Cytori receives notice of intent to exercise BARDA contract option
The preliminary written notice of intent is related to the first option of Cytori's contract with the Biomedical Advanced Research and Development Authority (BARDA). Cytori was awarded a contract worth up to $106 million with BARDA in September 2012 for the development of Cytori cell therapy for thermal burns combined with radiation injury.
On June 10, Cytori presented data generated during the base period of the contract at an in-process review meeting to a panel of BARDA, DoD, CDC, FDA and National Institutes of Health representatives.
Receipt of the notice of intent demonstrates that the panel determined Cytori accomplished the goals of the base period to the government's satisfaction. Cytori and BARDA are in negotiations on the specifics for the additions to the statement of work to be executed during the first option period, which would extend the contract to September 2016. The negotiations are expected to take several weeks.
Cytori is developing cell therapies based on autologous adipose-derived regenerative cells (ADRCs) to treat cardiovascular disease and other medical conditions. The company's data suggests ADRCs moderate the inflammatory response, improve blood flow and rescue tissue that is at risk of dying.