What's Happening Now is a quick, thoughtful, real-time briefing regarding material events in the stem cell industry...definitely not the usual stream of insignificant press releases. The most current Happenings are boxed on the left-hand side of most pages on this site. Feel free to use this page to explore the archive of all past Happening items, and subscribe to the RSS feed to stay on top of the events that move the market and the industry.
Soon-To-Be Cesca (ThermoGenesis) Revenues and Margin Down Again; Trial Delayed
Feb 19, 2014
Following last week's shareholder approval of its merger with tiny, privately held TotipotentRx (handing more than 40% of the company to Toti's owners), ThermoGenesis
results for last quarter. Revenues were down once again (-6%) as expenses increased (+36%), while gross margin declined to 40%. CFO Bessey declared the company "pleased." In further news shareholders might have judged material leading up to the merger vote, the company revealed that Toti's Indian application for a Phase Ib trial in myocardial infarction must be resubmitted, imposing at least a 7-month delay on trial launch as re-named Cesca Therapeutics continues to bleed cash (quarterly net loss $1.6 million; up 184%).
ThermoGenesis/TotipotentRx Merger Approved
Feb 13, 2014
(KOOL) shareholders approved
the company's merger with TotipotentRx, a purveyor of stem cell treatments in India, to form Cesca Therapeutics.
ThermoGenesis Rockets on PR
Jan 22, 2014
(KOOL) shares are up 3-fold on a press release
touting "statistically significant" efficacy in an unregistered, uncontrolled, single-arm, open-label Phase I trial in India of bone marrow concentrate for critical limb ischemia. The company's entire 16 million shares outstanding have changed hands twice since yesterday.
ThermoGenesis Merger Plans On the Ropes?
Jan 18, 2014
' (KOOL) proposed merger
with little-known and unprofitable TotipotentRx looks to be meeting with shareholder resistance. In an unusual letter to shareholders
last week concerning the ongoing vote to approve the merger (ending Feb. 13th) the company states "If you have previously voted against the merger, Thermogenesis management would like to talk to you and ask you to re-evaluate your vote,"
suggesting that early returns are highly unfavorable.
ThermoGenesis Faces Loss of NASDAQ Listing
Dec 14, 2013
(KOOL), whose share price has plunged more than 50% since announcing its intention to merge
with privately held TotipotentRx, received warning
from NASDAQ that it faces delisting for failing to maintain the required $1 minimum share price. The company has 180 days to regain compliance, but investor displeasure over management performance may complicate this.
ThermoGenesis Q1 Performance Continues Decline As Share Price Wilts
Nov 14, 2013
Q1 results reflecting continuing decline. Revenues were down 12% as the impact of terminating GE's distributorship took hold. Operating expenses were up nearly 500% due to mounting legal expenses and a previous product line sell-off. Net loss was $2.3M, versus income of $1M last year. The company ended the quarter with less than 9 months cash. KOOL shares have declined nearly 50% since mid-July when the company proposed a merger with little-known and unprofitable TotipotentRX.
ThermoGenesis Takes Next Step Toward Merger With TotipotentRx
Nov 8, 2013
(KOOL) filed an S-4
with the Securities and Exchange Commission, seeking shareholder approval of its planned cashless merger with little-known TotipotentRx
, whose owners would receive at least 43% of the resulting NASDAQ-traded company, to be re-named Cesca Therapeutics. A date for the shareholders' meeting to approve the proposal is still to be determined.
ThermoGenesis Reorganizes, Announces Layoffs
Oct 31, 2013
On the heels of steadily declining revenues and a $3M loss last year, ThermoGenesis
(KOOL) today announced
the layoff of 11 employees.
ThermoGenesis Partner, TotipotentRx, Releases Case Study 'White Paper' Recommending Caution
Oct 16, 2013
(KOOL) upcoming merger partner, TotipotentRx, released a 'white paper
' warning that the improvement in left ventricular ejection fraction (LVEF) of one heart attack patient receiving its volume-reduced bone marrow aspirate (up from 36% pre-treatment to 60% 24 months post-treatment) that it announced in its press release yesterday, should be "evaluated cautiously" as the study employed non-comparable LVEF measurement methods at the two time-points (2D echo and MRI, respectively).
ThermoGenesis Touts 'Case Study,' Remains Silent On Clinical Trial Outcome
Oct 14, 2013
On the brink of going public in a merger with ThermoGenesis (KOOL)
, TotipotentRx's CEO claimed in a press release
that a single heart attack patient treated with KOOL's volume-reduced bone marrow aspirate in India achieved a two-year ejection fraction improvement from 35% to 60%. The company remained silent regarding the outcome of KOOL's critical limb ischemia clinical trial, which it reported in September
had reached its primary completion point.
Thermogenesis' Clinical Trial Reaches Primary Completion Without Company Comment
Sep 5, 2013
' (KOOL) uncontrolled, open-label clinical trial of its autologous bone marrow mononuclear cells for critical limb ischemia achieved primary completion this month (1+ years late), according to its ClinicalTrials.gov record
. In a move unusual in this industry, it did not mark the event with a press release discussing whether the trial's primary outcome objective was achieved. The company's SEC annual report, filed yesterday, was also silent on this point.
ThermoGenesis to be acquired by Indian stem cell treatment vendor TotipotentRx
Jul 17, 2013
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The Sacramento Bee reports
SCSI component ThermoGenesis
(KOOL) will be acquired by privately held TotipotentRx, a vendor of stem cell treatments in India and elsewhere throughout Asia, providing TotipotentRx access to U.S. capital markets and bringing it under SEC reporting requirements.
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