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TOPIC: New From Maxim

New From Maxim 03 Feb 2014 09:16 #1279

  • rothco619
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Maxim Jason Kolbert Issues New Report this am. Old news surely will have no impact but posting for information value. Not not if coming from JK weather that is an oxymoron.






EQUITY RESEARCH

COMPANY UPDATE

Max4CLogo



Cytori Therapeutics, Inc. Buy

(CYTX – NASDAQ – $2.66)

Cytori Picks up a Fast Indication: Hamstring Injury

Ø Cytori received Investigational Device Exemption (IDE) approval from the FDA to begin a prospective clinical trial to evaluate the safety and feasibility of Cytori Cell Therapy as a potential treatment for hamstring injuries. The trial, referred to as RECOVER, will begin as a 10-patient, open-label study in 2014. Following a 90-day assessment of the first 10 patients, Cytori is approved by the FDA to expand RECOVER to a multi-dose, multi-center, double-blind, placebo-controlled trial.

Ø “POC” in a related indication exists today! This news was first released on January 13, 2014 (while we were at JP Morgan). What’s valuable is that Pluristem (PSTI - $3.94 - Buy) released compelling P1 data (the following week) in muscle injury (as a result of hip replacement surgery). The data demonstrated “proof of concept.” What impressed us was the quality of the trial (the design and execution) of the study, as well as the outcome: a statistically significant value (p=0.0067) at the primary endpoint (at the intermediate dose level).

Ø Cytori’s RECOVER trial will evaluate patients with Grade II tears of the hamstring muscle. RECOVER will initially enroll 10 patients in the United States. The first 10 patients will be given one of two doses of cell therapy (open-label), with the first five patients receiving the lower dose and the second five patients receiving the higher dose. Once the safety and feasibility of administering the therapy is confirmed in the first 10 patients (Part A), Cytori has the option to expand RECOVER to include an additional 60 patients in the multi-center, double-blind, placebo-controlled phase of the trial (Part B). The 60 patients would be divided into three groups of 20 patients. Patients in the three groups will receive a lower dose, a higher dose, or the placebo. The study will assess safety and tolerability and evaluate the effect of the cells on how fast the muscle tear heals (ultrasound and MRI), muscle strength, muscle function, and pain. The timeline to complete the first phase of the study will be provided once the trial is initiated and Cytori is able to forecast enrollment.

Ø Conclusion: We believe Cytori is now moving to create additional indications with very clear endpoints that will help drive commercialization of Cellution.

Ø Valuation. Basing the valuation on our assumptions in CMI (we expect 2020 EPS of $11.04) and discounting back at 30% yields a $10 price target.





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New From Maxim 03 Feb 2014 12:13 #1283

  • fas
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Thanks Michael-

Rich mailed me the file- anybody wants it?

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:
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