TiGenix Business Update & Financial Highlights for the First Half of 2012

LEUVEN, BELGIUM--(Marketwire -08/23/12)- TiGenix NV (EURONEXT:TIG), the European leader in cell therapy, gives an update of its business activities and provides the financial highlights for the half year ending June 30, 2012.

Business highlights

Financial highlights

"The significant progress in all our clinical programs and the commercial ramp up of ChondroCelect in the first half year of 2012 reinforce our position as the European leader in cell therapy," says Eduardo Bravo, CEO of TiGenix. "We continue to consistently deliver on the objectives we set more than a year ago, keeping all key programs on plan, meeting our aggressive targets, and keeping costs under control. In addition, we are in discussions with a number of companies in connection with the US rights to Cx601."

Business update

Commercial roll-out of ChondroCelect continues to gain momentum

ChondroCelect sales for the first half of 2012 amounted to EUR 2.1 million, comprising EUR 1.5 million from 2012 sales, up 115% compared to the same period of last year, and EUR 0.7 million of deferred sales from 2011 as a result of the retroactive reimbursement in the Netherland per January 1, 2011.

Discussions to obtain full national reimbursement keep advancing in Spain, France, and Germany. In addition to the recent important reimbursement success, the Company has obtained a positive decision in the Netherlands by one of the leading private healthcare insurance companies to make treatment with ChondroCelect compulsory for its insured, no longer reimbursing non-ATMP cartilage products. Similarly, two of the large private insurers in the UK expressed their intention to routinely reimburse ChondroCelect going forward.

Positive outcome of ChondroCelect compassionate use program published in leading journal

Positive outcome data from the ChondroCelect compassionate use program (CUP), involving 43 orthopedic centers in 7 European countries, treating 370 patients with ChondroCelect over the span of four years, were published in the June, 2012 issue of Cartilage, the official journal of the International Cartilage Repair Society. The data show that the implantation of ChondroCelect results in a positive benefit/risk ratio when used in an unselected, heterogeneous population, irrespective of the follow-up period, lesion size and type of lesion treated. The study provides TiGenix with a large and unique data set to support the long-term safety and efficacy of ChondroCelect.

Read the original here:
TiGenix Business Update & Financial Highlights for the First Half of 2012