Delaware
|
000-32501
|
33-0827593
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer Identification Number)
|
o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
|
o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
|
CYTORI THERAPEUTICS, INC. | |
Date: March 30, 2007 | By: /s/ Christopher J. Calhoun |
Christopher J. Calhoun | |
Chief Executive Officer |
· |
Initiate
the APOLLO heart attack safety and feasibility
trial
|
· |
Announce
the outcome of the investigator-initiated breast reconstruction safety
and
feasibility study in Japan using the Celution™ System
|
· |
Initiate
a multi-center breast reconstruction efficacy trial in Europe in
patients
who underwent partial-mastectomy
|
· |
Expand
the Celution™ System distribution network for reconstructive surgery
|
· |
Build
out internal Celution™ System manufacturing capabilities to meet
anticipated product demand in early
2008;
|
· |
Pursue
commercialization partners for the Celution™ System in select therapeutic
areas; and
|
· |
Enter
a commercialization or out licensing agreement for adipose stem cell
banking.
|
As of December 31,
|
|||||||
2006
|
2005
|
||||||
Assets
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
8,902,000
|
$
|
8,007,000
|
|||
Short-term
investments, available-for-sale
|
3,976,000
|
7,838,000
|
|||||
Accounts
receivable, net of allowance for doubtful accounts of $2,000 and
$9,000 in
2006 and 2005, respectively
|
225,000
|
816,000
|
|||||
Inventories,
net
|
164,000
|
258,000
|
|||||
Other
current assets
|
711,000
|
621,000
|
|||||
Total
current assets
|
13,978,000
|
17,540,000
|
|||||
Property
and equipment held for sale, net
|
457,000
|
—
|
|||||
Property
and equipment, net
|
4,242,000
|
4,260,000
|
|||||
Investment
in joint venture
|
76,000
|
—
|
|||||
Other
assets
|
428,000
|
458,000
|
|||||
Intangibles,
net
|
1,300,000
|
1,521,000
|
|||||
Goodwill
|
4,387,000
|
4,387,000
|
|||||
Total
assets
|
$
|
24,868,000
|
$
|
28,166,000
|
|||
Liabilities
and Stockholders’ Deficit
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
5,587,000
|
$
|
6,129,000
|
|||
Current
portion of long-term obligations
|
999,000
|
952,000
|
|||||
Total
current liabilities
|
6,586,000
|
7,081,000
|
|||||
Deferred
revenues, related party
|
23,906,000
|
17,311,000
|
|||||
Deferred
revenues
|
2,389,000
|
2,541,000
|
|||||
Option
liabilities
|
900,000
|
5,331,000
|
|||||
Long-term
deferred rent
|
741,000
|
573,000
|
|||||
Long-term
obligations, less current portion
|
1,159,000
|
1,558,000
|
|||||
Total
liabilities
|
35,681,000
|
34,395,000
|
|||||
Commitments
and contingencies
|
|||||||
Stockholders’
deficit:
|
|||||||
Preferred
stock, $0.001 par value; 5,000,000 shares authorized; -0- shares
issued
and outstanding in 2006 and 2005
|
—
|
—
|
|||||
Common
stock, $0.001 par value; 95,000,000 shares authorized; 21,612,243
and
18,194,283 shares issued and 18,739,409 and 15,321,449 shares outstanding
in 2006 and 2005, respectively
|
22,000
|
18,000
|
|||||
Additional
paid-in capital
|
103,053,000
|
82,196,000
|
|||||
Accumulated
deficit
|
(103,460,000
|
)
|
(78,013,000
|
)
|
|||
Treasury
stock, at cost
|
(10,414,000
|
)
|
(10,414,000
|
)
|
|||
Accumulated
other comprehensive income (loss)
|
1,000
|
(16,000
|
)
|
||||
Amount
due from exercises of stock options
|
(15,000
|
)
|
—
|
||||
Total
stockholders’ deficit
|
(10,813,000
|
)
|
(6,229,000
|
)
|
|||
Total
liabilities and stockholders’ deficit
|
$
|
24,868,000
|
$
|
28,166,000
|
For the Years Ended December 31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Product
revenues:
|
||||||||||
Sales
to related party
|
$
|
1,451,000
|
$
|
5,634,000
|
$
|
4,085,000
|
||||
Sales
to third parties
|
—
|
—
|
2,237,000
|
|||||||
1,451,000
|
5,634,000
|
6,322,000
|
||||||||
Cost
of product revenues
|
1,634,000
|
3,154,000
|
3,384,000
|
|||||||
Gross
profit (loss)
|
(183,000
|
)
|
2,480,000
|
2,938,000
|
||||||
Development
revenues:
|
||||||||||
Development,
related party
|
5,905,000
|
—
|
—
|
|||||||
Development
|
152,000
|
51,000
|
158,000
|
|||||||
Research
grants and other
|
419,000
|
320,000
|
338,000
|
|||||||
6,476,000
|
371,000
|
496,000
|
||||||||
Operating
expenses:
|
||||||||||
Research
and development
|
21,977,000
|
15,450,000
|
10,384,000
|
|||||||
Sales
and marketing
|
2,055,000
|
1,547,000
|
2,413,000
|
|||||||
General
and administrative
|
12,547,000
|
10,208,000
|
6,551,000
|
|||||||
Change
in fair value of option liabilities
|
(4,431,000
|
)
|
3,645,000
|
—
|
||||||
Restructuring
charge
|
—
|
—
|
107,000
|
|||||||
Equipment
impairment charge
|
—
|
—
|
42,000
|
|||||||
Total
operating expenses
|
32,148,000
|
30,850,000
|
19,497,000
|
|||||||
Operating
loss
|
(25,855,000
|
)
|
(27,999,000
|
)
|
(16,063,000
|
)
|
||||
Other
income (expense):
|
||||||||||
Gain
on sale of assets
|
—
|
5,526,000
|
—
|
|||||||
Gain
on sale of assets, related party
|
—
|
—
|
13,883,000
|
|||||||
Interest
income
|
708,000
|
299,000
|
252,000
|
|||||||
Interest
expense
|
(199,000
|
)
|
(137,000
|
)
|
(177,000
|
)
|
||||
Other
income (expense), net
|
(27,000
|
)
|
(55,000
|
)
|
15,000
|
|||||
Equity
loss from investment in joint venture
|
(74,000
|
)
|
(4,172,000
|
)
|
—
|
|||||
Total
other income, net
|
408,000
|
1,461,000
|
13,973,000
|
|||||||
Net
loss
|
(25,447,000
|
)
|
(26,538,000
|
)
|
(2,090,000
|
)
|
||||
Other
comprehensive income (loss) - unrealized holding income
(loss)
|
17,000
|
16,000
|
(58,000
|
)
|
||||||
Comprehensive
loss
|
$
|
(25,430,000
|
)
|
$
|
(26,522,000
|
)
|
$
|
(2,148,000
|
)
|
|
Basic
and diluted net loss per common share
|
$
|
(1.53
|
)
|
$
|
(1.80
|
)
|
$
|
(0.15
|
)
|
|
Basic
and diluted weighted average common shares
|
16,603,550
|
14,704,281
|
13,932,390
|