Bimini Technologies, Cytori deal
Cytori entered into a three-part deal with Bimini, a newco focused on global aesthetics market, related to its Puregraft and Celution products. Cytori divested to Bimini its assets related to Cytori's Puregraft product line in exchange for a $5 million upfront payment plus up to $10 million in potential commercial milestones. Puregraft, a device that facilitates autologous adipose tissue transfer for aesthetic body contouring, is marketed in the U.S., Europe and Asia. Cytori is responsible for obtaining CE Mark approval in the EU and 510(k) clearance in the U.S. for its Puregraft 50 product.
Cytori also granted Bimini exclusive, worldwide rights to the Celution system for alopecia. The device is used to process and purify adult stem and regenerative cells from adipose tissue. Bimini is responsible for development and commercialization, and Cytori is eligible for royalties. Bimini also received an exclusive option to license Celution products worldwide for the aesthetics market. The option expires Dec. 31. ...