

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Filing earlier today-

On July 1, 2019, the Cytori Therapeutics, Inc. (the “Company”) commenced restructuring activities, including reducing combined staffing in its Texas and California facilities by 46% overall, reducing its office space in San Diego, CA and streamlining and outsourcing its operations to better focus on its drug pipeline, in particular ATI-1123, in order to extend the Company’s cash resources. As a result, the Company expects to incur a restructuring charge of approximately $71,000 in connection with one-time employee termination costs, including severance and other benefits, which costs are expected to be incurred primarily in the third quarter of 2019. The Company is not yet able to make a determination of each other major type of cost associated with the restructuring. The estimates of costs that the Company expects to incur and the timing thereof are subject to a number of assumptions and actual results may differ from initial estimates.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 5, 2019, Gary Titus notified the Company of his intention to resign from his position as Chief Financial Officer and Secretary. He will remain with the Company in a part time role as an advisor. His resignation as Chief Financial Officer and Secretary and transition to a part time advisory role will be effective immediately. Mr. Titus’ departure as Chief Financial Officer is not due to a dispute or disagreement with the Company or the Company’s auditors.
On July 5, 2019, the board of directors of the Company (the “Board”) approved the appointment of Alan Lins to succeed Mr. Titus as the Company’s Vice President of Finance and Controller and Mr. Lins will serve as the Company’s principal financial and accounting officer effective immediately. Mr. Lins’ base salary will be $215,000 per year and he will be eligible for an annual incentive bonus with a target amount of 30% of his base salary. There are no family relationships among any of the Company’s directors and executive officers. Mr. Lins does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Alan Lins joined us as Corporate Controller and Director of Finance in July 2015. Mr. Lins joined us from Graham Holdings, Inc., a publicly-held company, where he last served as Corporate Audit Sr. Manager from October 2013 to June 2015. Prior to joining Graham Holdings, Inc., Mr. Lins served as Senior Manager, Assurance at Ernst & Young, LLP for over 15 years. Mr. Lins is a certified public accountant with over 25 years’ experience in the accounting and finance.

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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:

New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 10:04 #12985

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hmm...

to better focus on its drug pipeline, in particular ATI-1123


What about that other product that should save suffering Europeans from their cancer and is close to the end of stability testings?? ATI-0891 or something?

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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:

New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 10:37 #12986

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Fas,

Sure looks like Cytori is on their last legs. I wonder when the debt holders will come in and end this. There is no reason to continue to pay Marc Hedrick his generous compensation package anymore. That amount is coming directly out of the lender's pocket. If you have the time, take a look at Athersys.

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New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 10:44 #12987

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Wall Street Titan wrote: Fas,

Sure looks like Cytori is on their last legs. I wonder when the debt holders will come in and end this. There is no reason to continue to pay Marc Hedrick his generous compensation package anymore. That amount is coming directly out of the lender's pocket. If you have the time, take a look at Athersys.


Let´s state this nicely- I am not an investor in regenerative stocks any longer. It is like Don Quichotte fighting the wind mills.

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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:

New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 11:50 #12988

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Fas...why was Cytori ever able to by the Avaya assets for the price they did vs a more established company ? That was a red flag from the beginning imho !!!

WST...good point on Oxford et al, however, as long as Cytori makes the interest payments I don't know that they can.

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New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 12:07 #12989

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myownhedgefund wrote: Fas...why was Cytori ever able to by the Avaya assets for the price they did vs a more established company ? That was a red flag from the beginning imho !!!


That is obvious- it ultimately provided Azaya=Cytori with a Nasdaq listing (which is now in jeopardy) which is worth multiples of the Azaya assets and do not forget the tax loss carry forward.

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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:

New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 12:35 #12990

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I don't buy it.
Sure, its one explanation of why cytori and Avaya got together but doesn't explain why a bigger generic drug maker wasn't interested and could have easily out bid Cytori. I am sure Cytori had some dreams here but it also allowed one more carrot to keep investor money coming in, as the always 1-2 years away story needed new blood because everything kept failing. Not only every attempt at advanced trials but the sales ramp in Japan, the Bahamas, The other travel darling India, Philippines, the China deal, the Assuie's and everyone in the USA being able to sell their stem products besides us. I am sure I left out plenty. Anyone remember if we failed in Antarctica ?
Now we are going to be a lung CA company.
I am with you on not investing in the stem cell story in general Fas but Avita still holds a slight interest for me as a trade. Never had a position in Avita but its on my watch list still.

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New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 14:37 #12991

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The "stem cell story" may be over for CYTX, but is far from being over at many other companies including ATHX - imo there is still a great future in stem cell therapy! :yep:

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New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 14:50 #12992

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hedge- surely you do not remember Franshei´s writings that Azaya was about to be bought by a Chicago entity, until that entity got swallowed by a bigger shark.
For DD to have to start all over when money is short by the initial investor is a benign opportunity for "fallen angels" like Cytori to provide an alternative scenario.

And whatever you say- Franshei knew his pharmacological business,

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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:

New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 15:07 #12993

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fas wrote: hedge- surely you do not remember Franshei´s writings that Azaya was about to be bought by a Chicago entity, until that entity got swallowed by a bigger shark.
For DD to have to start all over when money is short by the initial investor is a benign opportunity for "fallen angels" like Cytori to provide an alternative scenario.

And whatever you say- Franshei knew his pharmacological business,

/

I miss Franshei posting - he was a good guy - yes, he knew his pharma business - strange that he totally disappeared - wonder if there was some conflict of interest issue??

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New controller, Titus gone, becomes advisor etc etc 05 Jul 2019 16:06 #12994

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Oh I completely remember the story on Azaya.
If you want to believe the only option in all of pharma was $2 million of cash and assumption of $2 million in debt by Cytori that's fine. I don't !!!
$4 million is NOTHING. So why the pass by other BIG Pharma is the question ? They will blow over $4 million in perks alone this weekend. At that time they were talking about being the #2 generaic and hundreds of millions potential in sales.
Most of those who were big on the deal...like DOV and franschi are long gone. Its certainly not worth our time now as its long in the past.
The real question is why the drop of 0981 in the commentary ???
Are they going to try to completely sell the rights ?
They realized they cant bring it to market for one reason or another ?
Cytori sloppy as ever ?
IMHO, the reason also doesn't matter, as again, current shareholders will not benefit.
This companies fate was set 2 years ago this month and big red flags on viability started 2 years before that with the failure knee OA.

Have a great weekend everybody !!! :yep:

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New controller, Titus gone, becomes advisor etc etc 06 Jul 2019 06:14 #12995

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myownhedgefund wrote: Oh I completely remember the story on Azaya.
If you want to believe the only option in all of pharma was $2 million of cash and assumption of $2 million in debt by Cytori that's fine. I don't !!!
$4 million is NOTHING. So why the pass by other BIG Pharma is the question ? They will blow over $4 million in perks alone this weekend. At that time they were talking about being the #2 generaic and hundreds of millions potential in sales.
Most of those who were big on the deal...like DOV and franschi are long gone. Its certainly not worth our time now as its long in the past.
The real question is why the drop of 0981 in the commentary ???
Are they going to try to completely sell the rights ?
They realized they cant bring it to market for one reason or another ?
Cytori sloppy as ever ?
IMHO, the reason also doesn't matter, as again, current shareholders will not benefit.
This companies fate was set 2 years ago this month and big red flags on viability started 2 years before that with the failure knee OA.

Have a great weekend everybody !!! :yep:

/

HF, very insightful post.

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New controller, Titus gone, becomes advisor etc etc 06 Jul 2019 11:55 #12997

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Hedge is right. Every July for the third year unhappy surprises.

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