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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."