RANCHO CORDOVA, Calif., March 13, 2017 (GLOBE NEWSWIRE) -- Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated cell processing and point-of-care autologous cell-based therapies, today announced that it has closed a revolving line of credit (“RLOC”) with Boyalife Investment Fund II, Inc. The non-collaterized RLOC is for a term of five years and is generally drawable at Cesca’s discretion. Boyalife Investment Fund II, Inc. is a wholly owned subsidiary of Boyalife Group Inc., which is company owned and controlled by the Company’s Interim Chief Executive Officer and Chairman of the Board. Cesca also announced that it has set-up a wholly-owned subsidiary, ThermoGenesis Corp, to separately own and operate, and thereby strengthen its device business. The clinical development activities will remain with Cesca, the parent company.
“This RLOC with Boyalife gives us the financial resources to offer our expanding product pipeline to new and existing customers in the U.S. and international markets without having to dilute the Company’s stockholders at current market price” said Chris Xu, Cesca’s interim Chief Executive Officer, “Automation in cellular processing and point-of-care therapies is the core business for ThermoGenesis. Setting up the device division in in its own entity is intended to enable Cesca to more effectively manage the device business’s performance and growth strategy. Our goal is to make ThermoGenesis cash-flow neutral within next 12 months.”
About Cesca Therapeutics Inc.
Cesca Therapeutics Inc. (www.cescatherapeutics.com) is engaged in the research, development, and commercialization of cellular therapies and delivery systems for use in regenerative medicine. The Company is a leader in the development and manufacture of automated blood and bone marrow processing systems that enable the separation, processing and preservation of cell and tissue therapeutics. These include:
- The SurgWerks™ System (in development) - a proprietary system comprised of the SurgWerks Processing Platform, including devices and analytics, and indication-specific SurgWerks Procedure Kits for use in regenerative stem cell therapy at the point-of-care for vascular and orthopedic diseases.
- The CellWerks™ System (in development) - a proprietary cell processing system with associated analytics for intra-laboratory preparation of adult stem cells from bone marrow or blood.
- The AutoXpress® System (AXP®) - a proprietary automated device and companion sterile disposable for concentrating hematopoietic stem cells from cord blood.
- The MarrowXpress™ System (MXP™) - a derivative product of the AXP and its accompanying sterile disposable for the isolation and concentration of hematopoietic stem cells from bone marrow.
- The BioArchive® System - an automated cryogenic device used by cord blood banks for the cryopreservation and storage of cord blood stem cell concentrate for future use.
- Manual bag sets for use in the processing and cryogenic storage of cord blood.
Forward-Looking Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. A more complete description of risks that could cause actual events to differ from the outcomes predicted by Cesca Therapeutics' forward-looking statements is set forth under the caption "Risk Factors" in Cesca Therapeutics annual report on Form 10-K and other reports it files with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward-looking statements.