RANCHO CORDOVA, Calif., Oct. 30, 2013 (GLOBE NEWSWIRE) -- ThermoGenesis Corp. (Nasdaq:KOOL) today announced a strategic reorganization initiative designed to better align resources with its expected cord blood revenue streams, increase its internal clinical resource capabilities and provide greater focus on new application development to improve the Company's market competitiveness and to speed AXP ® AutoXpress ® Platform (AXP) adoption in developed and emerging markets. The Company expects these changes will enable it to generate cash from its cord blood business in the coming two to three quarters in addition to realigning its professional resources to support its rapid expansion into the regenerative medicine space. "One of our primary objectives is to continue to invest in our AXP Platform and clinical resources needed to further expand the system's clinical intelligence and technological functionality. In this way, we can better meet the evolving cell processing needs of our cord blood customers and expand its use into our vascular and orthopedic cell therapy initiatives," said Matthew Plavan, Chief Executive Officer of ThermoGenesis.
As a result of eliminating a total of eleven positions in connection with the reorganization, coupled with other targeted savings in operating costs, the Company expects to realize approximately $1.5 million in annual expense savings. One-time severance costs of approximately $210,000 are expected over the next two quarters.
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 MXP is used for the preparation of cell concentrates, including stem cells from bone marrow aspirates in the laboratory setting.
- 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.
- The Res-Q TM 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).