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RANCHO CORDOVA, Calif., May 8, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of enabling technologies for the processing and storage of stem cells and other biological tissues, today said it has received registration approval for its AXP
® (AXP) product from China's State Food & Drug Administration (SFDA). The product is used to concentrate stem cells from cord blood and, with this approval, the Company will immediately initiate commercial distribution of the product in China, one of the world's fastest growing cord blood markets.
"This is a major milestone for the Company as a first mover in China for the automation of cord blood processing and presents a significant catalyst for the growth of our cord blood business. We have established a strong footprint in China with leaders in the regenerative medicine market through our major customer agreements. Offering customers both the AXP System and our BioArchive
® System—which is used for cryopreserving cord blood stem cell units and already has registration approval in China—provides us important competitive advantages in the form of efficient and integrated workflows," noted Matthew Plavan, Chief Executive Officer.
In August, ThermoGenesis announced a product purchase and distribution agreement for the AXP with Golden Meditech Holdings Limited, which is a leading developer of blood-related medical devices and affiliated with China Cord Blood Corporation, the first and largest umbilical cord blood bank operator in China. Under this five-year agreement, Golden Meditech has exclusive distribution rights for the AXP System in China (excluding Hong Kong and Taiwan) and in Singapore, Indonesia, India and the Philippines once relevant approval has been obtained in each respective region.
"The Golden Meditech agreement calls for annual minimum AXP bagset purchases, beginning with 60,000 bagsets. We believe distribution into Asia could generate up to $30 million in revenues over the initial five-year period, assuming Golden Meditech achieves its sales objectives and additional country regulatory approvals, as needed. In advance of their efforts to convert new customers to our automated processes and products, Golden Meditech placed their first AXP bagset order for China Cord Blood Corporation in December as part of their initial process qualification for conversion to automation of their own operations," Plavan noted.