Cytori Therapeutics Announces Receipt of Puregraft Royalty Milestone

Cytori Therapeutics (Nasdaq:CYTX) announced today it has received a milestone payment of $1.0 million from Bimini Technologies. The payment is a result of Bimini achieving the first $10.0 million in gross profits for previous divestiture of the Puregraft product line.

As quoted in the press release:

In 2013, Cytori entered into a Sale and Exclusive License/Supply Agreement with Bimini, pursuant to which Cytori sold to Bimini selected assets relating to Cytori’s Puregraft^® product line, a series of standalone fat transplantation products that were developed to improve the predictability of outcomes for autologous fat grafting and aesthetic body contouring.

Bimini may also be obligated to make certain additional milestone payments to Cytori (in an aggregate amount of up to $10.0 million), contingent upon future achievement of certain milestones relating to Bimini’s gross profits from sales of the Puregraft products. The aggregate value of the consideration paid by Bimini to Cytori at the execution of the agreement in July 2013 was $5.0 million.

Click here to read the full press release.