CYTX and Astellas Pharma Inc. have entered into a strategic equity agreement to evaluate the potential of adipose derived stem and regenerative cells for the treatment of serious illnesses for which there is no fundamental treatment.
- Astellas will purchase approximately 1.43M unregistered shares of CYTX common stock at $7.00 per share for net proceeds to Cytori of $10M.
As part of the agreement, Cytori granted Astellas the following additional rights:
- Two year right of first refusal for a worldwide research, development and/or commercialization partnership using CYTX’s products and technologies in the treatment of liver disease;
- Non-voting observer seat on Cytori’s board-of-directors with participation in a newly formed scientific advisory board;
- Per this agreement, CYTX and Astellas will further explore collaboration for an advanced regenerative drug technology;
- The premium equity purchase will further support CYTX’s ongoing clinical and commercial activities;
- The transaction is expected to close around 12/13/10, subject to customary closing conditions.
Astellas Pharma Inc., located in Tokyo Japan, is a pharmaceutical company dedicated to improving the health of people around the world through the provision of innovative and reliable pharmaceuticals. Astellas has approximately 16,000 employees worldwide. The organization is committed to becoming a global category leader in Urology, Immunology & Infectious Disease, Neuroscience, DM Complications & Metabolic Diseases, and Oncology. For more information on Astellas Pharma, www.astellas.com/en