Cesca Therapeutics Inc., the Rancho Cordova-based medical equipment firm that formerly operated as ThermoGenesis Corp., announced Wednesday that it will launch a nationwide search for a new CEO to replace Matthew Plavan.
The company did not disclose details of Plavan’s departure but said he will be retained as an adviser during the CEO search process.
Cesca said Robin Stracey, a member of Cesca’s board of directors with executive experience at other companies, will serve as interim CEO.
In a statement, Cesca board chairman Craig Moore said, “greater emphasis is now being placed on achieving major clinical, regulatory and reimbursement milestones.” The board will seek a CEO “with extensive experience in developing and commercializing products in what is a clinically demanding and highly regulated therapeutic arena.”
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In its fiscal fourth quarter that ended June 30, Cesca reported a loss of $2.9 million, compared with a loss of $2.4 million in the same period a year ago. The company cited lower sales in its cord blood product lines and increased costs associated with cell-therapy programs in advance of anticipated clinical trials. For the year ending June 30, Cesca’s net loss was $8.6 million, compared with a loss of $3.1 million the prior year.
ThermoGenesis was renamed this year after finalizing its merger with Los Angeles-based TotipotentRX Corp.
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