TiGenix announces the acquisition of a US cell expansion facility

Leuven (BELGIUM) - June 1, 2007, 8:30 CET - TiGenix (EURONEXT: TIG), the biomedical company focused on innovative local treatments for damaged and osteoarthritic joints, announces today that it has acquired the assets of a Memphis, Tennessee (US) based cell expansion facility from Cell Genesys.

The recently formed joint venture asset management company between TiGenix and Cognate BioServices entered into an agreement with Cell Genesys for the acquisition of the assets of a fully equipped cell expansion facility no longer required by Cell Genesys for USD 2.2 million (€ 1.66 million) in cash. The joint venture will also take over the leasehold rights of the facility. The region of Memphis has granted the joint venture a tax credit which will save the company USD 340,000 (€ 256,000) over the coming years.

More info on TiGenix' website or on the press release