RANCHO CORDOVA, Calif., Nov. 17, 2016 (GLOBE NEWSWIRE) -- Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated cellular processing and point-of-care autologous cell-based therapeutics, today reported first quarter financial results for 2017 and provided an update to investors. First Quarter 2017 Financial Results Net revenues for the three months ended September 30, 2016 were $3.8 million compared to $2.8 million for the three months ended September 30, 2015. Improved revenues were primarily a result of stocking orders for AXP disposables. Res-Q products also increased as a result of a final shipment to our largest distributor consistent with the Company's plan to withdraw the product from the market. The Company's gross profit was $1.4 million, or 37% of net revenues, for the three months ended September 30, 2016, compared to $0.4 million, or 13%, for the corresponding fiscal 2016 period. Gross profit increased primarily due to lower overhead costs as a result of the Company's September 2015 restructuring initiative to reduce headcount primarily associated with our cord blood banking product line and higher inventory reserves in the first quarter of fiscal 2016. Operating Expenses were $3.3 million for the three months ended September 30, 2016, compared to $4.3 million for the three months ended September 30, 2015. The decrease is primarily due to lower personnel costs as a result of the Company's September 2015 restructuring initiative and a reduction in rent expense associated with consolidation of the Company's US operations into its Rancho Cordova facility. Net loss was $22.4 million for the three months ended September 30, 2016, compared to $3.4 million for the corresponding fiscal 2016 period. The increase in net loss was primarily due to non-cash charges of $20.4 million of interest expenses and amortization of debt discount associated with converting $12.5 million of convertible debt into common stock. These non-cash charges were partially offset by the increase in gross profit and decrease in operating expenses as previously described.