Cesca Therapeutics Acquires the Cell Processing Systems of SynGen Under Asset Acquisition Agreement
July 10 2017 - 7:45AM
Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated
cell processing and point-of-care, autologous cell-based therapies,
today announced that its wholly-owned subsidiary, ThermoGenesis
Corp., has entered into an asset acquisition agreement (the
“Agreement”) with SynGen Inc., a privately-held Sacramento,
CA-based technology company active in the cellular processing
field.
ThermoGenesis acquired substantially all of
SynGen’s operating assets, including its proprietary cell
processing platform technology. In exchange, ThermoGenesis granted
SynGen 20% of its common stock and paid a one-time cash payment of
$1 million. Philip H. Coelho, co-founder and chief technology
officer of SynGen, has joined ThermoGenesis in the same chief
technology officer role, effective immediately. The
acquisition closed on July 7, 2017. Immediately prior to the
acquisition, Cesca contributed the assets of its blood and
bone-marrow processing device business to ThermoGenesis. Cesca will
operate its device business (together with the acquired business)
through its ThermoGenesis subsidiary. A representative of SynGen’s
majority shareholder, Bay City Capital, has joined the Board of
Directors of ThemoGenesis.
“The acquisition of SynGen’s portfolio of
commercial products and intellectual property solidifies
ThermoGenesis’ position as a leading developer of automated
cellular processing systems,” said Dr. Chris Xu, chairman and
interim chief executive officer of Cesca Therapeutics. “Significant
medical advancements are being made with autologous cell-based
therapies, particularly in the area of immuno-oncology
applications. With the integrated product pipeline, ThermoGenesis
can now offer a comprehensive suite of automated manufacturing
solutions to CAR-T developers. We can also expand our ThermoGenesis
portfolio of point-of-care and laboratory-based systems that have
become essential tools in this rapidly-growing field of
medicine.”
“The continued evolution of personalized
medicine, especially promising new oncology treatments such as
CAR-T therapies, demand that target cell populations be harvested
with increasing speed, purity and efficiency,” said Mr. Coelho. “I
am very pleased to join the ThermoGenesis team to further advance
our combined portfolio of automated cell processing solutions that
we believe will underpin many of medicine’s most significant future
advancements.”
This press release is not intended to describe
this transaction in its entirety. Please refer to the SEC form 8-K
and related exhibits to be filed by Cesca for a complete
description of this transaction.
About Cesca Therapeutics Inc.
Cesca is a leading regenerative medicine company
that develops, commercializes and markets a range of automated
technologies for cell-based therapeutics. Its device division,
ThermoGenesis, provides a full suite of solutions for automated
clinical biobanking, point-of-care applications, and automation for
immuno-oncology. Cesca is also leveraging its proprietary
AutoXpress® technology platform to develop autologous stem
cell-based therapies that address significant unmet needs in the
vascular, cardiology and orthopedic markets.
Cesca is majority owned by an affiliate of the
BoyaLife Group, a China-based industry research alliance
encompassing top research institutions for stem cell and
regenerative medicine.
Company Contact: Cesca Therapeutics Inc.
ir@cescatherapeutics.com
Investor Contact:
Rx Communications
Paula Schwartz
917-322-2216
pschwartz@rxir.com
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