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TiGenix’s chondrocyte implantation not reimbursed in France

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TiGenix has received notice from the Haute Autorite de la Sante in France that its ChondroCelect will not be reimbursed in France.

ChondroCelect, TiGenix’s characterized chondrocyte implantation for symptomatic cartilage lesions in the knee, is reimbursed nationally in Belgium, the Netherlands and Spain, and through private payers in the United Kingdom.

“We are disappointed by the decision of the Haute Autorite de la Sante, but not completely surprised as it is consistent with their position in 2010,” Eduardo Bravo, chief executive officer of TiGenix, stated in a press release. “Importantly, the decision does not impact our objective to turn ChondroCelect into a cash flow positive asset in 2014. We will continue to efficiently allocate our resources to those markets where we are selling such as Belgium and the Netherlands, and build up a commercial presence in Spain and the United Kingdom. We will also continue to work on expanding the territories where ChondroCelect is available through local or regional distributors.”