Cesca Therapeutics Inc. announced that the company with written notice removing Mr. Craig W. Moore, Mr. Mark Bagnall and Mr. Robin Stracey from the board of directors, with effect from November 3, 2016. Prior to the removal of Mr. Moore, Mr. Bagnall and Mr. Stracey, the board of directors unanimously nominated and appointed Jim Xu to the board of directors. After the removal of the three directors Boyalife took further action to appoint Vivian Liu as an independent director to the board of directors of the company, effective immediately on November 3, 2016.

The board of directors then nominated and unanimously appointed Dr. Xiaochun (Chris) Xu as the new Chairman of the board of directors of the Company. In addition, the board of directors of the company removed Mr. Robin Stracey as the Chief Executive Officer of the company and appointed Dr. Xu as the interim Chief Executive Officer, effective immediately on November 3, 2016.