Leuven (BELGIUM) - August 26, 2010 - TiGenix (NYSE EURONEXT: TIG) gives an update of its business activities, announces its financial results for the half year ending June 30, 2010 and provides guidance for the full year.
Business Highlights
Commercialization of ChondroCelect®
• European core sales team in place and first pre-reimbursement patients treated
• Pricing and reimbursement applications filed in key countries and discussions advancing
• 5-year ChondroCelect data confirm long-term clinical benefit
• ChondroCelect product and implantation procedure improved
• Partnering discussions for (co)development in the US and commercialization outside Europe ongoing Commercialization of ChondroMimetic(TM)
• ChondroMimetic on track for launch in September 2010
• Pipeline and technology development
• Leveraging biomaterials platform into new projects
• Development of a proprietary adult stem cell platform progressing
• Drug discovery assets leveraged through spin-out into newco Arcarios Growth strategy
• Implementing value creation and leadership strategy Financial Highlights
• Group revenue of EUR 1 million, including EUR 0.3 million ChondroCelect sales
• Cash and cash equivalents of EUR 14.1 million
• Net loss of EUR 7.0 million
