RANCHO CORDOVA, Calif., April 27, 2011 /PRNewswire/ -- ThermoGenesis Corp. (NASDAQ: KOOL), a leading supplier of innovative products and services that process and store adult stems cells, said BoyaLife, a major stem cell bank in China, has become the largest operating cord blood banking organization in the country to commit to the implementation of its AXP® AutoXpress™ (AXP) and BioArchive® Systems used to process and store stem cells from cord blood.
Located in Wuxi, China, the BoyaLife stem cell bank opened two years ago, and is the first and only bank in China to be in accordance with international design standards of the American Blood Bank Association. BoyaLife is currently developing capacity to store over a million stem cell units.
BoyaLife is one of the Company's three cord blood products customers in China. Two other operators of cord blood stem cell banks in China, Beike Biotechnology (Beike) and Nanshan Memorial Medical Institute (Nanshan), have recently purchased AXP and BioArchive Systems from ThermoGenesis and will be installing them in the near future.
"With the addition of BoyaLife, we now have three of China's leading stem cell banks as customers for our cord blood devices. Industry analysts expect the China cord blood market to surpass the U.S. and reach $2 billion later this decade, of which we estimate our addressable market is 10-15%. We are pleased with our increasing presence in this rapidly expanding market and our ability to realize a key element of the Company's growth strategy--the expansion of our offerings into new and potential high-growth markets," said J. Melville Engle, Chairman and Chief Executive Officer of ThermoGenesis.
"As we implement our aggressive stem cell storage expansion initiative, we are pleased to be partnering with ThermoGenesis. They are providing leading-edge technology to the cord blood market and with the forecast for rapid growth in cord blood collections in China, we look forward to working with them in capitalizing on the market opportunity," said Dr. Xian-Chun Xu, Chairman and Chief Executive Officer of BoyaLife.
BoyaLife Inc. (www.boyalife.com), is a leading Chinese biopharmaceutical company applying cutting edge technologies in stem cells preservation and developing novel therapies for human diseases. BoyaLife is currently developing capacity to store 1.5 million stem cell units, making it the largest bank in China.
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:
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 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 2011, 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 2011. 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.
|SOURCE ThermoGenesis Corp.|
Copyright©2010 PR Newswire.
All rights reserved