Lorem Vascular and Cytori Therapeutics have joined together for a pharma licensing deal to commercialize Cytori Cell Therapy in China.
Cytori Therapeutics and Lorem Vascular announced a partnership to commercialize Cytori Cell Therapy for the cardiovascular, renal and diabetes markets in China, Hong Kong, Malaysia, Singapore and Australia.
Lorem Vascular committed to pay up to $531 million in license fees, opening product purchase commitments and Cytori equity purchases.
Cytori Cell Therapy is derived from the Company’s Celution System, which enables access to a patient’s own adipose-derived regenerative cells at the point-of-care.
Lorem Vascular will pay up to $500 million in fees for a 30-year exclusive license to Cytori Cell Therapy for all indications in the licensed territories in the form of revenue milestones.
Lorem Vascular agrees to purchase the Cytori Celution System and consumables under a product supply agreement.
Cytori will receive $24 million in exchange for 8 million shares of Cytori common stock at $3.00 per share.
Lorem Vascular will order $7 million in Celution devices and consumables with a $2 million order placed immediately and a $5 million order to be placed following regulatory approval in China.
Lorem and Cytori have implemented a regulatory plan in China and anticipate approval in 2014.
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