ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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The table below sets out the number of Existing Shares of each of these Existing Shareholders that are Locked Shares:ShareholderLocked Sharesprior to Offering% of Shareholder’sshareholding% of totalnumber of SharesING België NV 8 1,884,828 45% 2.48%Fagus NV 2,105,527 100% 2.77%Limburgse Reconversie Maatschappij NV 9 200,000 100% 0.26%Gemma Frisius-Fonds K.U.Leuven NV 1,224,870 100% 1.61%Katholieke Universiteit Leuven 117,836 100% 0.16%Genetrix Life Sciences A.B. 5,835,379 100% 7.68%Pilar Matji Tuduri 112,874 100% 0.15%Miguelina Matji Tuduri 112,874 100% 0.15%Manuel Matji Tuduri 56,437 100% 0.07%María José Lafita 16,929 100% 0.02%María Ángeles Lafita 16,926 100% 0.02%Elena Lafita 16,935 100% 0.02%Lucía Lafita 16,935 100% 0.02%Alfredo Lafita 16,929 100% 0.02%Jorge Alemany Herrera 174,487 100% 0.23%NEREL, S.L. 818,410 100% 1.08%FCPR Ventech Capital III 5,195,199 100% 6.84%LSP III Omni Investment Coöperatief, U.A. 4,445,053 100% 5.85%Ysios Biofund I, FCR 4,760,342 100% 6.27%Biopartners Capital, S.L. 2,977,440 100% 3.92%Navarra Iniciativas Empresariales, S.A. 1,693,412 100% 2.23%Novartis Bioventures Ltd. 5,534,905 100% 7.29%Roche Finanz AG 5,534,905 100% 7.29%Eduardo Bravo 150,263 100% 0.20%Claudia D´Augusta 127,682 100% 0.17%Dirk Büscher 172,126 100% 0.23%Capital Riesgo de la Comunidad de Madrid, S.A., S.C.R. 128,661 100% 0.17%JV Risk Technologies, S.L. 728,861 100% 0.96%Bankinter Capital Riesgo I, FCR 1,457,732 100% 1.92%SURO Capital, S.A., S.C.R. 1,243,746 100% 1.64%INVERSORA BICO, S.L. 443,869 100% 0.58%Mr. José Ignacio GUZMÁN URIBE 295,911 100% 0.39%A&G Global Sicav-Midleton Fund 147,949 100% 0.19%Mrs. Ana Maria VIDORRETA GONZALÉZ 118,359 100% 0.16%Mr. Ramón CARNÉ CASAS 144,998 100% 0.19%Mr. Ignacio ALVAREZ-RENDUELES VILLAR 145,001 100% 0.19%Mr. Adolfo CARVAJAL ISLA 145,001 100% 0.19%Mr. Gonzalo BRAVO ZABALGOITIA 93,132 100% 0.12%Mr. Florent GROS 29,596 100% 0.04%CX EBIP Agreement, S.L. 1,905,144 100% 2.51%TOTAL 50,347,463 66.30%Currently there are no other lock-up or standstill agreements in place.898 ING België NV has stipulated in its lock-up undertaking that it shall not voluntarily transfer such part of the Shares which it holds only to the extent thatParticipatiemaatschappij Vlaanderen NV (one of the Committers referred to in section 3.8.1) holds at least 45% of the Shares it would acquire in the Offering.9 Limburgse Reconversie Maatschappij NV has stipulated in its lock-up undertaking that it shall not voluntarily transfer any of its Shares to the extent thatParticipatieMaatschappij Vlaanderen NV (one of the Committers referred to in section 3.8.1) is part of the shareholding of TiGenix.75 •
4. General information about THECOMPANY and its share capitalThis prospectus has been drafted from the point of view that theContribution has already been completed although this was notyet the case at the time of approval of this prospectus. However,it is anticipated that the Contribution will have been completedby the time this prospectus is made available to the public.The completion of the Contribution will be confirmed in anannouncement that will be made public before or at the sametime as the publication of the prospectus.4.1 GeneralTiGenix was incorporated on February 21, 2000 for an unlimitedduration. The Company has the legal form of a limited liabilitycompany making or having made a public appeal on savings(naamloze vennootschap – NV die een openbaar beroep op hetspaarwezen doet of heeft gedaan / société anonyme – SA faisantou ayant fait appel public à l’épargne) organised and existingunder the laws of Belgium. Pursuant to the Companies Code,the liability of the Shareholders is, in principle, limited to theamount of their respective committed contribution to thecapital of the Company. The Company’s registered office islocated at Romeinse straat 12, box 2, 3001 Leuven, Belgium.The Company is registered with the register of legal entities(rechtspersonenregister – RPR / registre des personnes morales- RPM) (Leuven) under enterprise number 0471.340.123.The Company can be reached by phone at the number+32 (0)16 39 60 60.This chapter summarises the corporate purpose, share capitaland corporate structure of the Company and is partially basedon the Articles of Association that have last been amended bythe meeting of the Board of Directors of November 9, 2010.The description hereafter is only a summary and does notpurport to give a complete overview of the Articles ofAssociation, nor of all relevant provisions of Belgian law. Neithershould it be considered as legal advice regarding these matters.4.2 Corporate purposeThe corporate purpose of the Company is set forth inArticle 3 of its Articles of Association and reads as follows:“The company has as its corporate purpose engaging in activitiesin the field of research and development regarding biologicalcompounds and biomaterials for its own account and for theaccount of third parties, as well as the industrialisation andcommercialisation of the results hereof.It may engage in all possible commercial, industrial, movableand immovable, transactions, which are, directly or indirectlyrelated to its corporate purpose or which are likely to enhance it. Itmay, amongst others, cooperate with, participate in, in any waywhatsoever, directly or indirectly, take a stake in each enterprise thecorporate purpose of which is similar, analogous or related to itsown purpose.It may mortgage its real estate and may pledge all its other assets,including its entire business, and it may guarantee a bill for allloans, credits and other undertakings, on its own behalf as well ason behalf of third parties, provided that the company itself has aninterest thereto.”4.3 Group structureTiGenix has incorporated, on February 7, 2006 a wholly-ownedU.S. subsidiary, TiGenix Inc.On May 8, 2007, TiGenix Inc. and Cognate BioServices, Inc.created a 50/50 joint venture asset management company,TC CEF LLC, with registered office at 2711 Centerville Road,Suite 400, Wilmington, Delaware 19808, U.S. TC CEF LLCsubsequently acquired the assets of a fully equipped CEFfrom Cell Genesys, Inc. With effect as of November 23, 2010,TiGenix Inc. has withdrawn itself from TC CEF LLC and hasterminated its membership interests in TC CEF LLC.On September 24, 2009, the Company set-up a whollyownedDutch subsidiary, TiGenix B.V., with registered officeat Urmonderbaan 22, 6167RD Geleen, The Netherlands.76 • 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
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
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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
Page 61 and 62: No one may cast a greater number of
Page 63 and 64: If a Belgian resident individual ne
Page 65 and 66: Belgium has concluded tax treaties
Page 67 and 68: 3. Information on the Contributiona
Page 69 and 70: In this context, we would like to s
Page 71 and 72: TiGenix has a limited financial deb
Page 73 and 74: Thousands of Euro (€) TiGenix Cel
Page 75 and 76: 3.5.2 Issuance Price and RatioThe i
Page 77 and 78: (c)Rules for subscriptionSubject to
Page 79 and 80: The Scrips Private Placement will o
Page 81 and 82: to comply with any of its obligatio
Page 83 and 84: 3.11.2 Scenario 1: Existing Shareho
Page 85: • a pledge of Locked Shares to a
Page 89 and 90: DateINCORPORATIONFebruary 21,2000Tr
Page 91 and 92: Upon completion of the IPO of TiGen
Page 93 and 94: Issue dateMay 14,2004April 20,2005T
Page 95 and 96: 4.7.2 Voting rightsAs further descr
Page 97 and 98: can be obtained free of charge at t
Page 99 and 100: 5.2.4 Composition of the Board of D
Page 101 and 102: Amonis. Mr. Duron has been CEO of K
Page 103 and 104: 5.3.4 Nomination and remunerationco
Page 105 and 106: • investor relations: nurturing c
Page 107 and 108: The remuneration of the members of
Page 109 and 110: 5.7.2 Shares and warrants held by e
Page 111 and 112: Cellerix EBIP 2010An EBIP for senio
Page 113 and 114: The minutes must also contain a jus
Page 115 and 116: 6. Activities of Tigenix andits sub
Page 117 and 118: • Clinical stage pipeline. TiGeni
Page 119 and 120: 6.3.3 Acquisition of CellerixAs a r
Page 121 and 122: Full thickness articular cartilage
Page 123 and 124: Fig. 6.2: Autologous Chondrocyte Im
Page 125 and 126: Preclinical work in a meniscus repa
Page 127 and 128: The Company is also ensuring high q
Page 129 and 130: Recognising the importance of pre-l
Page 131 and 132: In Spain, since the passage of Orde
Page 133 and 134: Fig. 6.6: ChondroMimetic procedure
Page 135 and 136: 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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