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Ascendiant Downgrades Cytori Therapeutics As ATHENA Trials Are Put On Hold

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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

Dec 2016B. RileyInitiates Coverage OnBuy
May 2015Ascendiant CapitalInitiates Coverage onBuy
Aug 2014Ascendiant CapitalDowngradesBuyHold

View More Analyst Ratings for CYTX
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Posted-In: Ascendiant CapitalAnalyst Color News Downgrades Health Care Analyst Ratings Movers General


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