ThermoGenesis Corp. (Nasdaq: KOOL) announced the addition of 10 new distributors for its BioArchive System, a technology used to cryopreserve and archive stem cells and tissue. Three of the 10 distributors also hold the right to distribute ThermoGenesis’ AutoXpress AXP Platform, which is used to harvest stem cells in a closed system from umbilical cord blood.
The distributors will target key geographies outside the United States for the sale of BioArchive, including the UK, Russia, the Baltic region, China, Hong Kong, South Korea, a number of Middle Eastern and African countries, and Central and South America. While ThermoGenesis focuses on marketing the BioArchive directly in North America, the agreement calls for the distributors to target Russia, China, and Central and South America as well.
“Our ability to achieve these agreements in a short period of time speaks not only to the effectiveness of our sales organization, but also to the potential market opportunity for our offerings,” Dr. William Osgood, CEO of ThermoGenesis stated in the press release.
“We are particularly encouraged by the fact that many of these distributors previously sold one or more of our offerings — including a number that were previously successful selling the BioArchive — and have developed solid relationships with the market in their respective geographies. As a result, we expect minimal disruption to our selling efforts during this transition,” Dr. Osgood stated.
ThermoGenesis also recently announced the renovation of its international distribution agreement with GE Healthcare (GEHC) effective July 1, 2008, in which GEHC returned worldwide rights to distribute the BioArchive System to ThermoGenesis, while continuing as exclusive international distributor of AXP Platform products for cord blood applications.
“We will continue to fill out distributor relationships in additional geographies — including the Scandinavian countries — over the coming months, and are initiating discussions with potential distribution organizations regarding our recently-authorized MarrowXpress (MXP) device, which is for use in a clinical laboratory setting or intraoperatively for preparation of a cell concentrate from bone marrow,” Dr. Osgood stated. “We are having ongoing discussions with GEHC about other potential areas of regenerative medicine that we can develop jointly.”
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