×

Cesca Therapeutics Announces Change in Executive Leadership

Cesca to Search for Industry Veteran to Advance its Clinical and Commercialization Strategy

Robin C. Stracey, Cesca Therapeutics' Board Member to Serve as Interim CEO

RANCHO CORDOVA, Calif., Oct. 29, 2014 (GLOBE NEWSWIRE) -- Cesca Therapeutics Inc. (Nasdaq:KOOL), an autologous cell-based regenerative medicine company, today announced it intends to embark on a nationwide search for a new Chief Executive Officer. Robin C. Stracey, currently a member of the Company's Board of Directors, will serve as Interim CEO pending the new hire.

Craig W. Moore, Chairman of Cesca Therapeutics' Board of Directors stated, "In line with the Company's business plan, greater emphasis is now being placed on achieving major clinical, regulatory and reimbursement milestones. The Board has therefore decided to commence the search for a CEO with extensive experience in developing and commercializing products in what is a clinically demanding and highly regulated therapeutic arena." He added, "Robin Stracey will serve as the Company's CEO in the interim, and Matthew Plavan, the Company's former CEO, will be retained as an advisor during the process. Matthew played a pivotal role in the creation of Cesca Therapeutics through the merger between ThermoGenesis Corp. and TotipotentRX Corporation, and we thank him for his many exceptional contributions."

Robin C. Stracey, (56) was appointed to the Board of Directors in July 2011. Mr. Stracey has been the President and Chief Executive Officer at both publicly-traded and privately held companies in the life sciences sector, including Integrated Fluidics, Inc., Cantimer Incorporated, and Applied Imaging Corporation. Mr. Stracey has also held senior executive positions at Thermo Electron Corporation, now Thermo Fisher Scientific, and Dade Behring Inc., now Siemens Healthcare. Mr. Stracey has a B.S. degree with honors from the University of Nottingham in the United Kingdom. He will maintain offices in each of Cesca's Rancho Cordova and Emeryville facilities.

Robin Stracey, Interim CEO of Cesca stated, "I look forward to working with the Board of Directors and the executive team to ensure that we continue to effectively execute Cesca's strategy while we identify and recruit the best possible permanent CEO for the Company."

About Cesca Therapeutics Inc.

Cesca Therapeutics Inc. (www.cescatherapeutics.com) is engaged in the research, development, and commercialization of autologous cell-based therapeutics for use in regenerative medicine. We are a leader in developing and manufacturing automated blood and bone marrow processing systems that enable the separation, processing and preservation of cell and tissue therapy products. These include:

  • SurgWerks™ Platform, proprietary stem cell therapy point-of-care kit systems for treating vascular and orthopedic indications that integrate the following indication specific systems:
    • Cell harvesting
    • Cell processing and selection
    • Cell diagnostics
    • Cell delivery
  • CellWerksTM Platform, a proprietary stem cell laboratory kit for processing target cells used in the treatments of oncological and hematological disorders.
  • 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-Q™ 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

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. A more complete description of risks that could cause actual events to differ from the outcomes predicted by Cesca Therapeutics' forward-looking statements is set forth under the caption "Risk Factors" in Cesca Therapeutics annual report on Form 10-K and other reports it files with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward-looking statements.

CONTACT: Cesca Therapeutics Inc. http://www.cescatherapeutics.com Investor Contact: Kirin Smith, ProActive Capital Group + 1-646-863-6519, or ir@cescatherapeutics.com

Source:Cesca Therapeutics Inc.