San Diego's Cytori Therapeutics (Nasdaq: CYTX) received a preliminary written notice of intent to exercise Option 1 of its contract with the Biomedical Advanced Research and Development Authority (BARDA), a division of the U.S. Department of Health and Human Services.
Cytori was awarded a contract with BARDA worth up to $106 million in September 2012 for the development of Cytori Cell Therapy for thermal burns combined with radiation injury. On June 10, Cytori presented data generated during the base period of the contract at an in-process review (IPR) meeting, and the panel of representatives at the meeting determined that Cytori has accomplished the goals of the base period to the government’s satisfaction. These goals involved preclinical studies, preliminary design and development of Cytori’s next generation Celution System, and an assessment of Cytori’s technology in tissue samples from burn patients.
Based on this notification, Cytori and BARDA are in negotiations on the specifics for the additions to the statement of work to be executed in the Option 1 period, which will extend the contract to September 2016. It is anticipated that this process will take several weeks. Cytori will announce the contract details as soon as completed.
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