The company ended fiscal 2009 with $15.6 million in cash and short-term investments, compared with $17.7 million at the end of the third quarter of fiscal 2009 and $25.3 million at the end of fiscal 2008.
"While we have been able to manage our ongoing operating expenses, the non-recurring costs during the quarter reflect the impact of our key strategic initiatives that are focused on both ensuring a high level of quality and expanding the market for our offerings," said J. Melville Engle, Chief Executive Officer.
"We have continued to experience success with our quality initiatives through enhanced internal processes and increased communications with our key suppliers and customers. We also realized significant progress in our initiative to outsource the manufacturing of our devices and expect to complete this transition for our BioArchive and ThermoLine devices by the end of fiscal 2010.
"Our market expansion objectives," he continued, "are being realized with the initial market experience for our devices to process stem cells from bone marrow for orthopedic procedures--the MXP and Res-Q, which was formally launched at the end of July. Both devices have demonstrated solid results in terms of cell recovery and ease of use. Celling Technologies, our distributor for the products, is optimistic about the near-term market expansion opportunities through both adding new centers and entering new geographies. In addition, we will be looking to expand new indications beyond orthopedics for the Res-Q, as well as adding new distributors outside the U
|SOURCE ThermoGenesis Corp.|
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