23 November 2012
TiGenix focus on advanced cell therapy programs
Leuven (BELGIUM) – November 23, 2012 – TiGenix (Euronext Brussels: TIG), the European leader in cell therapy, announced today the definitive closure of its biomaterials unit, TiGenix Ltd., to allow the company to fully focus on the further commercial roll-out of ChondroCelect®, and its cell therapy product development pipeline.
“With our Phase II and Phase III cell therapy trials advancing on schedule, we continue to deliver on our business plan. The formal closing of TiGenix Ltd. reduces complexity, and allows us to exclusively focus on our high value assets in the short and long term: ChondroCelect and our proprietary adipose derived stem cell products,” said Eduardo Bravo, CEO of TiGenix.
In view of TiGenix’s new strategic direction and exclusive focus on cell therapy since 2011, TiGenix Ltd. was fully impaired in the 2011 financial accounts.
TiGenix NV (NYSE Euronext Brussels: TIG) is a leading European cell therapy company with a marketed cell therapy product for cartilage repair, ChondroCelect®, and a strong pipeline with clinical stage allogeneic adult stem cell programs for the treatment of autoimmune and inflammatory diseases. TiGenix is based out of Leuven (Belgium) and has operations in Madrid (Spain), and Sittard-Geleen (the Netherlands). For more information please visit www.tigenix.com.
This document may contain forward-looking statements and estimates with respect to the anticipated future performance of TiGenix and the market in which it operates. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. They include all matters that are not historical facts. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond TiGenix’ control. Therefore, actual results, the financial condition, performance or achievements of TiGenix, or industry results, may turn out to be materially different from any future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward looking statements, forecasts and estimates only speak as of the date of the publication of this document. TiGenix disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in TiGenix’ expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by Belgian law.