Cytori closes public offering to fund ongoing corporate activities
For Immediate Release
May 8, 2015
SAN DIEGO, CA – WBB Securities acted as placement agent to a transaction for Cytori Therapeutics, a clinical-stage biopharmaceutical company focused on discovering and developing autologous cell therapies from adipose tissue to treat a variety of medical conditions. The Company raised $19.4 million through the offering which closed on May 8, 2015 (the Initial Closing). Subject to receipt of any required stockholder approval pursuant to the rules of the Nasdaq Stock Market and the restructure of our outstanding debt under our loan agreement, Cytori expects to complete a second closing in which it intends to sell additional stock having gross proceeds of $5.6 million (the Second Closing).
Upon completion of the total offering, the Company will have raised $25 million in net cash proceeds from the offering. Cytori intends to use a portion of the proceeds to refinance existing debt, and the remaining portion for general corporate purposes, including working capital, capital expenditures, research and development and debt service.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall 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 the registration or qualification under the securities laws of any such state or other jurisdiction.
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About Cytori
Cytori Therapeutics 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.
