Cesca Therapeutics Inc. entered into an agreement to acquire remaining 20% stake in ThermoGenesis Corp. from Bay City Capital LLC.
January 03, 2019
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Cesca Therapeutics Inc. (NasdaqCM:KOOL) entered into an agreement to acquire remaining 20% stake in ThermoGenesis Corp. from Bay City Capital Fund V, L.P. and Bay City Capital Fund V Co Investment Fund LP managed by Bay City Capital LLC on January 1, 2019. In exchange for 20% stake in ThermoGenesis Corp., Bay City Capital has taken 20% ownership in a newly created subsidiary of ThermoGenesis called CARTXpress Bio, Inc. The agreement also provides that if, during the three-year period after the reorganization, Cesca Therapeutics sells a majority of its equity interest in ThermoGenesis or ThermoGenesis sells substantially all of its assets, then Cesca Therapeutics will make a ‘ThermoGenesis Exit Payment’ to Bay City Capital of 20% of the amount by which the net sale proceeds from the transaction exceed $8 million.
Haihong Zhu, President of ThermoGenesis, has been appointed President of CARTXpress Bio, Inc. CARTXpress Board will be comprised of three members, two of whom are designated by Cesca Therapeutics Inc., who will initially be Chris Xu and Haihong Zhu, and the other one will be designated by Bay City Capital. The transaction has been approved by the Board of Directors of Cesca Therapeutics Inc., stockholders and Board of Directors of ThermoGenesis.
Cesca Therapeutics Inc. (NasdaqCM:KOOL) completed the acquisition of 20% stake in ThermoGenesis Corp. from Bay City Capital LLC on January 1, 2019.
ThermoGenesis Holdings, Inc. develops and commercializes a range of automated technologies for cell-banking, cell-processing, and cell-based therapeutics. The Company provides the AutoXpress and BioArchive platforms for automated clinical bio-banking, the PXP platform for point-of-care cell-based therapies and X-Series products for cell processing services. Its product lines include Clinical Bio-Banking Applications, Point-of-Care Applications and Cell Processing. Its Clinical Bio-Banking Applications include AXP II Automated Cell Separation System and BioArchive Automated Cryopreservation System. Its Point-of-Care Applications include PXP Point-of-Care System, and PXP-1000 System. Its Cell Processing includes X-Series Products for general laboratory use: X-Lab for cell isolation, X-Wash System for cell washing and reformulation, and X-Mini for high efficiency small scale cell purification. The Company markets and sells its medical device products through independent distributors.
THERMOGENESIS HOLDINGS, INC. 
