"I appreciate the confidence our board has demonstrated in me and I look forward to driving the Company forward on our strategy as we capitalize on opportunities in our core cord blood business and develop near-term revenue opportunities," Plavan said. "We have the assets, including leading-edge technology, a newly strengthened quality team, dedicated employees, and a solid balance sheet, to achieve our goals," he continued.
The Company also said that in conjunction with this management transition it will initiate a corporate reorganization designed to accelerate near-term revenue growth and refocus efforts on reducing expenses and improving financial performance.
"Our management team and the board are developing a strategic plan that we believe will enable the Company to reach its financial goals for fiscal 2009, pending completion of that strategy. These goals include revenue growth of 10-20 percent over fiscal 2008 as we drive toward becoming profitable in the fourth quarter of fiscal 2009, based on our ability to add new AXP(TM) customers, initiate a successful launch of our new products and realize successful management of operating expenses," Plavan stated.
The Company also provided updates on key operational milestones, including:
-- With respect to the previously announced company-initiated recall of selected AXP bag sets, the Company has provided its remediation plan to the FDA and is awaiting confirmation from the agency.
-- The Company expects to begin shipping its MarrowXpress(TM) (MXP)
device and disposables this quarter through its newly established distribution
agreement with a wholly-owned subsidiary of Spine Smith, LLC. In addition, the
Company has recently added several new distributors for its BioArchive(R)
|SOURCE ThermoGenesis Corp.|
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