ThermoGenesis Corp. (KOOL) said Wednesday that it has received the $2 million cash payment from Asahi Kasei Medical Co., Ltd., associated with the sale of the CryoSeal Fibrin Sealant System to Asahi.
"We are pleased to have completed this divestiture. The proceeds from the transaction will significantly enhance our balance sheet and be used to fund our long-term strategy of focusing on the development of enabling technologies for the stem cell regenerative market, including our market expansion efforts for our cord blood, PRP and bone marrow stem cell processing and storage offerings. In addition, completing the divestiture serves our initiatives to reduce operating costs through further organizational streamlining," said Matthew Plavan, Chief Executive Officer of ThermoGenesis.
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