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Subsequent Events | 3 Months Ended
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Mar. 31, 2013
Subsequent Events [Abstract] |
Subsequent Events |
18. | Subsequent Events
On May 8, 2013, Cytori and Olympus agreed to terminate the Olympus-Cytori Joint Venture (Termination Agreement). The JV was formed in 2005 to facilitate the development and commercialization of the next generation Celution® Systems. The Termination Agreement provides for Olympus to sell its interest in the JV along with certain assets and technology patent rights to Cytori in return for payment under one of several payment options (to be selected by Cytori) as defined in the Termination Agreement. The payment options call for a minimum of $4,500,000 up to a maximum of $16,000,000 to be paid by Cytori in installments over periods ranging from one year to six years. Installment payments will be calculated quarterly based on 5% of Cytori's gross sales receipts for all products sold. An additional provision sets forth that if Cytori receives a cumulative total of at least $35,000,000 in cash through strategic or financing arrangements during the first year of the Termination Agreement, Cytori will pay $4,500,000 upon request of Olympus as full and complete consideration under the Agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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