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news.ThermoGenesis, a provider of enabling technologies for the processing, storage and administration of cell therapies, has announced the sale of CryoSeal Fibrin Sealant System wound care product line for $2m in cash to Asahi Kasei Medical.
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According to ThermoGenesis, the payment is due during the company’s first fiscal quarter of 2013.
ThermoGenesis chief executive officer Matthew Plavan said the divestiture is an important milestone in the company’s long-term strategy to focus on the development of enabling technologies for the stem cell regenerative medicine market.
"It significantly strengthens our balance sheet and the proceeds from this transaction will be used to fund our market expansion efforts for our cord blood and bone marrow stem cell processing and storage offerings, particularly in markets outside North America," Plavan added.
"In addition, it frees up management and corporate resources to address these more strategic market opportunities, and furthers our initiative to reduce operating costs."
The transaction is the culmination of the company’s previously announced strategy and option agreement to divest the CryoSeal product line.