"Our growth in revenues for the quarter," he continued, "was offset at the bottom line by a $1.0 million dollar increase in Research and Development spending year-over-year related to our veterinary stem cell initiative and salary and stock compensation charges for the newly created position Chief Technology Architect. In addition, interest income declined $265,000 versus last year due to decreased cash balances and declining interest rates."
Osgood noted that the Company has achieved several important milestones recently, including receiving a CE-Mark enabling commercial sales of its MarrowXpress(TM), or MXP(TM), in Europe, and authorization from the FDA to initiate commercial sales of the device in the U.S. The MXP is used for concentrating stem cells from bone marrow at both the point-of-care and in a laboratory setting.
"In addition, we have appointed more than a dozen new distributors for our BioArchive System following the restructuring of our agreement with GE Healthcare, giving us distributor relationships in nearly all of our key international markets. Many of these distributors previously sold one or more of our offerings-including the BioArchive-and have established relationships in their markets," Osgood noted.
Osgood said the Company realized a number of key accomplishments in its
growth strategy during fiscal 2008, including:
-- Amending its distribution agreement with GE Healthcare and achieving
higher manufacturing output of its AXP bagsets.
-- Developing and receiving regulatory approval of the MXP and initiating
discussions with customers and clinical study investigators.
-- Launching Vantus(TM), Inc., a subsidiary that is a collaboration with
the Center for Equine Health at the University of California, Davis,
that will offer stem cell laboratory services and point-of-care bone
marrow and peripheral blood processi
|SOURCE ThermoGenesis Corp.|
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