TiGenix Provides ChondroCelect Update (press release)
TiGenix (NYSE Euronext: TIG), the European leader in cell therapy, today provided an update on the commercial prospects of ChondroCelect, its characterized chondrocyte implantation for symptomatic cartilage lesions in the knee. The Company has received notice from the Haute Autorité de la Santé (HAS) in France that ChondroCelect will not be reimbursed in France. ChondroCelect is reimbursed nationally in Belgium, the Netherlands, andSpain, and through private payers in the UK.
Growth of ChondroCelect sales keeps accelerating. For the first five months of 2013, ChondroCelect sales were EUR 1.9 million, up 59% compared with the same period last year. And this does not yet include sales from the Spanish market.
"We are disappointed by the decision of the HAS, but not completely surprised as it is consistent with their position in 2010," said Eduardo Bravo, CEO of TiGenix. "Importantly, the decision does not impact our objective to turn ChondroCelect into a cash flow positive asset in 2014. We will continue to efficiently allocate our resources to those markets where we are selling such as Belgium and the Netherlands, and build up a ...
