Cytori Therapeutics Inc (NASDAQ:CYTX) announced that Mr. John D. Harris has been appointed as Vice President and General Manager of Cell Therapy, a newly created role to be based in Tokyo, Japan. The role will focus on growth and development of the company’s existing and future global cell therapy commercial operations. Mr. Harris’ start date is set for October 1st, 2015.
“Cytori has recruited a very accomplished executive to help us optimally position our therapeutic platform in the existing market, evaluate future global opportunities and to ensure we are prepared to transition to full commercial launch of our late-stage clinical programs,” said Dr. Marc H. Hedrick, President and CEO of Cytori. “John is uniquely qualified for this role for a number of reasons, including his demonstrated leadership capabilities, familiarity with the Japanese & Asia-Pacific markets, and his first-hand knowledge of global cell therapy trends and opportunities.”
Mr. Harris joins Cytori from Becton Dickinson, where he serves as President of Becton Dickinson’s Japanese operations, which include a production facility, over 550 employees, and approximately $315 million in revenues.
“I have followed the steady emergence of the cell therapy sector as well as its clinical and regulatory evolution for a number of years as both an executive at Becton Dickinson as well as a member of related industry groups here in Japan,” said Mr. Harris. “It is my view that Cytori has the most promising technology platform in the sector and I am ready to help lead the company to become one of the first companies to bring cell therapy to market, both here in Japan and globally.”
Prior to his current leadership role at Becton Dickinson, Mr. Harris served as the business director of Becton Dickinson’s Medical Systems business unit and shortly thereafter also assumed the lead of the Preanalytical Systems business unit. Prior to joining BD, he functioned in key leadership positions with several healthcare and technology-related companies in the U.S., including Tyco Electronics (Asia Medical Sales Director), Delphi Medical Systems (Global Business Development Manager), and Kimberly-Clark/Ballard Medical Products (Senior Business Development Manager). Mr. Harris speaks fluent Japanese and currently resides in Japan with his wife and children.
In addition to his various corporate roles, Mr. Harris is a member of the Board of Governors of the American Chamber of Commerce in Japan (ACCJ) and a member of the Executive Committee of the American Medical Device & Diagnostics Association (AMDD), where he chairs the regenerative medicine working group.
Mr. Harris holds Master of Business Administration (MBA) and Bachelor of Arts (BA) degrees from University of Utah. (Original Source)
Shares of Cytori Therapeutics closed last Friday at $0.3571. CYTX has a 1-year high of $1.47 and a 1-year low of $0.29. The stock’s 50-day moving average is $0.40 and its 200-day moving average is $0.75.
On the ratings front, Cytori has been the subject of a number of recent research reports. In a report issued on August 10, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on CYTX, with a price target of $4, which represents a potential upside of 1020.1% from where the stock is currently trading. Separately, on June 15, Maxim Group’s Jason Kolbert reiterated a Buy rating on the stock and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Jason Kolbert have a total average return of -3.4% and -10.9% respectively. Pantginis has a success rate of 36.1% and is ranked #3594 out of 3747 analysts, while Kolbert has a success rate of 31.0% and is ranked #3737.
Cytori Therapeutics Inc is engaged in the development of novel treatments for cardiovascular disease and soft tissue injuries and burns.