Cytori Enters Binding Letter of Intent for StemSource(R) Cell Bank Sales for Singapore
Cytori Therapeutics (NASDAQ:CYTX) entered into a Binding Letter of Intent to complete a StemSource(R) Cell Bank sales agreement with Astrea International. Astrea has committed to purchase one StemSource Cell Bank for Singapore following receipt of regulatory clearance in Singapore on a pending application on the use of the Celution(R) System for tissue banking. In addition, Astrea has obtained rights from Cytori to commercialize additional StemSource Cell Banks in Malaysia and Brunei.
“The StemSource Cell Bank will allow patients in Singapore to affordably store their own stem and regenerative cells,” said Dr. Ivan Puah of Astrea. “There is a significant opportunity to target the growing private-pay surgical market in Singapore, and there is increasing demand for cosmetic and reconstructive surgery procedures. We believe cell banking will play an integral role in this industry, as patients will be able to store cells from one procedure so that they may receive them in future procedures.”
The StemSource Cell Bank is a comprehensive product offering, which allows companies or hospitals to economically process and store their clients’ adipose tissue-derived stem and regenerative cells for potential future use. The foundation of the cell bank is Cytori’s Celution 900 System, which automates the processing of stem and regenerative cells from adipose tissue to facilitate cryopreservation.
The StemSource Cell Bank is being marketed on Cytori’s behalf to hospitals in Japan, Korea, Taiwan, and Thailand exclusively by Green Hospital Supply (GHS). In addition, Cytori is commercializing the StemSource Cell Bank directly in Europe and the Middle East and additional countries in Asia.
Cytori’s (NASDAQ:CYTX) goal is to be the global leader in regenerative medicine. The company is dedicated to providing patients with new options for reconstructive surgery, developing treatments for cardiovascular disease, and banking patients’ adult stem and regenerative cells. The Celution(R) 800 System is being introduced in Europe into the reconstructive surgery market while the Celution(R) 900 System will be launched in Japan for cryopreserving a patient’s own stem and regenerative cells. Clinical trials are ongoing in cardiovascular disease and planned for spinal disc degeneration, gastrointestinal disorders, and other unmet medical needs. www.cytoritx.com
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This press release includes forward-looking statements regarding events, trends and business prospects, which may affect our future operating results and financial position. Such statements 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 our 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 the “Risk Factors” in Cytori’s Securities and Exchange Commission Filings. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.