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Girao gone 18 Mar 2019 16:47 #12681

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Whatever that means....:whistle:

On March 15, 2019, Tiago Girao notified Cytori Therapeutics, Inc. (the “Company”) of his intention to resign from his position as Chief Financial Officer and Secretary, to pursue another opportunity. He will remain with the Company as its Chief Financial Officer and Secretary through March 31, 2019. Mr. Girao’s departure is not due to a dispute or disagreement with the Company or the Company’s auditors.
On March 15, 2019, the board of directors of the Company (the “Board”) approved the appointment of Mr. Gary Titus to succeed Mr. Girao as the Company’s Chief Financial Officer effective April 1, 2019 and subject to certain employment procedures. Mr. Titus’ base salary will be $309,000 per year and he will be eligible for an annual incentive bonus with a target amount of 40% of his base salary. Additionally, upon approval by the Board, Mr. Titus is expected to be granted an option to purchase 138,000 shares of the Company’s common stock under the amended and restated Cytori Therapeutics, Inc. 2014 Equity Incentive Plan, with an exercise price equal to the fair market value of the Company’s common stock on the date of grant, which option would vest monthly over one year.
Mr. Titus, age 59, has more than 20 years of business experience in the healthcare and biopharmaceutical industries, primarily in senior management and Board of Directors roles. Prior to his appointment as our Chief Financial Officer, from 2015 to 2018, Mr. Titus was the Chief Financial Officer of UroGen Pharma LTD where he built the US operations and led the IPO for this international company on Nasdaq in 2017. Prior to that from 2014 to 2015, Mr. Titus held the position of Chief Financial Officer of BioCardia, Inc. From 2008 to 2013, Mr. Titus was Senior Vice President and Chief Financial Officer at SciClone
Pharmaceuticals, Inc. From 2006 to 2008, Mr. Titus was Senior Vice President of Finance and Chief Financial Officer at Kosan Biosciences, Inc. From 2003 to 2006, he was Chief Financial Officer and Vice President at Nuvelo, Inc. Earlier in his career, Mr. Titus held a variety of positions at other companies, including Metabolex, Inc., Intrabiotics Pharmaceuticals, Inc. and Johnson & Johnson’s healthcare division, LifeScan, Inc. Mr. Titus has been a member of the board of directors of ImmunoCellular Therapeutics, Ltd. since December 2012 and was appointed chairman in September 2015. Mr. Titus holds a B.S. in Accounting from the University of South Florida and a B.S. in Finance from the University of Florida. Mr. Titus also completed the Global BioExecutive Program at the University of California Berkeley’s Haas School of Business.

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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:

Girao gone 18 Mar 2019 18:59 #12682

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Tiago was a pro in a losing situation that a CFO could not fix

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Girao gone 18 Mar 2019 19:46 #12683

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Well, not before churning the volume today...who wants to bet it was to raise some more money because I question if they even had 309K (new CFO's base salary) of cash left before today.

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Girao gone 18 Mar 2019 22:44 #12684

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myownhedgefund wrote: Well, not before churning the volume today...who wants to bet it was to raise some more money because I question if they even had 309K (new CFO's base salary) of cash left before today.


Question is Hedge, who is doing the churning? More than four times the average volume and up 14%, Yeah 3 cents but still a 14% increase. Can’t be a bunch retail guys getting together and saying “let’s pump it up today”. Someone is definitely in the driver seat on this.

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Girao gone 19 Mar 2019 01:52 #12685

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b7
We will never know...LOL
It does look like about 650K of the volume was traded off NASDAQ though.
Not sure what a normal % of volume for CYTX is in other markets as I follow more for amusement than the few remaining shares I have.

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Girao gone 19 Mar 2019 05:10 #12686

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fas wrote: Whatever that means....:whistle:

On March 15, 2019, Tiago Girao notified Cytori Therapeutics, Inc. (the “Company”) of his intention to resign from his position as Chief Financial Officer and Secretary, to pursue another opportunity. He will remain with the Company as its Chief Financial Officer and Secretary through March 31, 2019. Mr. Girao’s departure is not due to a dispute or disagreement with the Company or the Company’s auditors.
On March 15, 2019, the board of directors of the Company (the “Board”) approved the appointment of Mr. Gary Titus to succeed Mr. Girao as the Company’s Chief Financial Officer effective April 1, 2019 and subject to certain employment procedures. Mr. Titus’ base salary will be $309,000 per year and he will be eligible for an annual incentive bonus with a target amount of 40% of his base salary. Additionally, upon approval by the Board, Mr. Titus is expected to be granted an option to purchase 138,000 shares of the Company’s common stock under the amended and restated Cytori Therapeutics, Inc. 2014 Equity Incentive Plan, with an exercise price equal to the fair market value of the Company’s common stock on the date of grant, which option would vest monthly over one year.
Mr. Titus, age 59, has more than 20 years of business experience in the healthcare and biopharmaceutical industries, primarily in senior management and Board of Directors roles. Prior to his appointment as our Chief Financial Officer, from 2015 to 2018, Mr. Titus was the Chief Financial Officer of UroGen Pharma LTD where he built the US operations and led the IPO for this international company on Nasdaq in 2017. Prior to that from 2014 to 2015, Mr. Titus held the position of Chief Financial Officer of BioCardia, Inc. From 2008 to 2013, Mr. Titus was Senior Vice President and Chief Financial Officer at SciClone
Pharmaceuticals, Inc. From 2006 to 2008, Mr. Titus was Senior Vice President of Finance and Chief Financial Officer at Kosan Biosciences, Inc. From 2003 to 2006, he was Chief Financial Officer and Vice President at Nuvelo, Inc. Earlier in his career, Mr. Titus held a variety of positions at other companies, including Metabolex, Inc., Intrabiotics Pharmaceuticals, Inc. and Johnson & Johnson’s healthcare division, LifeScan, Inc. Mr. Titus has been a member of the board of directors of ImmunoCellular Therapeutics, Ltd. since December 2012 and was appointed chairman in September 2015. Mr. Titus holds a B.S. in Accounting from the University of South Florida and a B.S. in Finance from the University of Florida. Mr. Titus also completed the Global BioExecutive Program at the University of California Berkeley’s Haas School of Business.

/

Tiago did absolutely nothing for CYTX since his arrival - this is a plus imo.

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Girao gone 19 Mar 2019 07:05 #12687

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Rodney- the cost control of Girao was outstanding and the rest really was up to the CEO and Board I would say.

The BURNING question however should be- why would an experienced CFO (albeit unemployed at present) join Cytori on April 1 when the Oxford and cash situation is presently not cleared?

Anyway- just some info on Gary Titus- his prior the last station was BioCardia- even I know that Company from the Helix catheter. Their auto- and allo cardiac bone-marrow cell program to me is doomed.

From LinkedIn- you get- Experienced Biotech CFO and Board Member with a demonstrated history of building shareholder value. Skilled in a wide range of public and private financings including IPO's, secondary offerings, etc. Additionally, key career focus on Business Planning, Mergers & Acquisitions, Start-ups, Corporate Finance, and Managerial Finance in both development stage and commercial stage companies. Highly experienced C-level biotech executive with a Bachelor of Science degree focused in Accounting , a Bachelor of Science degree focused in Finance and a CPA.

From the announcement of Urogen in 2016 the following:

UroGen Pharma, Ltd. (formerly known as TheraCoat), a clinical-stage biopharmaceutical company developing novel, locally-administered pharmaceutical solutions for urological pathologies with a focus on uro-oncology, announced today the appointment of two key executive officers: Ron Bentsur has joined the company as Chief Executive Officer and Gary Titus has joined the company as Chief Financial Officer. In addition, Gil Hakim has been appointed President of Israeli Operations.
Mr. Titus is an experienced financial professional with more than 20 years of experience in the healthcare and life sciences arena. Most recently, Mr. Titus served as the Chief Financial Officer of BioCardia, a private, cell-based regenerative medicine company. Prior to that, he served as Chief Financial Officer of SciClone Pharmaceuticals, a commercial-stage biotechnology company. Mr. Titus was previously Chief Financial Officer of Kosan Biosciences until it was acquired by Bristol Myers Squibb. Mr. Titus serves as Chairman of ImmunoCellular Therapeutics Ltd.

Ok- so we know the Board met on March 15th- question is- what else did they decide on that day??????????:bye:

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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:

Girao gone 19 Mar 2019 08:12 #12688

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fas wrote: Rodney- the cost control of Girao was outstanding and the rest really was up to the CEO and Board I would say.

The BURNING question however should be- why would an experienced CFO (albeit unemployed at present) join Cytori on April 1 when the Oxford and cash situation is presently not cleared?

Anyway- just some info on Gary Titus- his prior the last station was BioCardia- even I know that Company from the Helix catheter. Their auto- and allo cardiac bone-marrow cell program to me is doomed.

From LinkedIn- you get- Experienced Biotech CFO and Board Member with a demonstrated history of building shareholder value. Skilled in a wide range of public and private financings including IPO's, secondary offerings, etc. Additionally, key career focus on Business Planning, Mergers & Acquisitions, Start-ups, Corporate Finance, and Managerial Finance in both development stage and commercial stage companies. Highly experienced C-level biotech executive with a Bachelor of Science degree focused in Accounting , a Bachelor of Science degree focused in Finance and a CPA.

From the announcement of Urogen in 2016 the following:

UroGen Pharma, Ltd. (formerly known as TheraCoat), a clinical-stage biopharmaceutical company developing novel, locally-administered pharmaceutical solutions for urological pathologies with a focus on uro-oncology, announced today the appointment of two key executive officers: Ron Bentsur has joined the company as Chief Executive Officer and Gary Titus has joined the company as Chief Financial Officer. In addition, Gil Hakim has been appointed President of Israeli Operations.
Mr. Titus is an experienced financial professional with more than 20 years of experience in the healthcare and life sciences arena. Most recently, Mr. Titus served as the Chief Financial Officer of BioCardia, a private, cell-based regenerative medicine company. Prior to that, he served as Chief Financial Officer of SciClone Pharmaceuticals, a commercial-stage biotechnology company. Mr. Titus was previously Chief Financial Officer of Kosan Biosciences until it was acquired by Bristol Myers Squibb. Mr. Titus serves as Chairman of ImmunoCellular Therapeutics Ltd.

Ok- so we know the Board met on March 15th- question is- what else did they decide on that day??????????:bye:

/

Fas, that supposed "cost control" got us nowhere - Tiago came directly out of public accounting without a clue as to what CYTX needed to accomplish - a disaster - the new hire is the kind of person that should have been hired years ago - let's hope it's not too late!

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Girao gone 19 Mar 2019 09:38 #12689

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Fas, that supposed "cost control" got us nowhere - Tiago came directly out of public accounting without a clue as to what CYTX needed to accomplish - a disaster - the new hire is the kind of person that should have been hired years ago - let's hope it's not too late!

That is not correct. Girao came from NuvaSive-(which bought the useless kadaver/cells product from Osiris for 150 Mio or so) a couple miles down the road in San Diego.- but yes he was their former KPMG manager. I personally have no opinion on him, since I never spoke with him, although he once promised to call.I do not know whether it was his idea to immediately engage in toxic financing or whether it was Hedrick. In financing matters, Calhoun, I believe did more than Saad in the past.

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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:

Girao gone 19 Mar 2019 10:19 #12690

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fas wrote: Fas, that supposed "cost control" got us nowhere - Tiago came directly out of public accounting without a clue as to what CYTX needed to accomplish - a disaster - the new hire is the kind of person that should have been hired years ago - let's hope it's not too late!

That is not correct. Girao came from NuvaSive-(which bought the useless kadaver/cells product from Osiris for 150 Mio or so) a couple miles down the road in San Diego.- but yes he was their former KPMG manager. I personally have no opinion on him, since I never spoke with him, although he once promised to call.I do not know whether it was his idea to immediately engage in toxic financing or whether it was Hedrick. In financing matters, Calhoun, I believe did more than Saad in the past.

/

I believe he spent two years with NuvaSive - most of his career before CYTX was in public accounting and he did serve on the CYTX audit for a number of years - I spoke with him many times in his early years at CYTX, but in recent years he and Hedrick have refused to take anymore
of my calls apparently because of criticism which was certainly more than justified in hindsight.

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Girao gone 19 Mar 2019 10:34 #12691

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Whatever- this is our new man- this is from the Urogen management page- he seems to live at Lake Tahoe- not a bad place to live I would say-
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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:

Girao gone 19 Mar 2019 18:39 #12692

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fas wrote: Whatever- this is our new man- this is from the Urogen management page- he seems to live at Lake Tahoe- not a bad place to live I would say-


Let me guess, he’ll live in Tahoe at least for six months plus one day for obvious reasons, if you know what I mean.

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Girao gone 19 Mar 2019 19:39 #12693

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I much as I now dislike the company, I have to agree with Fas that Girao cut spending to the bone with measured steps. That said, the remaining C-suite was still mostly untouched with high salaries that still remained the main drain of this company.

Trading today saw another 2.1 million shares in volume with little PPS change. 8 trading days left in March.

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Girao gone 19 Mar 2019 20:32 #12694

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b767cpt wrote:

fas wrote: Whatever- this is our new man- this is from the Urogen management page- he seems to live at Lake Tahoe- not a bad place to live I would say-


Let me guess, he’ll live in Tahoe at least for six months plus one day for obvious reasons, if you know what I mean.


B-7, as to your tax-alluded point, it depends where he lives in Tahoe since it actually straddles both Nevada and California.:yep:

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Girao gone 20 Mar 2019 06:24 #12695

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Anyway- it all looks like a set-up of folks that know each other- Gregg Lapointe (BOD) and Titus were both on the Board of ImmunoCellular and at SciClone (a immuno oncology company) Titus was CFO, whilst Lapointe was on the BOD and SciClone became a heavily focused Chinese entity after being taken over in 2017.

Looks like this all set up and Girao was made to leave, with something Chinese coming up in the oncology field. :whistle:

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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:

Girao gone 20 Mar 2019 06:50 #12696

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fas wrote: Anyway- it all looks like a set-up of folks that know each other- Gregg Lapointe (BOD) and Titus were both on the Board of ImmunoCellular and at SciClone (a immuno oncology company) Titus was CFO, whilst Lapointe was on the BOD and SciClone became a heavily focused Chinese entity after being taken over in 2017.

Looks like this all set up and Girao was made to leave, with something Chinese coming up in the oncology field. :whistle:


It's all clear evidence that CYTX is not on the brink of BK and that the game is far from over.:yep: :nice: :grin:

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Girao gone 20 Mar 2019 09:59 #12697

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What a joke. New CFO making over $300k for a company with on the verge of bankruptcy? No one should be making more than 200k base. Tiago was a pro but no one can extract water from a rock. Marc Hedrick was the gullible one who drove the company deeper into the abyss with the disastrous Avaya acquisition. Total DISASTER.

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Girao gone 20 Mar 2019 10:23 #12698

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Maybe Emeril can help the Avaya cooking process. :grin:

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Girao gone 20 Mar 2019 10:27 #12699

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Noticed on Fidelity’s site this morning that Zacks dropped their coverage prior to the open, now they have no rating on Cytori due to no analysts coverage.

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Girao gone 20 Mar 2019 10:31 #12700

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“B-7, as to your tax-alluded point, it depends where he lives in Tahoe since it actually straddles both Nevada and California”

True Rod, but if one is going to live in Tahoe, might as well be on the NV side and taxes saved would make for a nice mortgage payment.

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