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CYTX Financial performance development
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TOPIC: A Extra 8 million

A Extra 8 million 01 Jul 2013 07:31 #585

  • myownhedgefund
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So how long does 8 million last ???
Not long !

27 million loan
pays off old loan plus a extra 8 million
Almost 600K in warrants at $2.26 for 7 years Interest only for 12 months to possible 18 months.

Sorry...not much time for posting...will stop back later

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A Extra 8 million 01 Jul 2013 07:34 #586

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SAN DIEGO, Jul 01, 2013 (BUSINESS WIRE) -- Cytori Therapeutics (CYTX) entered into a four-year, $27 million term loan with Oxford Finance Corporation and Silicon Valley Bank. The loan provides for an interest-only payment period of at least 12 months with the potential to be extended up to 18 months. Proceeds were used to prepay Cytori's existing loan with GE Capital, Oxford Finance Corporation, and Silicon Valley Bank. The loan was funded in full on June 28, 2013 and matures July 1, 2017. Select terms of the loan include the following: -- Fixed interest rate of 9.75% compared with 9.87% for the prior loan -- Interest-only payments for 12 months followed by 36 equal monthly principal and interest payments -- The interest-only payment period may be extended by six months to January 2014 should Cytori achieve $27 million in 12-month trailing revenues for the period ending June 30, 2014 -- Cytori will issue warrants to Oxford Finance Corporation and Silicon Valley Bank for the right to purchase an aggregate of 596,553 shares of the Company's common stock at an exercise price per share of $2.26 for seven years "We worked closely with our lenders and were able to tailor a new loan that meets our specific needs," said Mark E. Saad, Chief Financial Officer, Cytori Therapeutics. "The loan provides an additional $8 million to help fund our ongoing operations, including clinical trial activities and reduces our near-term cash obligations by approximately $8 million to coincide with anticipated second half revenue growth."

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A Extra 8 million 01 Jul 2013 08:31 #587

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OK...so if we consdier the extra 8 million and the money freed up from the previous loan terms (another 8 million) I see this taking us somewhere into Q1 2014. Not sure this is enough for BARDA money. Will it be enough time to sign a partnership ???

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A Extra 8 million 01 Jul 2013 08:50 #588

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Yes- principally you are correct, but I assume there will be some restrictions again on using some of the cash.

My assumption is that they "bought" another quarter of time to close deals. Ending cash for Q2 will be roughly 15 Mio and if they have not closed a deal by Q3 end something else must come in order not to "endanger" the existence of the Company.

Interesting now will be the timing of the Shareholders meeting. Will they call one before or after a deal?

If without a deal it still will be " a very tense meeting and interesting voting". :grin:

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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:

A Extra 8 million 01 Jul 2013 09:20 #589

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Maybe DOV finally gets one right....he pointed to the next annual meeting for happy news.

That said...I'd be willing to suffer a bit longer to get some ineffective managers removed . Tall order though.

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