ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

4. Business development7. ShareholdersIn 2009 Cellerix held talks with a number of companiespotentially interested in licensing Ontaril for Israel, Japan andKorea, although no agreement has been reached to date.5. EmployeesThe average number of employees in the years ended31 December 2009 and 2008 was as follows:2009Averageno. ofNo. of employees at31/12/2009Executives 6 6Supervisors 17 16Technical staff 39 46Administrative 0 0Others 6 6Total 68 74Cellerix’s shareholders are as follows:International VCs:• Life Science Partners• Ventech• YsiosCorporate venture funds:• Novartis Venture Fund• Roche Venture Fund2008Averageno. ofNo. of employees at31/12/2009Executives 5 6Supervisors 15 16Technical staff 26 30Administrative 0 0Others 4 6Total 50 586. Risk factors• Cellerix has no products currently on the market, it haslimited financial resources and it may not become aprofit‐making business• Highly regulated business sector• Dependence on patents• High production costs of Ontaril• Dependence on clinical success of Ontaril• Drugs pipeline initially focused on therapies for disorderswith a low incidence rate in the population8. Management bodies, the BoardGoverning bodiesThe governing bodies are the Shareholders’ Annual GeneralMeeting and the Board of Directors. Any matter not providedfor in the Articles of Association will be governed by theprovisions of Article 93 et seq. of the Spanish Public LimitedCompanies Act.Shareholders’ General MeetingThe shareholders in General Meeting will decide on the matterswithin their powers.The voting rights of shareholders will not exceed 40%.Decisions will be adopted by simple majority.5 •