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Cytori Therapeutics, Inc. (CYTX) Receives Notice Of Intent To Exercise First Contract Option From Biomedical Advanced Research and Development Authority (BARDA)


7/7/2014 10:16:54 AM

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SAN DIEGO--(BUSINESS WIRE)--Cytori Therapeutics (NASDAQ: CYTX) has received preliminary written notice of intent to exercise ‘Option 1’ of the Company’s contract with the Biomedical Advanced Research and Development Authority (BARDA), a division of the U.S. Department of Health and Human Services.

Cytori was awarded a contract with BARDA in September 2012 for the development of Cytori Cell Therapy for thermal burns combined with radiation injury worth up to $106 million. On June 10th Cytori presented data generated during the Base Period of the contract at an In-Process Review (IPR) meeting to a panel of representatives from BARDA, the Department of Defense, the Center for Disease Control, the Food and Drug Administration, and the National Institute of Health. Receipt of this notice demonstrates that this panel has determined that Cytori has accomplished the goals of the Base Period to the government’s satisfaction. These goals involved preclinical studies, preliminary design and development of Cytori’s next generation Celution® System, and an assessment of Cytori’s technology in tissue samples from burn patients. Based on this notification, Cytori and BARDA are in negotiations on the specifics for the additions to the Statement of Work to be executed in the Option 1 period which will extend the contract to September 2016. It is anticipated that this process will take several weeks. Cytori will announce the contract details as soon as completed.

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