SAN DIEGO--(BUSINESS WIRE)--Cytori Therapeutics, Inc. (NASDAQ:CYTX) closed and received net proceeds from the definitive agreements the Company entered into on March 10, 2009 to raise $10 million, before placement agent fees and offering expenses. Cytori offered the securities in this transaction pursuant to an effective shelf registration statement.
The funds will be used for sales and marketing activities related to the commercialization of the Celution® System and consumables as well as other related and complementary products, for ongoing clinical studies of the Celution® System for breast reconstruction and cardiovascular disease, for ongoing research and development to support the Company’s products and its pipeline development, and for general working capital.
Prior to the closing of this financing, as described in Cytori’s Form-10K filed with the Securities and Exchange Commission on March 6, 2009, the Company’s auditors issued an audit opinion that includes a matter of emphasis paragraph relating to the Company’s ability to continue as a going concern. Due to the closing of the financing subsequent to the issuance of the auditor’s opinion, Cytori has substantially improved its cash position, which the Company believes may fund its operations through at least 2009 as described in the liquidity and capital resources discussion of its Form-10K.
The offering was made only by means of a prospectus. Copies of the final prospectus supplement and accompanying base prospectus relating to the offering can be obtained from Cytori’s Investor Relations Department at 3020 Callan Rd., San Diego, CA 92121, or from the U.S. Securities and Exchange Commission’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Cytori
Cytori Therapeutics, Inc. manufactures, develops, and internationally commercializes innovative medical technologies, which allow physicians to practice regenerative medicine. Commercial activities are currently focused on marketing the Celution® cell processing system and related family of products across three areas. The first is cosmetic and reconstructive surgery in Europe and Asia-Pacific. The second is to fulfill the demand among physicians in Europe and Asia Pacific for access to clinical grade stem and regenerative cells. The third is to market the Celution®-based StemSource® Cell Bank worldwide to hospitals and tissue banks so they can in turn offer patients the opportunity to cryopreserve their own adipose-derive stem and regenerative cells. The Company’s development pipeline includes applications for cardiovascular disease, renal failure, orthopedic damage, gastrointestinal disorders, and pelvic health conditions, among others. www.cytoritx.com
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events, trends and business prospects, which may affect Cytori’s future operating results and financial position. Such statements, including, but not limited to, those regarding the anticipated closing of the offering and the anticipated use of the net proceeds from the offering, are subject to risks and uncertainties that could cause Cytori’s actual results and financial position to differ materially. Some of these risks and uncertainties include Cytori’s history of operating losses, the need for further financing, regulatory uncertainties regarding the collection and results of, clinical data, dependence on third party performance, and other risks and uncertainties described under “Risk Factors” in Cytori’s Securities and Exchange Commission Filings, including its annual report on Form 10-K for the year ended December 31, 2008. 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 press release.
