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TOPIC: BARDA - Relief Trial

BARDA - Relief Trial 25 Dec 2018 07:01 #12424

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BARDA - Relief Trial 25 Dec 2018 20:49 #12425

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thanks Rongside for the PP file. Amazing you could find this. Wondering how these last four days will play out. They could get an extension or just simply waiting for the end. I still see the cytori sign on the street in SD and know there were a few folks lleft on site. But it’s getting late and even I’m starting to wonder. Eventually stem cells will rule one day and I say this as someone who works in drug discovery. But they need either a late year miracle French data release or extension. Otherwise all is for naught now. Hope everyone had a merry Christmas in the lodge. thanks Fas!

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BARDA - Relief Trial 26 Dec 2018 05:26 #12426

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For those who are no regular Lodge visitors and do not know what this is all about-

On August 31, 2018, Cytori Therapeutics, Inc. (the “Company”) entered into a third amendment (the “Third Amendment”) to its existing Loan and Security Agreement, dated May 29, 2015 (the “Loan Agreement”), with Oxford Finance LLC (“Oxford”), as collateral agent, and the lenders party thereto, including Oxford. The Third Amendment extends the interest-only period under the Loan Agreement to December 31, 2018.
The Third Amendment also requires that the Company pay to each lender, in accordance with its pro rata share of the loans, 75% of all proceeds received (i) from the issuance and sale of unsecured subordinated convertible debt, (ii) in connection with a joint venture, collaboration or other partnering transaction, (iii) in connection with any licenses, (iv) from dividends (other than non-cash dividends from wholly owned subsidiaries) and (v) from the sale of any assets (such requirement, the “Prepayment Requirement”). The Prepayment Requirement does not apply to proceeds from the sale and issuance of the Company’s equity securities, other than convertible debt. The Prepayment Requirement shall apply until an aggregate principle amount of $7,000,000 has been paid pursuant to the Prepayment Requirement. However, if less than $7,000,000 has been paid pursuant to the Prepayment requirement on December 31, 2018 then the Company is required to promptly make additional payments until an aggregate principal amount of 7,000,000 has been paid.
Additionally, the Third Amendment requires that the Company pay an amendment fee of $50,000 at the earlier of the prepayment, maturity or acceleration of the loan.
The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Third Amendment, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.


Yes-we are getting close to D-Day and it is about time that Cytori makes an announcement of the likely outcome :whistle:

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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:

BARDA - Relief Trial 26 Dec 2018 10:14 #12427

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Looking back on Q3 transcript, one optimistic scenario is that they have enough cash to avoid BK till early 2019 with a extension of say 1 month. If good french data possible to pay off chunk of debt through dilution. Maybe even partnership for generic oncology drug if markets unfreeze for a bit.
Otherwise hard to figure out way forward. Can't believe we are in this boat with UI data, drug stability data in next six months and maybe BARDA finally dosiing FIH. debt is so tough and a lesson to me for future investing.

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BARDA - Relief Trial 27 Dec 2018 08:40 #12428

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Yes- I find it all very strange, that we did not hear anything so far.
From a strictly financial view, Cytori has an asset, which normally should have significant excess value above the 4 Mio required.

Cytori KK has been self-sufficient for some time i.e. they do make a small profit. Their market is growing and recently received Class III device status. Combine that with a clinic which is supported by MHLW in Japan and is measurable i.e. has not the placebo "danger", in a land -Japan- where regenerative medicine is "in", I would consider it negligence from Cytori´s management perspective, if something dreadful would happen.

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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:

BARDA - Relief Trial 27 Dec 2018 09:18 #12429

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Fas, thinking last night if the optimistic scenario since we know the other option is that they have about 7MM in cash at end of Q3 and can survive into 1q 2019. Ship 1MM from Bimini to Oxford plus 1MM cash leaving the first all or nothing to survive on as a going concern. At least Oxford gets some cash and can wait if willing to extend
Perhaps sell asset also as you suggest. I appreciate your explanations about Cytori KK and it's value in Japan with the regen laws. They are more open than US as you and others have indicated. The Japanese pharma are super conservative but good data will trump that in Japan. The saga continues till filings...

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