NEW YORK – Shares of Cytori Therapeutics jumped Monday after the company said Chinese regulators cleared its regenerative cell technology system.
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The company said its Cytori Celution System was approved by the State Food and Drug Administration of the People's Republic of China. The system is designed to take regenerative cells out of a patient's fat tissue so they can be used to control the immune system and heal wounds.
Lorem Vascular has the right to market the system in China as the result of a 2013 deal with Cytori. The companies said that deal could be worth more than $500 million, and as part of the deal, Lorem ordered 23 devices and sets of consumables that go with the system. It will order at least 50 more Celution devices per year for the next three years.
Lorem wants to market the device in China and surrounding areas as a treatment for cardiovascular and renal conditions and diabetes.
Shares of Cytori Therapeutics Inc. gained 22 cents, or 19 percent, to $1.38 in midday trading. The stock has dropped 55 percent over the last year but has more than doubled in value in 2015.