BASKING RIDGE, N.J., May 15, 2017 (GLOBE NEWSWIRE) -- Caladrius Biosciences, Inc. (NASDAQ:CLBS) (“Caladrius” or the “Company”), a cell therapy company with a therapeutic development pipeline focused on immune modulation and select cardiovascular conditions as well as a subsidiary, PCT, a development and manufacturing partner for the cell therapy industry, announces financial results for the three months ended March 31, 2017.
Highlights of the 2017 first quarter and recent weeks
PCT:
- Entered into a definitive agreement with Hitachi America (Hitachi) whereby Hitachi will purchase Caladrius’ remaining 80.1% ownership interest in PCT for $75 million in cash, subject to potential adjustments based on PCT’s cash and outstanding indebtedness as of the closing of the sale, and a potential future milestone payment.
- The shareholder vote on the transaction will take place on May 16, 2017.
- The Company’s Board of Directors and management team encourage all shareholders to vote in favor of the transaction.
CLBS03:
- Received initial funding of $5.7 million from the California Institute for Regenerative Medicine (CIRM) as funding support for the Company’s Phase 2 clinical trial of CLBS03, an investigational cell therapy being evaluated as a treatment for recent onset type 1 diabetes (the Sanford Project: T-Rex Study). The CIRM grant is an aggregate award of up to $12.2 million, payable upon the achievement of certain milestones.
- A $620,000 research grant from the Juvenile Diabetes Research Foundation was awarded to Benaroya Research Institute at Virginia Mason to support the extensive immune-profiling of CLBS03 as part of the ongoing Phase 2 T-Rex Study. Although the grant was awarded to Benaroya Research Institute, the funds will offset Company costs otherwise payable to Benaroya on a dollar-for-dollar basis.
- Opened eight additional clinical sites in the Phase 2 T-Rex Study including Yale University School of Medicine, Joslin Diabetes Center, an affiliate of Harvard Medical School, UCSF Benioff Children’s Hospital San Francisco, Children’s Mercy Hospital, the University of Miami Diabetes Research Institute, Vanderbilt University Hospital, University of Florida Diabetes Institute and the Harold Schnitzer Diabetes Health Center at Oregon Health & Sciences University.
Management Commentary
