Maxim Group Reiterates Bullish View on Cytori Therapeutics (CYTX) Following Study Using ADRCs to Maxillofacial Bone Regeneration

Maxim Group analyst Jason Kolbert reiterated a Buy rating and $5 price target on Cytori Therapeutics, Inc. (NASDAQ: CYTX) after the company announced publication of results from a phase I study using Adipose-Derived Regenerative Cells (ADRCs) in patients with insufficient maxillary bone prior to dental implantation. The paper titled "Bone Regeneration Using the Freshly Isolated Autologous Stromal Vascular Fraction of Adipose Tissue in Combination With Calcium Phosphate Ceramics" is published in the journal Stem Cells Translational Medicine.

Kolbert highlighted:

• The Phase I trial was led by investigators from Departments of Orthopedic Surgery, Oral and Maxillofacial Surgery, and Oral Cell Biology of the VU University in Amsterdam, the Netherlands. The study enrolled 10 patients who had maxillary bone deficiency for their implant to be inserted. The patients were treated with two different commonly used, off-the-shelf bone calcium phosphate scaffolds that were used either alone or pre-loaded with ADRCs. Six patients served as their own control as one side of the mouth was treated with scaffold alone and the other side was treated with ADRC-supplemented grafts. All patients received dental implant placement and a biopsy of the regenerated bone at the graft site six months after the treatment.
• Results showed 42% greater bone formation in maxillary sinus floor elevation (MSFE) procedures treated with ADRCs in combination with scaffolds compared to those receiving scaffold alone. In patients who received both a control scaffold and a contralateral ADRC-supplemented scaffold, the ratio of bone volume to total graft volume (measured by microCT) was 19.5% ± 3.8% in grafts supplemented with ADRCs versus 13.7% ± 4.4% for the control grafts (p = 0.03)
• Conclusion. Cytori continues to demonstrate the utility of ADRCs in numerous indications, in this case maxillofacial bone regeneration. However our focus first and foremost remains on scleroderma, with the pivotal Phase III STAR trial underway. (The trial is now >50% enrolled.) Cytori recently completed a rights offering raising $17.1M through its existing shareholders. We estimate that the company, now with approximately $20M in cash, is adequately funded through data from the pivotal STAR (scleroderma) trial.

For an analyst ratings summary and ratings history on Cytori Therapeutics, Inc. click here. For more ratings news on Cytori Therapeutics, Inc. click here.

Shares of Cytori Therapeutics, Inc. closed at $2.05 yesterday.

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