RANCHO CORDOVA, Calif.,
Oct. 16, 2018 /PRNewswire/ -- Cesca
Therapeutics Inc. (NASDAQ: KOOL), a market leader in automated cell
processing and point-of-care, autologous cell-based therapies,
announced today the departure of Vivian
Liu, Chief Operating Officer, and Joseph Balagot, Senior Vice President of
Corporate Development, and one other member of the managerial team.
This reduction was undertaken as part of a series of initiatives
designed to lower operating losses while the Company focuses on
aggressively driving growth and commercialization of its
CAR-TXpress™ cellular processing platform and related X-Series™
products. Affected employees are being offered severance.
"As previously reported, the initial launch of our CAR-TXpress
cellular processing platform has been well received by CAR-T
developers and research laboratories, who recognize the inherent
value that our unique platform can offer. Focusing our efforts on
continuous development and commercialization of CAR-TXpress, and
increasing sales and marketing of our X-Series products, will best
position the Company for long-term success," said Chris Xu, Chief Executive Officer of Cesca.
"This difficult, but necessary, reduction in force will provide us
with a more streamlined organization and further alleviate
operational losses, in order to help us achieve important business
milestones. The overall goal of the Company is to achieve a cash
flow positive position in 2019. I would like to personally express
my appreciation to each of the employees impacted by this decision
for their commitment to Cesca and its mission to be a leading
innovator of automated cellular processing systems."
About Cesca Therapeutics Inc.
Cesca
Therapeutics Inc. (the "Company") develops, commercializes and
markets a range of automated technologies for CAR-T and other
cell-based therapies. Its device division, ThermoGenesis Corp.,
provides a full suite of solutions for automated clinical
biobanking, point-of-care applications, and automation for
immuno-oncology. The Company is developing an automated,
functionally-closed CAR-TXpress™ platform to streamline the
manufacturing process for the emerging CAR-T immunotherapy
market.
Company Contact:
Cesca Therapeutics Inc.
Wendy Samford
916-858-5191
ir@cescatherapeutics.com
Investor Contact:
Rx Communications
Paula Schwartz
917-322-2216
pschwartz@rxir.com
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SOURCE Cesca Therapeutics Inc.