ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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Thousands of Euro (€)LaboratoryequipmentTechnicalfacilities Furniture IT equipmentOther property,plant andequipmentAdvances andfixed assets inprogressTOTALGross valueAt January 1, 2008 1,011 487 207 113 14 95 1,927Additions 125 58 55 85 1 75 399Transfer 75 - - 59 - (134) -At December 31,20081,211 545 262 258 15 35 2,326AccumulatedamortisationAt January 1, 2008 275 95 26 20 4 - 419Additions 135 62 24 53 7 - 282At December 31,2008410 157 50 73 10 - 701Net value at Dec. 31,2008801 388 211 184 4 35 1,624Gross valueAt January 1, 2009 1,211 545 262 258 15 35 2,326Additions 208 321 5 65 6 - 605Disposals - - - - - (35) (35)At December 31,20091,419 866 267 323 21 - 2,896AccumulatedamortisationAt January 1, 2009 410 157 50 73 10 - 701Additions 152 103 27 77 5 - 363At December 31,2009562 261 77 150 16 - 1,065Net value at Dec. 31,2009857 605 190 173 5 - 1,830Gross valueAt January 1, 2009 1,419 866 266 323 21 - 2,895Additions 11 23 4 1 2 - 42Disposals - - (6) (10) - - (16)At December 31,20101,430 889 264 314 23 - 2,921AccumulatedamortisationAt January 1, 2010 562 261 77 150 16 - 1,065Additions 169 135 27 82 5 - 417Disposals - - (2) (6) - - (7)At December 31,2010731 395 102 226 20 - 1,474Net value at Dec. 31,2010699 494 162 88 3 - 1,447213 •
9.1.5.11 Other financial assetsNon-current financial assetsShow below is the breakdown and the movements of thiscaption of balance sheets:Years ended December 31Thousands of Euro (€)Deposits and guaranteesShares ininvestment fundsTotalAt January 1, 2008 29 104 133Net gain on available-for-sale financial assets - 4 4At December 31, 2008 29 108 137Additions 391 72 463Net gain on available-for-sale financial assets - 2 2At December 31, 2009 420 182 602Additions 336 - 336Net gain on available-for-sale financial assets - 1 1Transfers to short-term (364) - (364)At December 31, 2010 392 183 575The “Deposits and guarantees” balance mainly includes theamounts delivered by Cellerix as security deposit to rentthe buildings in which it has its headquarters and carrieson its activities. Besides, this caption includes deposits in acurrent account with Banco Santander. These deposits werepledged to guarantee fulfilment of the requirements for theaward of grants obtained, the payment of which requires thepresentation of a guarantee equal to the amount of such asgrants. Given the normal timescale for proof of completion ofthe subsidised project, this deposit has been classified as longterm.The balance of “Shares in investment funds” account reflectsthe holding in a money market asset investment fund(Bankinter Dinero 3 FIAMM), which was acquired by Cellerix inDecember 2006 for €100k and in 2009 was increased by €72k.From its date of acquisition to the close of 2010, that holdinghas increased in value by €10k (€1k in 2010). The investment inthe fund is pledged as security for a bank guarantee deliveredto the lessor of the building where Cellerix carries on itsactivities.214 • TiGenix • Rights Offering
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TiGenix NV(Public limited liability
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Table of ContentsSummary ..........
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3.7.1 Categories of potential inves
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5.7.1 Shares and warrants held by i
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7.5.2 Taxation.....................
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SummaryThe words written in capital
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Activities and strategy of the Comp
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• Two allogeneic adult stem cell
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• TiGenix’ success depends on i
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Unaudited pro forma income statemen
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Recent developmentsAcquisition of C
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In this context, we would like to s
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Announcement of the results of theO
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After the Contribution andafter the
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ContributionContribution AgreementC
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Risk factorsAny investment in the P
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commercialisation of ChondroCelect,
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in delays in bringing products to t
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The Company cannot predict what eff
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y each of its patents and patent ap
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to exercise preferential subscripti
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this prospectus which is capable of
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• investment professionals fallin
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1. General information and informat
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1.4.2 Company documents and otherin
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• the granting of discharge of li
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• in case of registered Shares, t
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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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Page 186 and 187: 8.1.5.4 Operating result (EBIT)Resu
Page 188 and 189: 8.1.5.7 TaxesThere is no current ta
Page 190 and 191: 8.1.5.10 Tangible assetsThousands o
Page 192 and 193: 8.1.5.14 Deferred charges & accrued
Page 194 and 195: 8.1.5.18 Finance lease obligations
Page 196 and 197: Business combination Cellerix SADes
Page 198 and 199: Weighted averageexercise priceTOTAL
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Page 206 and 207: 8.1.5.31 Disclosure under Article 1
Page 208 and 209: Additional statementsThe preparatio
Page 210 and 211: 9.1.2 Stand-alone balance sheetYear
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Page 216 and 217: The clinical development of new dru
Page 218 and 219: future against which they may be ap
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Page 226 and 227: Current financial assetsShown below
Page 228 and 229: At December 31, Cellerix’ share c
Page 230 and 231: 9.1.5.17 Deferred revenueThe balanc
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Page 234 and 235: GrantsCellerix received several gra
Page 236 and 237: 10. Report regarding unaudited prof
Page 238 and 239: EMAFDAFibrous tissueGCPGMPGrowth fa
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Page 242 and 243: Appendix 2: REGULATORY APPROVALPROC
Page 244 and 245: like ChondroCelect or the future ce
Page 246 and 247: TitleCountry/regionPatent/applicati
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Page 250 and 251: Title“Cell populations having imu
Page 252 and 253: D. Trademarks of CellerixThe table
Page 254 and 255: Decision resources.Dell’Accio, F.
Page 256 and 257: Noyes, F. R., Barber-Westin, S. D.,
Page 258 and 259: Appendix 5: 2008, 2009 and2010 mana
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Page 262 and 263: 2. Financial informationa. The Inco
Page 264 and 265: The Directors shall call a Sharehol
Page 266 and 267: • Exercise price changed to 5.291
Page 268 and 269: 10 • TiGenix • Rights Offering
Page 270 and 271: Contents1. The year in brief ......
Page 272 and 273: 3. Financial informationa. The Inco
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Exceptionally, for the following re
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(d)(e)Duration: The Options Plan wi
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Contents1. The year in brief ......
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3. Financial informationa. The Inco
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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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