RANCHO CORDOVA, Calif., Feb. 13, 2014 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL) ("ThermoGenesis"), a leading supplier of enabling technologies for the processing and storage of stem cells and other biological tissues, reported today that it received stockholder approval at a special meeting of the stockholders for the acquisition of TotipotentRX through a merger into ThermoGenesis. Incident to the acquisition, ThermoGenesis will also change its corporate name to Cesca Therapeutics Inc., which stands for Clinical Excellence in Stem Cell Applications.
"We are very pleased to report our stockholders approved the acquisition and resulting merger of TotipotentRX into ThermoGenesis at a special meeting of the stockholders today, with over 78% of the votes cast approving the transaction," said Matthew T. Plavan, Chief Executive Officer of ThermoGenesis. "This merger creates a premier cell therapy company that we believe will be the only fully integrated regenerative medicine company in the market," continued Plavan. Mr. Plavan will continue as Chief Executive Officer of Cesca Therapeutics.
"Combining ThermoGenesis' superior cell processing platforms with TotipotentRX's biologic and clinical protocols will enable Cesca to pursue the development of blockbuster cell therapy treatments in the orthopedic and vascular indications, among other possibilities, " said Ken Harris, CEO of TotipotentRX. Mr. Harris will be appointed to the BOD of Cesca Therapeutics and serve as its President at the closing of the transaction.
The merger is expected to close early next week upon making the customary filings with the states of Delaware and California and other regulatory agencies.
About ThermoGenesis Corp.
ThermoGenesis Corp. (www.thermogenesis.com) is a leader in developing and manufacturing automated blood and bone marrow processing systems and companion disposable products that enable the separation, processing and preservation of cell and tissue therapy products. These include:
- AXP® AutoXpress® Platform (AXP), a proprietary family of automated devices that includes the AXP and the MXP® MarrowXpress® and companion sterile blood processing disposables for harvesting stem cells in closed systems. The AXP device is used for the processing of cord blood.
- The MarrowXpress Platform (MXP), a derivative product of the AXP and its accompanying disposable bag set, isolates and concentrates stem cells from bone marrow. Self-powered and microprocessor-controlled, the MXP contains flow control optical sensors that volume-reduces blood from bone marrow to a user defined volume in 30 minutes, while retaining over 90% of the MNCs.
- The Res-QTM 60 (Res-Q), a point-of-care system designed for the preparation of cell concentrates, including stem cells, from bone marrow aspirates and whole blood for platelet rich plasma (PRP).
- The BioArchive® System, an automated cryogenic device, used by cord blood stem cell banks in more than 30 countries for cryopreserving and archiving cord blood stem cell units for transplant.
Forward Looking Statement
This press release contains forward-looking statements. Such forward-looking statements include but are not limited to that TotipotentRX and ThermoGenesis will provide unmatched world-class capability and service to their clients and that the proposed merger will be completed. These statements involve risks and uncertainties that could cause actual outcomes to differ materially from those contemplated by the forward-looking statements. A more complete description of risks that could cause actual events to differ from the outcomes predicted by ThermoGenesis forward-looking statements is set forth under the caption "Risk Factors" in its annual report on Form 10-K and other reports we file with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward-looking statements.