Maxim's Target Price on Biotech Makes It More Than a Tenbagger

11/20/2017

Additional Disclosures:

Disclosures from Maxim Group, Cytori Therapeutics Inc., Company Update, Nov. 16, 2017

I, Jason Kolbert, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities.

Maxim Group makes a market in Cytori Therapeutics, Inc.

Maxim Group managed/co-managed/acted as placement agent for an offering of the securities for Cytori Therapeutics, Inc. in the past 12 months.

Maxim Group has received the non-objecting beneficial owners (NOBO) list from Cytori Therapeutics, Inc. which may have some value for the Firm's Wealth Management division.

Maxim Group received compensation for investment banking services from Cytori Therapeutics, Inc. in the past 12 months. Maxim Group expects to receive or intends to seek compensation for investment banking services from Cytori Therapeutics, Inc. in the next 3 months. An affiliate of Maxim Group beneficially owns warrants/shares in Cytori Therapeutics, Inc.