SAN DIEGO--(BUSINESS WIRE)--
Cytori Therapeutics (NASDAQ: CYTX) today announced that
, Chief Executive Officer and Director of Cytori Therapeutics, is
retiring from the position of CEO of the Company, effective immediately.
The Board of Directors has named Dr.
to the position of
CEO, in addition to his current responsibilities as President and
During a transition period, Mr. Calhoun will remain a Director on
Cytori’s Board and will assume the position of Managing Director. As
Managing Director, he will focus principally on Cytori’s international
business development efforts until his retirement from the Company on
July 1, 2014.
“We are extremely grateful to Chris for his efforts over the past 18
years to build Cytori into a world leader in adipose-derived cell
therapy,” said Mr.
, Chairman of the Board of Cytori. “Mr.
Calhoun founded the Company in 1996 and had the strategic vision in 2002
to acquire StemSource, Inc., led by Dr. Hedrick, enabling the
development of our core cell therapy technology. Dr. Hedrick has served
as President since 2004 and has overseen research, development, sales
and marketing groups.”
Dr. Hedrick is a former general, vascular and plastic surgeon with an MD
from University of Texas Southwestern Medical School and an MBA from
University of California, Los Angeles. He and his team at UCLA
discovered stem and regenerative cells in human adipose tissue. “This is
a tremendous opportunity to guide Cytori and to advance the strategic
vision to become the premier cell therapy company,” said Dr. Hedrick. “I
am committed to the Company, its shareholders and employees and look
forward to the day that our important new therapies will benefit
patients around the world and reward those who have put their trust in
“I am passionate about Cytori and its technology and will continue to be
dedicated to the Company’s mission and success,” said Mr. Calhoun. “It
has been an honor to have worked with so many talented and dedicated
colleagues, partners and physicians around the world and to have been
part of making a positive difference for patients. I have known and
worked with Dr. Hedrick for more than 12 years and have full confidence
in his ability to lead the Company forward. He will have my complete
support during this transition and beyond.”
About Cytori Therapeutics
Cytori Therapeutics is developing cell therapies based on autologous
adipose-derived regenerative cells (ADRCs) to treat cardiovascular
disease and other medical conditions. Our scientific data suggest ADRCs
improve blood flow, moderate the inflammatory response and keep tissue
at risk of dying alive. As a result, we believe these cells can be
applied across multiple “ischemic” conditions. These therapies are made
available to the physician and patient at the point-of-care by Cytori’s
proprietary technologies and products, including the Celution® System
product family. www.cytori.com.
Source: Cytori Therapeutics