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ThermoGenesis Reports Fourth Quarter and Year End 2011 Results; Annual Net Loss Reduced by More Than 50 Percent
Date:9/12/2011

rkets. This was partially offset by an increase in Res-Q® (Res-Q) System disposable revenues," said J. Melville Engle, Chairman and Chief Executive Officer of ThermoGenesis.  

"During the quarter, we achieved two important milestones in our program to increase the market presence for our Res-Q technology. These included FDA clearance of our 510(k) submission for the preparation of autologous platelet rich plasma (PRP), and the commercial launch of Res-Q for bone marrow indications in India. Also during the quarter, we made an initial shipment of AXP® AutoXpress™ Platform (AXP) and disposables to our Latin American distributor, which are being placed with customers in Mexico and Brazil," he stated.

"Despite a challenging market environment, fiscal 2011 was marked by a number of major accomplishments, particularly our increased presence in China where we have a number of distributor and customer relationships with leading regenerative medicine companies. We also initiated several clinical evaluations for our products, including studies involving Res-Q in China and India.  With respect to our financial performance, we realized continued improvement in gross margins and operating expense levels, and strengthened our balance sheet by raising approximately $4 million of growth capital through an offering of stock and warrants," Engle noted.

"We are looking forward to achieving other key milestones in our long-term growth strategy during fiscal 2012. There is growing interest in our cord blood and bone marrow technologies, particularly in important international markets where we have strong partnerships with market leaders. Our plan is to leverage these strong technology assets for adoption in a wider range of indications, through the development of new products and strategic partnerships and joint ventures. At the same time, we will continue to position the company for profitability, while maintaining a strong balance sheet t
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SOURCE ThermoGenesis Corp.
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