ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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4.6 Outstanding financialinstrumentsThe table below provides an overview of the issued andoutstanding voting financial instruments, whether or notrepresenting the Company’s share capital prior to the Offering.The overview must also be read together with the notesreferred to below.Prior to the Offering Number %A Issued Shares 75,935,556 97,07%B Maximum number of Shares to be issued on March 30, 2012 (1) 536,534 0.69%C Total (A) + (B) 76,472,090 97.76%D Shares to be issued upon the exercise of warrants that are exercisable (2) 1,183,027 1.51%E Shares to be issued upon the exercise of warrants that are not yet exercisable(2) 572,931 0.73%F Total (D)+(E) 1,755,958 2.24%G Total (C)+(F) 78,228,048 100.00%Notes(1) Maximum number of Shares to be issued within the framework of the contribution of the remaining portion of the receivable of the shareholdersof Orthomimetics Limited that have sold their 680,686 shares in Orthomimetics Limited to the Company.(2) As at March 31, 2011.4.7 shareholders4.7.1 OverviewTo the best of the Company’s knowledge, based on thetransparency declarations most recently received by theCompany and based on information available of the privateplacements of 2009 and the Contribution which took place theContribution Date, the Shareholders’ structure is as follows onthe date of publication of this prospectus:Shareholder Number of Shares %ING België NV 4,253,731 5.60%Fagus NV 2,105,527 2.77%A. van Herk / O.G.B.B.A. van Herk B.V. 1,685,862 2.22%Gemma Frisius-Fonds K.U.Leuven NV 1,224,870 1.61%Particon B.V. 340,000 0.45%N.V. Industriebank LIOF 340,000 0.45%Limburg Ventures B.V. 200,000 0.26%LRM NV 200,000 0.26%Genetrix Life Sciences A.B. 5,835,379 7.68%FCPR Ventech Capital III 5,195,199 6.84%LSP III Omni Investment Coöperatief, U.A. 4,445,053 5.85%Ysios Biofund I, FCR 4,760,342 6.27%Biopartners Capital, S.L. 2,977,440 3.92%Novartis Bioventures Ltd. 5,534,905 7.29%Roche Finanz AG 5,534,905 7.29%CX EBIP Agreement, S.L. 1,905,144 2.51%Subtotal 11 46,538,357 61.29%11 Other Shareholders 29,397,199 38.71%TOTAL 75,935,556 100%11 The above Shareholders made their declarations separately and are acting independently, with the exception of:(i) Particon B.V., N.V. Industriebank LIOF, Limburg Ventures B.V., LRM NV (with Koninklijke DSM N.V., Stichting De Weijerhorst, het Vlaams Gewest and de Staat derNederlanden) which also filed a joint declaration as a result of the entering into of an investment and subscription agreement dated June 19, 2009 as referred to insection 5.105.10 of the prospectus;(ii) Genetrix Life Sciences A.B., FCPR Ventech Capital III, LSP III Omni Investment Coöperatief U.A., Ysios Biofund I FCR, Biopartners Capital S.L., Novartis BioventuresLtd., Roche Finanz AG, CX EBIP Agreement S.L. and some other shareholders which also filed a joint declaration as a result of the entering into lock-up undertakingsunder the Contribution Agreement and Lock-up Agreement as referred to in section 3.12 of the prospectus; and(iii) Genetrix Life Sciences A.B. and CX EBIP Agreement, S.L. which also filed a joint transparency declaration as the shares of the latter are entirely held by GenetrixLife Sciences A.B.83 •
4.7.2 Voting rightsAs further described under section 2.5.1, each Shareholder isentitled to one vote per share.In an agreement entered into on the Contribution Datesimultaneously with the completion of the Contributionbetween Cellerix and Cx EBIP Agreement, S.L., Cx EBIPAgreement, S.L. has unilaterally undertaken to abstain from:(i) exercising its voting rights on any Contribution Shares ownedby Cx EBIP Agreement, S.L. and (ii) attending any shareholders’meetings of <strong>TiGenix</strong> until the Equity Based Incentive Plans ofCellerix, described in section 5.7.4 below, have expired.4.7.3 Shareholders’ agreementsThe Company has no knowledge of any agreements madebetween Existing Shareholders except for the Lock-upAgreement which is described in more detail in section3.12 “Lock-up and standstill agreements”.84 • <strong>TiGenix</strong> • 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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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 and 86: • a pledge of Locked Shares to a
Page 87 and 88: 4. General information about THECOM
Page 89 and 90: DateINCORPORATIONFebruary 21,2000Tr
Page 91 and 92: Upon completion of the IPO of TiGen
Page 93: Issue dateMay 14,2004April 20,2005T
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
Page 137 and 138: 6.7 Manufacturing & logisticsEffici
Page 139 and 140: The international application WO06/
Page 141 and 142: ChondroMimetic competitionThe main
Page 143 and 144: 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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