Cytori To Buy Certain Assets From Nanoparticle Firm Azaya Therapeutics

(RTTNews) - Cytori Therapeutics, Inc. (CYTX) announced Thursday that it has entered into a definitive agreement to acquire certain assets from privately held Azaya Therapeutics Inc.

Under the deal terms, at the closing of the deal, Cytori will issue $2 million in Cytori common stock up front, 25 percent of which will be subject to a 15-month escrow, and will also pay off approximately $2 million of Azaya's trade payables.

At the closing, Cytori will also assume the obligation to make additional future payments to Azaya based on certain requirements.

The acquisition is subject to customary closing conditions, and is expected to close on or prior to February 28.

Azaya is a manufacturer of nanoparticle and protein-stabilized liposomal therapeutics. Azaya is based in San Antonio, Texas and has developed two nanoparticle drugs that have shown promise in their respective clinical programs to date.

A successful acquisition would provide Cytori with a proprietary liposomal nanoparticle technology platform that would expand and complement the company's leadership position in regenerative medicine.