ThermoGenesis has received the $2m cash payment from Asahi associated with the sale of the CryoSeal Fibrin Sealant System to Asahi.
ThermoGenesis chief executive officer Matthew Plavan said the proceeds from the transaction will enhance the company’s balance sheet and be used to fund its strategy of focusing on the development of enabling technologies for the stem cell regenerative market.
"In addition, completing the divestiture serves our initiatives to reduce operating costs through further organizational streamlining," Plavan added.
The CryoSeal Fibrin Sealant System simultaneously produces cryoprecipitate and thrombin from a unit of autologous plasma. When components are mixed they form a fibrin sealant for use in liver resection surgery as an adjunct to hemostasis.