Cytori Therapeutics, Inc. (CYTX) Divests Puregraft® Products, Licenses Celution® for Alopecia and Options Broader Aesthetic Market Rights
7/31/2013 9:42:30 AM
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SAN DIEGO--(BUSINESS WIRE)--Cytori Therapeutics (NASDAQ: CYTX) has entered into a $15 million three-part agreement with Bimini Technologies and its affiliates, Puregraft Technologies and Kerastem Technologies. First, Cytori has sold global manufacturing and commercialization rights for the Puregraft® product line. In exchange, Cytori has received a $5 million upfront payment and will receive up to an additional $10 million from commercial milestones related to future Puregraft® sales. In addition, Bimini has acquired global, exclusive rights to commercialize the Celution® System for Alopecia (Hair Field). Under the commercial agreement, Bimini will be responsible for all clinical studies, regulatory approvals and market development activities for Alopecia and will pay Cytori perpetual royalties on sales. Finally, Bimini has acquired an exclusive option to license Celution® products for the global aesthetics market. The option is effective until December 31, 2013.
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