Newly merged and renamed Cesca Therapeutics Inc. in Rancho Cordova reported a net loss for of $1.9 million, or 7 cents per share, for its fiscal third quarter ended March 31.
The former ThermoGenesis Corp. lost $1.1 million, or 7 cents a share, in the same period a year ago.
ThermoGenesis recently finalized its merger with Los Angeles-based TotipotentRx Corp., a privately held firm that specializes in developing cell-based therapies in the field of regenerative medicine. That deal involved ThermoGenesis issuing nearly 12.5 million shares of common stock – reportedly valued at about $18.6 million – to TotipotentRx.
The merger finalized the renaming of the cell-based regenerative medicine company to Cesca, which stands for “Clinical Excellence in Stem Cell Applications.”
Cesca said its year-over-year increase in net losses was due to declining sales in the Asian market, an increase in expenses associated with the merger and an increase in costs associated with advancing cell therapies.
Quarterly revenue totaled $4 million, and the company also raised proceeds of about $6 million via a private placement during the quarter.
Call The Bee’s Mark Glover, (916) 321-1184.