ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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6.13 Litigation ............................................................................ 1316.14 Acquisition and Activities of Cellerix S.A. ............................................ 1316.14.1 Introduction ......................................................................... 1316.14.2 Competitive strengths................................................................ 1336.14.3 History and development of Cellerix .................................................. 1346.14.4 Market opportunity .................................................................. 1346.14.5 Marketed products and commercial strategy.......................................... 1386.14.6 Manufacturing & logistics............................................................. 1446.14.7 Intellectual property.................................................................. 1446.14.8 Competition ......................................................................... 1476.14.9 Human resources..................................................................... 1496.14.10 Facilities ............................................................................ 1496.14.11 Grants & subsidies................................................................... 1496.14.12 Litigation ........................................................................... 1507. Management’s discussion and analysis of TiGenix’ financial conditionand result of operations. ......................................................... 1517.1 Overview ............................................................................ 1517.2 Consolidated income statement .................................................... 1527.2.1 Revenues ............................................................................ 1527.2.2 Research and development expenses................................................. 1527.2.3 Selling, general and administrative expenses .......................................... 1537.3 Analysis of results of operations ..................................................... 1537.3.1 Year Ended December 31, 2010 comparedto Year Ended December 31, 2009 .................................................... 1537.3.2 Year Ended December 31, 2009 comparedto Year Ended December 31, 2008 .................................................... 1557.4 Consolidated cash flow statement .................................................. 1577.4.1 Cash flows from operating activities .................................................. 1587.4.2 Cash flows from investing activities ................................................... 1587.4.3 Cash flows from financing activities ................................................... 1587.5 Consolidated statement of financial position........................................ 1597.5.1 Off-balance sheet commitments...................................................... 160xi •
7.5.2 Taxation.............................................................................. 1607.6 Capital expenditures ................................................................ 1607.6.1 Investments in tangible assets ........................................................ 1607.6.2 Investments in intangible assets ...................................................... 1607.7 Cash and funding sources ........................................................... 1607.8 Long-term contractual obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1607.9 Future funding requirements. ....................................................... 1617.10 Financial risks........................................................................ 1617.11 Recent developments ............................................................... 1627.11.1 Acquisition of Cellerix ................................................................ 1627.11.2 Reimbursement ...................................................................... 1627.12 Outlook ............................................................................. 1637.12.1 Outlook 2011 and beyond ............................................................ 1637.12.2 Outlook beyond 2011 ................................................................ 1638. Consolidated Financial information on Tigenix................................ 1648.1 Audited Consolidated financial statements 2010 - 2009 - 2008 ...................... 1648.1.1 Consolidated income statement & statement of comprehensive income ............... 1648.1.2 Consolidated balance sheet .......................................................... 1658.1.3 Consolidated cash flow statement .................................................... 1668.1.4 Consolidated statement of changes in equity ......................................... 1678.1.5 Notes to consolidated financial statements............................................ 1688.2 Statutory auditor’s report on the consolidated financial statements asper December 31, 2010 .............................................................. 1969. Stand-alone Financial information on Cellerix S.A............................. 1989.1 Stand-Alone Financial Information Derived From The Audited Stand-AloneFinancial Statements 2010 – 2009 - 2008 ............................................ 1989.1.1 Stand-alone statement of comprehensive income..................................... 1989.1.2 Stand-alone balance sheet............................................................ 1999.1.3 Stand-alone cash flow statement ..................................................... 2009.1.4 Stand-alone statement of changes in equity .......................................... 2019.1.5 Notes to the stand-alone financial information ........................................ 201xii • TiGenix • Rights Offering
Page 2 and 3: TiGenix NV(Public limited liability
Page 4 and 5: Table of ContentsSummary ..........
Page 7 and 8: 3.7.1 Categories of potential inves
Page 9: 5.7.1 Shares and warrants held by i
Page 13 and 14: SummaryThe words written in capital
Page 15 and 16: Activities and strategy of the Comp
Page 17 and 18: • Two allogeneic adult stem cell
Page 19 and 20: • TiGenix’ success depends on i
Page 22 and 23: Unaudited pro forma income statemen
Page 24 and 25: Recent developmentsAcquisition of C
Page 26 and 27: In this context, we would like to s
Page 28 and 29: Announcement of the results of theO
Page 30 and 31: After the Contribution andafter the
Page 32 and 33: ContributionContribution AgreementC
Page 34 and 35: Risk factorsAny investment in the P
Page 36 and 37: commercialisation of ChondroCelect,
Page 38 and 39: in delays in bringing products to t
Page 40 and 41: The Company cannot predict what eff
Page 42 and 43: y each of its patents and patent ap
Page 44: to exercise preferential subscripti
Page 47 and 48: this prospectus which is capable of
Page 49 and 50: • investment professionals fallin
Page 51 and 52: 1. General information and informat
Page 53 and 54: 1.4.2 Company documents and otherin
Page 55 and 56: • the granting of discharge of li
Page 57 and 58: • in case of registered Shares, t
Page 59 and 60: cast at the meeting. If the amount
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No one may cast a greater number of
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If a Belgian resident individual ne
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Belgium has concluded tax treaties
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3. Information on the Contributiona
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In this context, we would like to s
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TiGenix has a limited financial deb
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Thousands of Euro (€) TiGenix Cel
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3.5.2 Issuance Price and RatioThe i
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(c)Rules for subscriptionSubject to
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The Scrips Private Placement will o
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to comply with any of its obligatio
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3.11.2 Scenario 1: Existing Shareho
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• a pledge of Locked Shares to a
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4. General information about THECOM
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DateINCORPORATIONFebruary 21,2000Tr
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Upon completion of the IPO of TiGen
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Issue dateMay 14,2004April 20,2005T
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4.7.2 Voting rightsAs further descr
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can be obtained free of charge at t
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5.2.4 Composition of the Board of D
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Amonis. Mr. Duron has been CEO of K
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5.3.4 Nomination and remunerationco
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• investor relations: nurturing c
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The remuneration of the members of
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5.7.2 Shares and warrants held by e
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Cellerix EBIP 2010An EBIP for senio
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The minutes must also contain a jus
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6. Activities of Tigenix andits sub
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• Clinical stage pipeline. TiGeni
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6.3.3 Acquisition of CellerixAs a r
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Full thickness articular cartilage
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Fig. 6.2: Autologous Chondrocyte Im
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Preclinical work in a meniscus repa
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The Company is also ensuring high q
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Recognising the importance of pre-l
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In Spain, since the passage of Orde
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Fig. 6.6: ChondroMimetic procedure
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6.5.3 Commercial strategyBuilding o
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6.7 Manufacturing & logisticsEffici
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The international application WO06/
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ChondroMimetic competitionThe main
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in Cellerix’ GMP facility in Madr
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6.14.3 History and development of C
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The table below gives an overview o
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Prevalence No. of cases (2010) Esti
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Fig. 6.9: Platform development stra
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In developing Cx601, Cellerix has b
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6.14.6 Manufacturing & logisticsCel
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population, methods for the isolati
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• Cimzia (certolizumab) - UCB: Al
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Spanish Ministry of Education and S
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7.2 Consolidated income statementTw
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7.3.1.2 Research and development ex
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7.3.2.3 Selling, general and admini
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7.4.1 Cash flows from operating act
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Cash & cash equivalents and intangi
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As of December 31, 2010, the Group
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8. Consolidated Financial informati
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8.1.3 Consolidated cash flow statem
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8.1.5 Notes to consolidated financi
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operating results and operating pla
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The Group does not account for work
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8.1.5.4 Operating result (EBIT)Resu
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8.1.5.7 TaxesThere is no current ta
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8.1.5.10 Tangible assetsThousands o
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8.1.5.14 Deferred charges & accrued
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8.1.5.18 Finance lease obligations
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Business combination Cellerix SADes
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Weighted averageexercise priceTOTAL
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the respective issue date of the wa
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Transactions with non-executive dir
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8.1.5.28 Subsequent eventsAcquisiti
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8.1.5.31 Disclosure under Article 1
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Additional statementsThe preparatio
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9.1.2 Stand-alone balance sheetYear
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9.1.4 Stand-alone statement of chan
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) Standards and interpretations iss
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The clinical development of new dru
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future against which they may be ap
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Cellerix’ research and developmen
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YearThousandsof Euro2010 2009 2008E
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Thousands of Euro (€)Laboratoryeq
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Current financial assetsShown below
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At December 31, Cellerix’ share c
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9.1.5.17 Deferred revenueThe balanc
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9.1.5.21 Share-based paymentsThe EB
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GrantsCellerix received several gra
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10. Report regarding unaudited prof
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EMAFDAFibrous tissueGCPGMPGrowth fa
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Appendix 1: Press releases 2006-201
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Appendix 2: REGULATORY APPROVALPROC
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like ChondroCelect or the future ce
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TitleCountry/regionPatent/applicati
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TitleCountry/regionPatent/applicati
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Title“Cell populations having imu
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D. Trademarks of CellerixThe table
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Decision resources.Dell’Accio, F.
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Noyes, F. R., Barber-Westin, S. D.,
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Appendix 5: 2008, 2009 and2010 mana
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Contents1. The year in brief ......
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2. Financial informationa. The Inco
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The Directors shall call a Sharehol
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• Exercise price changed to 5.291
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10 • TiGenix • Rights Offering
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Exceptionally, for the following re
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(d)(e)Duration: The Options Plan wi
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eceipt sent to the number or addres
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THE COMPANYTiGenix NVRomeinse straa
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ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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