Ascendiant Downgrades Cytori Therapeutics As ATHENA Trials Are Put On Hold
Ascendiant Capital lowered its Buy rating to Hold on Cytori Therapeutics (NASDAQ: CYTX).
Ascendiant Capital mentioned that the ATHENA trials were put on clinical hold:
“The Company has announced that it has placed enrollment in the ATHENA and ATHENA II trials on clinical hold. This decision was based on a safety review that reported cerebrovascular events had occurred in 3 patients enrolled in the ATHENA study.”
Ascendiant Capital also mentioned that a secondary capital offering will be necessary for Cytori to stay solvent:
“Cytori Therapeutics ended Q1 2014 with $12.8 MM in cash. This compares to $22 MM at the end of 2013. We believe that the company will need to raise additional cash in the future. Now that the ATHENA studies are on hold, we would anticipate that R&D expense will decrease, which should reduce the cash burn from operation, which lately has been around $9 MM per quarter.”
Cytori Therapeutics were last trading at $1.67, down 20.48 percent.
Latest Ratings for CYTX
|Aug 2014||Ascendiant Capital||Downgrades||Buy||Hold|
|Mar 2013||Roth Capital||Initiates Coverage on||Buy|
|Feb 2013||Ascendiant Capital||Initiates Coverage on||Buy|
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