Cytori Therapeutics Inc (NASDAQ:CYTX) announced that the use of Cytori Cell Therapy™ was approved for clinical use on June 24th, 2016 to treat knee osteoarthritis at the Tokyo Osteoarthritis Clinic under the Japanese ‘Act on the Safety of Regenerative Medicine’ that was enacted on November 25, 2014.
Tokyo Osteoarthritis Clinic will begin to treat knee osteoarthritis patients with Cytori Cell Therapy immediately. This approval is limited to facilities under the clinic’s umbrella but does not restrict the number of patients that can be treated. Such approvals are not reimbursed by the social healthcare system and patients will be responsible for the costs of treatment.
“Osteoarthritis is very common in Japan and the new legislation gives us an approved pathway to make novel regenerative therapies available to patients today,” said Dr. Masayuki Yamakawa, CEO of theTokyo Osteoarthritis Clinic.
In Japan, Cytori’s Celution system was granted a Class I notification originally in 2012. The recent legislation passed by the Japanese Diet originally in 2013 and later enacted and enforced, provides a mechanism allowing leading healthcare facilities in Japan to use certain regenerative medicine technologies deemed innovative and safe by the Japanese government for particular indications if approved by a certified and accredited regenerative medicine committee.
“The innovative regenerative medicine law recently approved in Japan creates expanded opportunities for therapeutic innovation for Cytori,” said John Harris, Cytori’s Vice President & General Manager, Cell Therapy. “This registration and those anticipated in the future should be important elements in helping us expand access for our Cytori Cell Therapy to a large population of patients in Japan suffering with osteoarthritis. For the Tokyo Osteoarthritis Clinic, this is a significant milestone and I believe they are well positioned for leadership in arthritis therapy in Japan.” (Original Source)
Shares of Cytori Therapeutics closed last Friday at $2.02, up $0.02 or 1.00%. CYTX has a 1-year high of $9.15 and a 1-year low of $1.91. The stock’s 50-day moving average is $2.62 and its 200-day moving average is $3.01.
On the ratings front, Cytori has been the subject of a number of recent research reports. In a report issued on March 28, Maxim Group analyst Jason Kolbert reiterated a Buy rating on CYTX, with a price target of $75, which implies an upside of 3612.9% from current levels. Separately, on March 24, Roth Capital’s Joseph Pantginis maintained a Buy rating on the stock and has a price target of $22.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Joseph Pantginis have a total average return of -17.3% and 6.8% respectively. Kolbert has a success rate of 28.0% and is ranked #3885 out of 3980 analysts, while Pantginis has a success rate of 35.6% and is ranked #284.
Cytori Therapeutics, Inc. is a late stage cell therapy company. Its develops autologous cell therapies from adipose tissue, using its proprietary technology, to treat a variety of medical conditions. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapyâ¢ acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. The company was founded by Ralph E. Holmes and Christopher J. Calhoun in July 1996 and is headquartered in San Diego, CA.