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TOPIC: S 1 filing 8/14/2017

S 1 filing 8/14/2017 14 Aug 2017 16:37 #9828

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S 1 filing 8/14/2017 14 Aug 2017 18:00 #9829

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Hedge

Thinking this new offer again. Maybe this is a good strategy.

The preferred shares have higher priority over the commons. In the event of a bankruptcy, the holders of the commons would lost all, while the preferred holders have more claims.

Hedge - in the event of a bankruptcy, who would actually claim first? Oxford? Preferred Shares Class A and then Class B ? What happen in the event of a takeover? Who would benefit most?

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S 1 filing 8/14/2017 14 Aug 2017 21:53 #9830

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Oh boy...copied my post in case I timed out and it still disappeared.
YMB's also seem down.
Hmmmm.

BTW...just CYTX board is down....LOL !!!

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S 1 filing 8/14/2017 14 Aug 2017 22:10 #9831

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Now NASDAQ site is down.

So any info for CYTX is now unavailable from SEC, NASDAQ and YMB.

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S 1 filing 8/14/2017 15 Aug 2017 06:50 #9832

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OK franshei, gonna try this post again.

First, I have to say I think this is a smart move by Tiago.

That's the end of the good news as I read it.
They are teasing with a carrot that further destroys existing equity and likely has little value should BK occur.
We saw this last time how they treated existing shareholders with a lower warrant rate than the institutions got in previous financings. Institutions got a 100% match warrants for stock...I believe twice. When they offered a rights offering for those who owned and stuck with the company for years they were offered only a 50% match. If you look at the graph in the S-1 filing it appears they will try to get away with only a 10% warrant match or some fraction there of as we know the blanks are yet to be officially filled in. Also last time they had to lower the offering price twice just to get the money....I don't know how they fare this time but they are certainly in a very bad spot. They are looking for $10 million.
At $0.40 we are talking 25 million new shares.
At $0.25 we are talking 40 million new shares.
Even if one thinks they will get premium pricing say $0.60 its close to 17 million more shares and a 50% dilution to existing shareholders. (Note, I don't think they will be this lucky ! )

As far as order of rank, I see it as Oxford, Preferred, Warrants, Common.

Anyway, needless to say I wont be playing....just like I thought the last rights deal wasn't very appealing.

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S 1 filing 8/14/2017 15 Aug 2017 12:02 #9836

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Hedge,

Not really important but why would you rank warrants above common in bankruptcy filing?

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S 1 filing 8/14/2017 15 Aug 2017 12:26 #9837

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No, I believe you are actually correct WST....non exercised warrant holders would be behind the common shareholders. A little confusing but I just reread what FINRA has to say on the matter.

www.finra.org/investors/what-corporate-bankruptcy-means-shareholders

Maybe Fas will comment on this.

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S 1 filing 8/14/2017 16 Aug 2017 13:47 #9845

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Hedge,

I believe warrant holders have absolutely no claim in a bankruptcy. They own nothing until the exercise.

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S 1 filing 8/14/2017 16 Aug 2017 14:04 #9846

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Yes, agree WST
Sorry, I wasn't clear at all in that last post.
If there is a BK...it wont matter anyway for warrant holders or the common stock.
The following user(s) said Thank You: Wall Street Titan

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S 1 filing 8/14/2017 22 Aug 2017 09:42 #9867

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Hedge and FAS

In the S 1 filing, CYTX outlines several ongoing projects.

1. OA - surprisingly it has been mentioned in several previous filings that some kind of partnership talk has been ongoing. IMHO, if there is any talk, it is probably ongoing in Japan. Japanese are very careful and they may have some ongoing DD, before making a deal. I think the current treatment as reported for the US phase 2 trial may need some development/improvement. Partnership for the US market is very unlikely, as the FDA has some rules re on site "manufacturing" for cell therapy, which would retard US partnership interests.

2. Japanese male urinary stress incontinent indication following surgery. Cell therapy may probably work here. I have noticed that cell therapy works well when the underlying bodily parts are under stress (as in thermal burn, surgical implications, progressive/but not overt illnesses).

3. Scerodec 2. Cell therapy may work well when the illness is progressive but not overt. Early signs in efficacy may be evident in the Raymaud's P. STAR is not dead in diffuse cutaneous scleroderma - I think more followup data may show the efficacy statistically.

4. ATI 0918. Looks like the pilot plant is being setup with an analytical lab. The HPLC assay for doxo is probably validation, so is the plant per GMP. FDA may have to come in to do an inspection. After compounding, stability tests can be started at room temperatures and elevated temperatures for 3, 6 and 12 months. A partnership will not happen till there is at least 3 month stability data. 6 month data is needed for initial EU registration filings and 12 month data is needed for final approval.

If the company has enough money till November, the right offering should buy time into mid 2018, by that time, I think the company needs a partnership for the ATI 0918.

If the EU market size for ATI 0918 is about $300 million, a 5 to 10% cut should bring a decent revenue for the company. At that time, more clinical r/d for the cytori cell therapy can open up.

Just my thoughts.

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S 1 filing 8/14/2017 22 Aug 2017 15:30 #9868

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Franshei, you and Rongside seem to be keeping this site alive - it appears that most of the others have given up other than perhaps Fas who has been quiet of late - GLTA during these difficult times!

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S 1 filing 8/14/2017 23 Aug 2017 12:41 #9880

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My site back-end is impregnable for a medium qualified hacker and this site is worthless, so cannot be a target for professionals- I also checked - all is well.

I deleted all posts related to the comment on ATHX, since that one did not come from WST. I personally think the opportunity came from a weakness in the Kunena Board software, which a member abused "when opportunity knocked".

Please refrain from doing so in the future, since I obviously cannot tolerate these actions. Just for WST- it was not Rodney- the ID stays with me. End of story.

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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:

S 1 filing 8/14/2017 23 Aug 2017 15:44 #9882

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Confidential Treatment Order

Based on SEC filing, this is related to some confidential information related to the BARDA contract (Exhibits 10.03 and 10.04, 10 Q, August 11, 2017).

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S 1 filing 8/14/2017 23 Aug 2017 16:40 #9883

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Franshei, keep up the good posts - you are one of the last stalwarts to defend the possibility of eventual CYTX success - good for you!

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S 1 filing 8/14/2017 24 Aug 2017 08:13 #9884

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Thank you Fas. I hope you kicked out the offending member.

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S 1 filing 8/14/2017 24 Aug 2017 10:17 #9885

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Old Chuck/RS

Re Triple Bottom is in and Good Time Ahead on YM.

This Right Offer, as you has commented, is really convertible Preferred Shares plus trade-able warrants.

Several things are yet to be filled in for this S 1 filing, such as the runner (maybe it is Maxim or B Riley), number of commons for one Preferred...

The conversion is a key. It could be 2 or 3 commons, depending on the pps when the S 1 is finalized. Regardless what the conversion maybe, Tiago is buying time to finalize this S 1. If D'Silva is right with a realized TP of 50 cents, then the conversion may very well be 2 for 1 plus warrant. This S 1 offer has to be reasonable and attractive for institutions to buy in (small holders would not be interested in this second trap, after the first trap of 2016). Right now, institutions hold only 11% of the outstanding shares and CYTX needs one third of the 30 million shares to participate. So my guess is that there will be a rally, before the S 1 offer is finalized.

Just my guess.

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S 1 filing 8/14/2017 24 Aug 2017 10:54 #9886

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Mysterious runs are nothing new here and have always been a excellent opportunity for shorters.
If you watched closely one can see where and when pressure is likely to vary.
Last time it took over a month from announcement to closing the rights offering.
I suspect we get at least initial pricing soon though given the cash/debt covenants. Also, delisting notice soon...early Sept. and I would think they would like to see a pricing before that but these guys are never street savvy.
Where are the rest of the STAR results they wanted to break out ? I would think that would be a selling point for this offering. If they price without that detail...a HUGE red flag imho.

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S 1 filing 8/14/2017 24 Aug 2017 10:56 #9887

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Franshei, I totally agree in theory with your latest post - I agree that Tiago should wait as long as he can in order to get the price higher before he pulls the trigger on the Offering (I have told him exactly that) - I agree also that the conversion rate is critical - I hope that Riley is the runner and that there are some bigger buyers that believe in the science and will pay up for it!

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S 1 filing 8/14/2017 24 Aug 2017 11:13 #9888

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LOL
So far the wait has eroded the share price from $0.48 to $0,33 or a 30% reduction from the post STAR data failure announcement. Granted these thing take time but ultimately its the street not the company that will price the offering.

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S 1 filing 8/14/2017 24 Aug 2017 11:37 #9889

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As per HF (being critical after misreading my prior post and LOL), "ultimately its the street not the company that will price the offering" - thanks for letting us all know that - it's really quite a revelation - LOL!

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