ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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9.1.5.17 Deferred revenueThe balance of the “Deferred revenues” heading recorded thefollowing movements:Thousands of Euro (€)Years ended December 31Capital GrantsAt January 1, 2008 91Taken to income (18)At December 31, 2008 73Additions 33Taken to income (17)At December 31, 2009 89Additions 12Taken to income (16)At December 31, 2010 859.1.5.18 Trade PayablesThe breakdown of items recorded under this heading is asfollows:Years ended December 31Thousands of Euro (€) 2010 2009 2008Trade accounts payable 1,625 1,146 931Accruals for invoices to be received 832 1,418 1,281Total trade payables 2,457 2,564 2,2129.1.5.19 Other current liabilitiesBelow is the composition of the balance of this heading atDecember 31:Years ended December 31Thousands of Euro (€) 2010 2009 2008Other debts relating to remuneration and social security 702 821 517Short-term payables to fixed asset suppliers 15 123 127Payable to group companies and associates - 95 52Other liabilities 358 - -Total other current liabilities 1,075 1,039 696The balance of “Other liabilities” includes mainly €334k inrespect of grants to be repaid.219 •
9.1.5.20 Equity Based Incentive PlansCellerix has created two Equity Based Incentive Plans (“EBIPs”)(stock option plans) for its directors, managers and employees.The table below provides an overview of all options granted.This overview must be read together with the note referred tobelow.Weighted averageexercise price (1) TOTAL Stock options issued underCreation dateEBIP 2010 EBIP 2008October 15, 2010 May 20, 2008Total number created 221,508 453,550Outstanding January 1, 2008 - - -Granted 8.72 453,550 - 453,550Lapsed - - - -Exercised - - - -Expired - - - -Outstanding December 31, 2008 8.72 453,550 - 453,550Granted - - - -Lapsed - - - -Exercised - - - -Expired - - - -Outstanding December 31, 2009 8.72 453,550 - 453,550Granted 5.29 221,508 221,508 -Lapsed - (32,832) - (32,832)Exercised - - - -Expired - - - -Outstanding December 31, 2010 5.29 642,226 221,508 420,718Notes(1) Not yet taking into account the impact of the Contribution. As aresult of the Contribution the exercise price for all EBIP 2010 optionsis reduced to €0.013.The EBIPs and the impact of the Contribution on the EBIPs arefurther described in section 5.7.4.220 • 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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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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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
Page 200 and 201: the respective issue date of the wa
Page 202 and 203: Transactions with non-executive dir
Page 204 and 205: 8.1.5.28 Subsequent eventsAcquisiti
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Page 208 and 209: Additional statementsThe preparatio
Page 210 and 211: 9.1.2 Stand-alone balance sheetYear
Page 212 and 213: 9.1.4 Stand-alone statement of chan
Page 214 and 215: ) Standards and interpretations iss
Page 216 and 217: The clinical development of new dru
Page 218 and 219: future against which they may be ap
Page 220 and 221: Cellerix’ research and developmen
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Page 224 and 225: Thousands of Euro (€)Laboratoryeq
Page 226 and 227: Current financial assetsShown below
Page 228 and 229: At December 31, Cellerix’ share c
Page 232 and 233: 9.1.5.21 Share-based paymentsThe EB
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
Page 260 and 261: Contents1. The year in brief ......
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 272 and 273: 3. Financial informationa. The Inco
Page 274 and 275: Exceptionally, for the following re
Page 276 and 277: (d)(e)Duration: The Options Plan wi
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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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