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TOPIC: December secondary reminder

December secondary reminder 04 Jun 2013 05:01 #520

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Six months ago- reminder... :cool:

We were anxiously awaiting the news of a partner deal, since CC told us early November TWO deals were in the contract stage and AT LEAST one would be closed before year-end.

The starting cash for the quarter was 17.6 Mio (Q4 2012) -starting cash Q2 2013 was 16.4 Mio (with more GE loan repayments).

Instead of a deal - a secondary came early December.

This time everybody is expecting a secondary- maybe deal instead now???? Whatever- we will know very very very soon indeed!!! :evil:

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December secondary reminder 04 Jun 2013 16:21 #521

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Fas,

With the share price (2.40) down almost 20% since the last secondary (2.85) at what price will CVYX be able to place securities? I am afraid we may see 2 dollars. That will be an horrendous blow to the shareholders. I was prepared to immerse myself and deal with the ups and downs of bio tech, but I feel as though this management is waterboarding its shareholders. They should have some sort of financial instrument in place before running into such drastic deadline scenarios. I am surely not an accountant, however it seems to me that as you move to the end of your position your choices diminish and your costs of capital increase. I hope I am wrong and something good happens.

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December secondary reminder 04 Jun 2013 22:18 #523

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The old Cytori reverse psycology trick Fas?...closing a deal when no one thinks one will come ?

As you said..we will know soon enough but I still say it only matters so much because they still need big bucks. :really:

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December secondary reminder 04 Jun 2013 22:25 #524

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fatboy

***They should have some sort of financial instrument in place before running into such drastic deadline scenarios.***

Its called a CFO and he has done this on a biannual basis for years with the caveat that news is coming that will make the next funding better. This is why GOOD CFO's always raise MORE than the think they really need....they allow for a cushion.....just the piss poor managements let this happen time and time again. :bash:

If they do have to do the secondary here....they are going to get spanked !!! :puke:

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December secondary reminder 05 Jun 2013 08:39 #525

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I all but given up reading the tea leaves on partner OR secondary with this outfit. But, I will say there has not been a massive dump (insiders always know first), and there has been zero news that would pump the PPS for the capital raise. So maybe some kind of partner deal this time around. I doubt though that any blockbuster deal is in the works, just enough to get our heads back above water, to bridge to the next milestones.

d9

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December secondary reminder 05 Jun 2013 09:06 #526

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Hi d9

Probably the smater course in not trying to read the tea leaves.
Not sure who you mean by the insiders as management wouldnt be able to dump with undisclosed insider knowledge but institutions did sell a bunch (2.6 million shares or so) last quarter.
My thinking is that they will need both a partner deal in the size you suggest or 35 million area AND a secondary to carry them thru to a more event driven enviroment. Which come first is the debate for me. Re-re- negoiating the GE etal deal as well helps.

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December secondary reminder 05 Jun 2013 11:56 #527

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I am surely not an accountant, however it seems to me that as you move to the end of your position your choices diminish and your costs of capital increase. I hope I am wrong and something good happens.


Fatboy-
Sure- one does not have to be an accountant to know that. Prime example is the GE loan. No self-respecting CFO would get it in his right mind to take up debt for a Company that is not generating revenues i.e. cash. So- since the debt has been re-scheduled three times already - they had "expectations" of money coming in, which expectation three times have proved wrong.
Whether that is incompetence, bad luck or maybe due to the "disruptive nature of the tech" (i.e. malicious behavior of BIG PHARMA) is at this time impossible to tell.
I do hope that I can sit down with CC or somebody in five years or so and hear all the gory details of the past. They interest me tremendously. :winky:
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December secondary reminder 05 Jun 2013 14:46 #528

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and where as LLyod Dean been through all this ? Nowhere. Tight leash on the mangement team, I say BS, just klike everything we have been fed for the last 5 years and before that for those invested longer then I. Greedy mangement has put themselves in this position, by supposedly not wanting to givwe the farm away and make the right deal for shareholders. i suppose chapter 11 and selling the crumbs to god know's who is what they consider to be in the shareholders best interest. I am so disgusted with Cytori and surprised that so many intelligent people whio have been in conversations with CC and other members of the management team continue to believe the bs. We are in big big trouble if something doesn't happen fast and if mangement thinks they are in a position to negotiate a deal on there own terms
then they are bigger fools that they have proven themselves to be up to this point in time. :bang:

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December secondary reminder 05 Jun 2013 16:12 #529

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CYTX has a disruptive technology that affects any number of BP companies. Having said that, they have the potential to sign a deal with a correspondingly large number of joint venture partners in a huge range of indications. In the past they have said that they were in discussions with multiple potential partners........... BARDA not being one of them.

It is beyond frustrating that they have not been able to conclude a deal. :cry: This begs the question ...... why?

Even though the output of the Celution device (ADRC) can be construed as a product, most BP companies cannot see it that way. As the actual use of the ADRC is more likely to fall under the "practice of medicine" designation as opposed to the drug/pill paradigm it is of paramount importance that there be a training infrastructure in place which may not well be BP strong point ............... Maybe medical device companies are best suited, particularly if they have a complementary product.

We are either very close to a deal, .........or will be faced with ongoing dilution until we (CYTX) cross the finish line alone, or a given the OK on the basis of Government/Eductional Research trials. Hopefully it will be the first ie. deal.

An autopsy after five years is too little too late. I suspect that if you have seven potential joint venture candidates and cannot close a deal then the problem does not lie with the counterparties. Perhaps its time to change the negotiator and propose a resolution for the next AGM that no options are available to the senior management team until a successful deal is concluded.
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December secondary reminder 06 Jun 2013 08:40 #530

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An autopsy after five years is too little too late. I suspect that if you have seven potential joint venture candidates and cannot close a deal then the problem does not lie with the counterparties. Perhaps its time to change the negotiator and propose a resolution for the next AGM that no options are available to the senior management team until a successful deal is concluded.


John- let me first state- I am almost sure, that session would NOT be an autopsy, but kind of a visit back to the seven meager years, since at that time we will be in some kind of really FAT years. I still believe Cytori is one of the most under-rated and under-valued Companies that I know, which has its cause it TWO main reasons-
1. horrible treasury management, which tells the market they are ALWAYS close to re-financing requirements, with the resulting "INVITATION" to shorts to earn some easy money.
2. the horrible IR policy in respect of disseminating achievements in the regulatory and application fields for ADRCs.

Key - I repeat- Key is, that although I believe in miracles in the past- i.e virgin mary becoming pregnant without having had intercourse with a male, whilst I know in those days they did not have IVF procedures. Nowadays however those miracles do not exist nay longer. THEREFORE I do not BELIEVE Cytori can become pregnant with therapeutic claims on Celution without there being clinical data to support those claims. The regulatory hurdles for regenerative medicine I even believe are a lot higher than we think.


All those things play into the under-valuation of Cytori and will some day will be revealed and cause a dramatic change in valuation. I personally need in the future info back from these days to understand its rationale and am hesitant to condemn CC at this point. Maybe he was doing it right after all. Its difficult to judge although I have been doing so in several articles in the past.

Whatever the next couple of weeks may bring- key is that money comes on the table otherwise yes- it might become an autopsy and nobody wants that. :really:

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December secondary reminder 06 Jun 2013 18:33 #532

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OK, agreed the autopsy comment was a bit extreme and I appreciate the context in which your "five years" statement was made. I guess what concerns me is the nature of the journey over the next five years to the promised land. Your points explaining the reasons we are where we are, are very true.......... poor treasury management and atrocious IR.

Also true is the difficulty in assigning total blame on CC. Admittedly, in the past, I also felt that the direction and choices they had made warranted success. I was wrong and so were they. I however am not running the company, I'm just a shareholder. Ideally they are learning from their mistakes. No doubt they are NOW more than aware that clinical data is indispensible to push through approval and ACCEPTANCE.

That does not however mean they should try and do everything by themselves. This is a true platform technology with huge potential but if they wish to develop it sequentially they run the risk of being overtaken by technological/medical progress. They need to partner even if it is in a minor indication. We need to get some funds in so as to ward off the shorts. This would provide market validation that should have a corresponding benefit in the share price so as to allow a capital raising at an acceptable price level.

Hopefully a bit of data from some of these investigator led trials will soon be forthcoming so that this "ADRC disciple" is not so lonely going forward. Pathenogenesis or not, I am tired of being treated as one of Herods victims. :evil:

Mesoblast does not have a significantly superior product. We could and should have a share price and liquidity situation at least as good as theirs. :yep:

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December secondary reminder 06 Jun 2013 19:07 #533

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Management has done almost everything wrong from the beginning.
Trying to hit a home run by going the cheap route even though concern was expressed by investors...they were smug in their determination.
Constant changes in direction that led no where, but wasted money.
Other than being free of Olympus we have proceeded little on the clinical front. Everything still years from reimbursement unless somehow Japan comes thru with breast reconstruction...which talk of has become very quiet.
Fas may be having a change of heart with CC but here we sit nearly bankrupt again. Near all time lows with the PPS. And the same old problems plague us a several years ago. :puke:

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December secondary reminder 07 Jun 2013 05:11 #534

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I do want to remind you guys that I am the author of "The fine art of Calhouning", which covers the period up to late 2011 and am just very interested from my perspective of being the "inofficial historican" of Cytori of the truth i.e. events leading up to these obviously poor decision making of the past. Link to article- The fine art of Calhouning

All I see- fact base so to speak- is that Cytori is hiring folks like crazy, does not lay off anybody, what one would do if the bottom of the coffers and no financing in sight would be likely.
On top of that -we have June 7 2013- two months away from the Shareholders meeting and NO paperwork to vote on the Directors and stuff like that. Why not ???? Could there be NEW names on the paperwork???????

What would you do as CEO if you see a partner deal is still a few months away and you have been screwed (as always) with your last secondary and all the ones before that, except one maybe in 2009.

Remember Dean saying "there were folks willing to pull out their check books" ? and in 2009 a secondary was made to "friends of Cytori" many of them now being lets say "familiar" to me.

Personally I would ask Astellas for some money too as an "advance" to a future deal together with lets say "rewarding" these folks for their loyalty. But mind you- most of those folks have STRONG opinions on Calhoun, which are not very favorable i.e. that would all be conditional.
I smell changes- Kesten? Shirahama?

We will know soon enough. :happy:
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December secondary reminder 07 Jun 2013 06:35 #535

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I sure hope you are right.

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December secondary reminder 07 Jun 2013 08:38 #536

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Fas
Certainly we still have a little time and something of a positive nature may happen near term.
I too would be interested in the full history of events.
That said, I still cling to my assertion of the last several years that a MAJOR blunder is that they never raised MORE money that they thought they needed. Had they done this ...especially when they had a firmer PPS...it could have eliminated many problems that we have suffered.
Unnecessary dilution
Better negotiating position
More respect by institutional and individual holders
Perhaps the impression that failure was rewarded when option pricing came would also have been blunted. :evil:

In the end we all want the same thing...success of the company !!!

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December secondary reminder 10 Jun 2013 12:51 #540

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So I see we are now back to hope and change. A sad state of affairs. :cry:

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December secondary reminder 14 Jun 2013 21:37 #556

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2 weeks from quarter end
3 cents from the 52 week low :cry:
Financial requirements loom very very near term :puke: :really:

Market expectations are low...several possibilities...talk about a nail bitter...LOL :cool:

Can someone finally stand and lead ? :evil: :evil: :evil:

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December secondary reminder 15 Jun 2013 06:49 #557

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Yes- a nail biter or irresponsible management or they know something which is going to happen and we do not?

Clearly starting cash was 16.4 - Q1 cash used in operations 9.3 Mio thereto 2.5 Mio redemption's on loan- makes 4.6 left at end of month if all conditions were equal. Its safe to assume that ATHENA costs were higher in Q2 and they are recruiting like crazy.

Its also safe to assume that there is at least 4-5 restricted cash from the GE deal.

Just to cover myself I added to my position late friday. :cool:

I could add- no insider purchases with these low prices although the window was open until Friday- it is closed now (2 weeks until quarter-end) :KO:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

December secondary reminder 15 Jun 2013 19:03 #558

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Primo pricing late Friday for those who wanted it.
I have told myself I own all I want....of course I violated that one in the past and found myself after Fridays close and no news thinking at what price would I even consider adding shares. Crazy, for me at least.

I must admit the drama has me intrigued dispite the obvious lessons of history.

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December secondary reminder 28 Jun 2013 14:28 #582

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From the 10Q Q1 2013-

At June 30, 2013, absent additional funding or debt restructuring, our cash balance will be less than the minimum liquidity
amount required by the lender in the Amended and Restated Loan and Security Agreement.
In order to fund operations and our continued
commercialization efforts through the next twelve months, we are pursuing additional funding through either strategic corporate
partnerships, debt restructuring or future issuances of equity or debt securities in addition to our gross profits


Since today is June 28 and Monday is Juli 1st- we should assume that the Company informs us after to days bell or before market opening on Monday what they have done to stave away harm from the Company of being delinquent in respect of these terms.

The solution should be obvious. :bang: :bang: :bang:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:
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