Cytori Receives $12M First Installment from Lorem Vascular Partnership Equity Agreement

Cytori Therapeutics

has received the first $12 million installment from the equity agreement with newly formed Lorem Vascular. The equity agreement is part of Cytori's partnership announced earlier this week with Lorem Vascular to commercialize Cytori Cell Therapy for the cardiovascular, renal and diabetes markets in China, Hong Kong, Malaysia, Singapore and Australia. Under the terms of the equity agreement, Cytori will receive $24 million in exchange for 8 million shares of Cytori common stock at $3.00 per share in two installments. The second $12 million payment will be made before the end of the year. Cytori's management will discuss the Lorem Vascular partnership today, November 7, as part of its quarterly results