TiGenix announces final equity payment for cardiac platform acquisition
Leuven (BELGIUM) – June 12, 2017, 07:00h CEST – TiGenix NV (Euronext Brussels and NASDAQ: TIG), an advanced biopharmaceutical company focused on exploiting the anti- inflammatory properties of allogeneic, or donor-derived, stem cells to develop novel therapies for serious medical conditions, today announces a €5 million milestone payment in new TiGenix shares to Genetrix in relation to the cardiac platform acquisition that took place in July 2015.
Under the Coretherapix contribution agreement entered into between TiGenix and Genetrix on July 29, 2015, Genetrix is entitled to receive a €5 million milestone payment upon the study report of the CAREMI trial becoming available.
CAREMI is the first-in-human clinical trial with the primary objective being safety and evaluating the feasibility of an intracoronary infusion of 35 million of AlloCSCs in patients with AMI and left ventricular dysfunction treated within the first week post-AMI. Importantly, the trial is the first cardiac stem cell study to integrate a highly discriminatory magnetic resonance imaging (MRI) strategy to select patients at increased risk of heart failure and late adverse outcomes.
In accordance with the Coretherapix contribution agreement, the €5 million milestone payment will be made in new TiGenix shares on the basis of the average closing share price on Euronext Brussels 90 days prior to the study report becoming available on June 9, 2017, which will result in the issue of 6,538,329 new ordinary TiGenix shares to Genetrix. The new shares will in principle be issued by mid- August.
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