Cytori Therapeutics, Inc. (CYTX) Consolidates European Operations To Newly Opened Welsh Manufacturing Facility
9/2/2014 11:15:13 AM
SAN DIEGO--(BUSINESS WIRE)--Cytori Therapeutics (NASDAQ: CYTX) has consolidated its EU operations to a new European office combined with a manufacturing facility in Deeside, Wales, UK. Relocation of Cytori’s European offices from Switzerland to Wales and the expansion of manufacturing capabilities to the EU should reduce manufacturing costs over time and may facilitate broader regulatory approvals around the world.
Cytori’s Welsh office will house EU-based customer service and will be increasingly responsible for ongoing manufacturing of current and future products sold in the EU and other markets such as China. The next generation Celution® System, currently in development in San Diego, will also be manufactured in the UK.
The consolidation to Wales has also positioned Cytori to receive a number of government incentives. These incentives, part of the Welsh Government’s program to attract new business investment, are valued at up to £450,000 over several years and include property tax relief and defraying labor costs for a specified term. Cytori’s Welsh office has completed the required medical device manufacturing certification audits, including those for ISO13485 and ISO 9001.
The news has been warmly welcomed by Welsh Economy Minister Edwina Hart, who said, “I am delighted to welcome Cytori to Wales where they will establish their European headquarters. This is another significant boost for the life science sector in Wales and builds on the growing expertise within Wales in cell therapy and regenerative medicine.”
On September 18th, Cytori will be honored to mark the official opening of the new facility with a ceremony that will be presided over by Carwyn Jones, the First Minister of Wales.
About Cytori Therapeutics
Cytori Therapeutics is developing cell therapies based on autologous adipose-derived regenerative cells (ADRCs™) to treat cardiovascular disease and other medical conditions. Our scientific data suggest ADRCs™ improve blood flow, modulate the inflammatory response and rescue tissue at risk of dying. As a result, we believe these cells can be applied across multiple “ischemic” conditions. These therapies are made available to the physician and patient at the point-of-care by Cytori’s proprietary technologies and products, including the Celution® System product family. www.cytori.com
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements regarding events, trends and business prospects, which may affect our future operating results and financial position. Such statements, including, but not limited to, those regarding potential cost savings and the facilitation of regulatory approvals, are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks and uncertainties include dependence on third party performance, regional labor markets, regulatory uncertainties, as well as other risks and uncertainties described under the “Risk Factors” section in Cytori’s Securities and Exchange Commission Filings on Form 10-K and Form 10-Q. Cytori assumes no responsibility to update or revise any forward-looking statements contained in this press release to reflect events, trends or circumstances after the date of this communication.
Megan McCormick, +1-858-875-5279
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