Shares of Cytori Therapeutics Inc. (CYTX) are up almost 8% to $1.77 in pre-market trading Tuesday after the company announced that the Biomedical Advanced Research and Development Authority [BARDA], a division of the U.S. Department of Health and Human Services, has executed a contract option to fund the continued investigation and development of Cytori Cell Therapy for use in thermal burn injuries.
Cytori said that the current extension is valued at $12.1 million. Upon IDE approval by the FDA, BARDA anticipates funding to cover costs associated with execution of the clinical trial, currently estimated at $8.3 million, bringing the combined value to up to $20.4 million.
Dr. Marc Hedrick, President and Chief Executive Officer of Cytori said in a statement that his company is “honored to be the first technology in the area of thermal burn to have a contract option executed by BARDA.”
Shares of Cytori Therapeutics traded as high as $1.70 Monday, before ending the day at $1.64. In the past 52 weeks, CYTX has traded between a low of $1.46 and a high of $3.39, which is more than 132% above that low price. Over the past eight months however, the stock has lost 36.19% of its value.
The chart below shows where the stock has traded over the last year, with the 50-day and 200-day moving averages included.
Cytori Therapeutics, Inc., is a cell therapy company that develops cell therapies based on autologous adipose-derived regenerative cells (ADRCs) to treat cardiovascular disease and other medical conditions. The firm was founded in 1996 and is headquartered in San Diego, California.