RANCHO CORDOVA, Calif., Jan. 3, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of enabling technologies for the processing, storage and administration of cell therapies, today said it has sold its ThermoLine plasma freezer and thawer product line to Helmer Scientific for an undisclosed sum of cash. ThermoGenesis received the payment during the quarter ended December 31, 2012.
"As was the case with our divestiture of the CryoSeal product line in mid-2012, this transaction is part of our long-term strategy to focus on our core business of developing enabling technologies for the stem cell regenerative medicine market," said Matthew Plavan, Chief Executive Officer of ThermoGenesis.
"The proceeds from this transaction will be used to fund market development programs for our cord blood and bone marrow stem cell processing and storage offerings. In addition, this divestiture will reduce some operating costs and free up internal resources that were previously used to provide customer support and service for ThermoLine customers," he added.
Helmer Scientific is a world leader in providing specialized scientific products that aid customers in their efforts to improve and save lives. Based in Noblesville, IN, Helmer provides solutions for storage and processing in the blood bank and laboratory. The acquisition is part of Helmer's growth strategy and a continuing commitment to providing high quality products to the medical and blood bank community.
Bruce King, President of Helmer Scientific said of the acquisition; "This line acquisition is focused on providing a solution to our customers who have voiced a need for a reliable rapid plasma freezing system. Helmer Scientific's long-standing service orientation and commitment to world-wide customer relationships, combined with our technical expertise in blood storage and processing equipment, uniquely position Helmer to support ThermoGenesis' longtime customers with a service and support infrastructure for both their freezing and thawing devices."
About ThermoGenesis Corp.
ThermoGenesis Corp. (www.thermogenesis.com) is a leader in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of cell and tissue therapy products. These include:
- 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.
- 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 MXP is used for the preparation of cell concentrates, including stem cells from bone marrow aspirates in the laboratory setting.
- The Res-Q® 60 BMC/PRP (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).
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Helmer Scientific is a world leader in providing specialized scientific products that aid customers in their efforts to improve and save lives. Our purpose is to provide opportunities for personal growth and development while positively impacting the world community. Helmer provides solutions for storage and processing while serving customers within hospitals, diagnostic labs, pharmaceutical and biotech companies, universities, research institutions, and government facilities. Our Brand Promise of targeted, customer-focused innovation, world-class quality and reliability, and relationship-based service sets us apart.
Helmer Global Initiatives (HGI) is operated by Helmer to make an impact on society and bring aid and justice for poor and vulnerable people through our philanthropic and volunteer initiatives. Additional information about Helmer is available at www.helmerinc.com.
This press release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual outcomes to differ materially from those contemplated by the forward-looking statements. Several factors including timing of FDA and foreign regulatory approvals, changes in customer forecasts, our failure to meet customers' purchase order and quality requirements, supply shortages, production delays, changes in the markets for customers' products, introduction timing and acceptance of our new products scheduled for fiscal year 2013, and introduction of competitive products and other factors beyond our control could result in a materially different revenue outcome and/or in our failure to achieve the revenue levels we expect for fiscal 2013. A more complete description of these and other risks that could cause actual events to differ from the outcomes predicted by our forward-looking statements is set forth under the caption "Risk Factors" in our 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.