ThermoGenesis reports quarterly loss, says finalized merger is imminent

Published: Friday, Feb. 14, 2014 - 1:54 pm

Rancho Cordova-based medical equipment firm ThermoGenesis Corp. on Friday reported a net loss of $1.6 million, or 10 cents a share, for its second fiscal quarter ended Dec. 31.

The company lost $563,000, or 3 cents a share, in the same quarter of the previous year.

The company said the increased year-over-year loss was primarily due to “professional fees associated with the acquisition of TotipotentRX.”

In July last year, ThermoGeneisis said it would merge with the Los Angeles firm that also works in the stem cell industry. On Thursday this week, ThermoGenesis said it received stockholder approval for the acquisition. The company said it expects the merger to close next week with the customary filings with the states of Delaware and California and other regulatory agencies.

As a result, TotipotentRX will be absorbed into the Rancho Cordova company, and ThermoGenesis will change its corporate name to Cesca Therapeutics Inc., which stands for Clinical Excellence in Stem Cell Applications.

“This merger creates a premier cell therapy company that we believe will be the only fully integrated regenerative medicine company in the market,” said Matthew Plavan, CEO of ThermoGenesis, who will continue as CEO of Cesca Therapeutics.

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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