SAN DIEGO, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Cytori Therapeutics (NASDAQ:CYTX) (“Cytori” or the “Company”) today announced a substantial
corporate restructuring intended to significantly reduce expenses while maintaining its ability to execute on its BARDA-sponsored
cell therapy program, Japanese business and oncology program. The Cytori Habeo program for scleroderma is expected to move forward
based on feedback from its forthcoming meetings with the FDA in the U.S. and PMDA in Japan. The restructuring is expected to reduce
Cytori’s workforce by approximately 50% and significantly reduce quarterly operational cash burn.
“Our need to conserve capital and focus our talented team on the priorities most relevant for stockholders and
other key stakeholders has sadly required us to take action that will affect a number of valued and capable members of the Cytori
team,” said Dr. Marc H. Hedrick, Cytori’s President & CEO. “In addition, we have engaged TAP Advisors to help us evaluate several
potential opportunities the company has that could enhance our ability to create value for stockholders.”
The Company and its advisors, TAP Advisors, will consider a range of options aimed at enhancing shareholder
value, including a sale of the Company, a reverse merger, a business combination or a sale, license or other disposition of
corporate assets of the Company, as well as potential opportunities to raise capital in the shareholder’s best interest.
About Cytori Therapeutics
Cytori is a therapeutics company developing regenerative and oncologic therapies from its proprietary cell therapy and nanoparticle
platforms for 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. Cytori Nanomedicine™ is developing liposome encapsulated
therapies for regenerative medicine and oncologic indications. For more information, visit www.cytori.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding events, trends and business prospects, which
may affect Cytori’s future operating results and financial position. Such statements, include, but are not limited to, statements
regarding, the potential to reduce expenses, the ability to continue to progress the BARDA-sponsored cell therapy program and the
potential to engage in any strategic transactions. These statements are subject to risks and uncertainties that could cause
Cytori’s actual results and financial position to differ materially. Some of these risks and uncertainties include: the risk that
the cost and other negative effects related to the workforce reduction may be greater than anticipated; the risk that Cytori may
not realize the benefits expected from the workforce reduction or other cost control measures; the risk that Cytori may need
additional funds to conduct its operations, and that investors may not agree with the manner in which Cytori allocates its
resources; unexpected or unfavorable clinical data, and the risk that regulatory agencies may interpret or weigh the importance of
data differently and reach different conclusions than Cytori, request additional information, have additional recommendations or
change their guidance or requirements; the timing, success and cost of Cytori’s research and development and related strategy and
decisions; Cytori’s ability to comply with the terms of its credit agreement and the potential for acceleration of amounts owed to
its secured lender; the potential for litigation or other disagreements with third parties; and other risks and uncertainties
described under the “Risk Factors” section in Cytori's Securities and Exchange Commission filings on Form 10-K and Form 10-Q.
Cytori assumes no responsibility to update or revise any forward-looking statements contained in this press release to reflect
events, trends or circumstances after the date of this communication.
Investor Contact: Tiago Girao ir@cytori.com Cytori Therapeutics, Inc. 1-858-458-0900