Cell therapy company agrees to $2 million contract option for thermal burn treatment research

Cytori Therapeutics and the Biomedical Advanced Research and Development Authority (BARDA) announced today that they have agreed to amend an original contract option to continue Cytori's development of a treatment for thermal burns.

The amendment will increase the contract value by about $2 million up to $14.1 million with BARDA, a division of the U.S. Department of Health and Human Services.

“We are pleased to see that once again, BARDA continues to show strong support and interest in Cytori Cell Therapy for this indication,” Marc Hedrick, president and chief executive officer of Cytori, said. “With these incremental funds, we can expedite the product development and clinical timelines by several months.”

The original contract was signed in August and funded the Cytori Cell Therapy. Cytori could receive another $8.3 million from BARDA to cover the costs of a clinical trial. The added funding is contingent on approval from the U.S. Food and Drug Administration.

Cytori Cell Therapy is meant to help thermal burn patients by improving the rate of healing and reducing scarring. The company has two additional options, worth $45 million and $23 million, on the contract with BARDA that would pay for another clinical trial and additional research on thermal burns related to radiation exposure.

About 450,000 burn injuries that required medical treatment occurred in 2013, the American Burn Association reported. About 40,000 of those cases required the burn patient to be hospitalized.

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Biomedical Advanced Researc and Development Authority (BARDA)

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