RANCHO CORDOVA, Calif., Dec. 7 /PRNewswire-FirstCall/ -- ThermoGenesis Corp. (Nasdaq: KOOL), a leading supplier of innovative products for processing and storing adult stem cells, said today it has entered into a material transfer agreement with the GID Group which has been working with ThermoGenesis to use ThermoGenesis' MarrowXpress(TM), or MXP(TM), based technology for the processing of adipose, or fatty, tissue - a rich source of adult stem cells.
The GID Group's principals include leading scientists and researchers recognized for their discovery and study of adipose tissue as a rich source of adult mesenchymal stem cells for the regeneration and repairing of body tissues. The GID principals are also among the founders of the International Federation of Adipose Therapeutics and Science (IFATS). GID has opened its first STEM Center(TM) clinic in Mallorca, Spain where it will be working with ThermoGenesis to adapt the MXP technology for use with adipose.
"We are delighted to be partnering with GID in this effort as we believe the MXP has the ability to process a large volume of adipose tissue. This program is emblematic of our strategy to broaden the presence of our offerings in the practice of regenerative medicine," said J. Melville Engle, Chief Executive Officer of ThermoGenesis Corp.
"The recovery of stem cells from adipose tissue offers an important opportunity for advancing patient care, particularly in the fields of plastic and orthopedic surgery. The scalability of the MXP technology for processing large amounts of adipose tissue provides the flexibility that we are seeking in a fast and easy-to-use procedure. We look forward to applying the technology to advance the practice of regenerative medicine," said William Cimino Ph.D., Chief Executive Officer of GID.
ThermoGenesis also said it is continuing its discussions with GE Healthcare regarding an extension of its distribution agreement for the Company's AXP® AutoXpress(TM) (AXP) Platform, which expires at the end of calendar 2010. "While our contractual deadline for determining whether to renew our agreement with GE at January 1, 2011 was due by the end of this month, both we and GE have agreed to extend the decision date 30 days. At the same time, we continue to evaluate other distribution options, including going direct or using another partner. Either way, our strategy is to secure the most profitable distribution alternative," Engle noted.
Engle also said ThermoGenesis continues to realize milestones in its initiative to broaden the regenerative medicine applications of its Res-Q(TM)60 BMC (Res-Q) System, which is currently used for the processing of stem cells from bone marrow for orthopedic procedures. "We are particularly excited about the potential of the Res-Q for the processing of stems cells from platelet rich plasma (PRP) and expect to file a 510(k) for this indication in early 2010," he said.
The Company also announced the completion of its outsourcing of manufacturing of the ThermoLine products to Trivirix, a contract manufacture, located Milaca, MN. "We believe this initiative will streamline our supply chain and lower the cost of production for this non-core product line and allow us to focus on our larger, core product opportunities," noted Matthew Plavan, Chief Operating and Financial Officer.
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 products include:
This press release contains forward-looking statements, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 years 2010, 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 2010. 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.
ThermoGenesis Corp. Web site: http://www.thermogenesis.com Contact: Investor Relations +1-916-858-5107, or firstname.lastname@example.org
SOURCE ThermoGenesis Corp.
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