The subscriptions totaled approximately 17,700 units (approximately 77% oversubscribed), and participants are expected to be reduced pro-rata to the total offering size of 10,000 units.
Rights Offering Oversubscribed by more than 75%
SAN DIEGO, Nov. 24, 2017 (GLOBE NEWSWIRE) -- Cytori Therapeutics (NASDAQ:CYTX) (“Cytori” or the “Company”), announced today that the subscription period for its previously announced rights offering (the “Offering”) of units at a subscription price of $1,000 per unit expired on November 21, 2017, and these rights are no longer exercisable.
The subscriptions totaled approximately 17,700 units (approximately 77% oversubscribed), and participants are expected to be reduced pro-rata to the total offering size of 10,000 units. Preliminary estimates indicate that the Company will be raising the full gross proceeds of $10 million in the Offering. The results of the oversubscribed Offering and Cytori’s estimates regarding the aggregate gross proceeds of the Offering to be received by Cytori are subject to finalization and verification by its subscription agent.
Cytori anticipates that closing of the Offering will occur on or about November 28, 2017, subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, by way of direct registration in book-entry form or through the facilities of DTC, as applicable, shares of its Series B convertible preferred stock and warrants to holders of rights who have validly exercised their rights and paid the subscription price in full. No physical stock or warrant certificates will be issued to such holders.
Maxim Group LLC acted as dealer-manager for the Offering. Laidlaw & Company (UK) Ltd. acted as financial advisor to Cytori in connection with the Offering.
If you have questions about the Offering, please contact Broadridge Corporate Issuer Solutions, Cytori’s information agent for the Offering, by calling (855) 793-5068 (toll-free); or Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: syndicate@maximgrp.com or telephone (212) 895-3745.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cytori’s registration statement on Form S-1 was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 2, 2017. The prospectus, the prospectus supplement no. 1 thereto dated November 14, 2017, and all of Cytori’s SEC filings may be found in the Investor Relations section of Cytori’s website at ir.cytori.com.
About Cytori
Cytori is a late stage cell therapy company developing autologous cell therapies from adipose tissue to treat a variety of medical conditions. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori’s proprietary technologies and products. For more information visit www.cytori.com.
Cautionary Note Relating to Forward-Looking Statements
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements contained in this release, other than statements of historical fact, constitute “forward-looking statements.” The words “expects,” “believes,” “potential,” “possibly,” “estimates,” “may,” “could” and “intends,” as well as similar expressions, are intended to identify forward-looking statements. These forward-looking statements do not constitute guarantees of future performance. Investors are cautioned that statements which are not strictly historical statements, including, without limitation, statements regarding the anticipated gross proceeds from the Offering and the expectation to close the Offering on the timeframe described are forward looking statements. Forward looking statements are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks include the ability to satisfy all closing conditions for the Offering, the receipt of the subscription price from investors, Cytori’s general financial condition (including cash runway, Cytori’s ability to access additional capital to fund its business, and its expectation that Cytori will continue to incur losses at least in the near-term); clinical and regulatory uncertainties (including conduct and results of clinical trials and investigator-initiated clinical trials using our technology, and challenges in obtaining and maintaining regulatory clearances and approvals for Cytori products); market acceptance of Cytori’s technologies, including introduction of superior technologies into Cytori’s anticipated markets; Cytori’s ability to compete with larger, better financed competitors; dependence on third party clinical investigators, suppliers and manufacturers; Cytori’s ability to commercialize and sell products; Cytori’s abilities to maintain compliance with NASDAQ listing standards; Cytori’s compliance with laws, rules and regulations applicable to its business; Cytori’s ability to attract and retain skilled personnel; Cytori’s volatile stock price; and Cytori’s ability to protect and expand its intellectual property rights, and other risks and uncertainties described under the “Risk Factors” in Cytori’s Securities and Exchange Commission Filings. These forward-looking statements speak only as of the date made. Cytori assumes no obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. You should, however, review additional disclosures we make in our registration statement on Form S-1 for the Offering, as well as our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Cytori Therapeutics, Inc.
Tiago Girao, +1 (858) 458.0900
