ThermoGenesis Corp. (Nasdaq: KOOL), a leading supplier of innovative products and services that process and store adult stem cells, said today it has entered into a license and distribution agreement for its Res-Q™ 60 BMC (Res-Q) System with BioParadox, Inc., a newly-formed regenerative medicine company focusing on point-of-care cardiovascular therapies.
Under the agreement, ThermoGenesis is granting BioParadox exclusive worldwide rights for use of the Res-Q technology to automate the preparation of PRP from peripheral blood, subject to BioParadox meeting certain milestones, including initiation and completion of clinical trials to support claims and maintain the rights.
The Res-Q is a point-of-care system designed for the preparation of cell concentrates. The device, in its current configuration, is used to process stem cells from bone marrow aspirate. With a minor modification, the device design also produces PRP from peripheral blood. ThermoGenesis has filed a form 510(k) with the FDA seeking market clearance for use of the Res-Q System technology in the preparation of PRP from peripheral blood.
"We are looking forward to our collaboration with BioParadox and believe this agreement represents a milestone in our initiative to create novel applications for our proprietary Res-Q technology," said J. Melville Engle, Chief Executive Officer of ThermoGenesis.
"We have demonstrated in our laboratories that the Res-Q technology is well suited for the preparation of PRP, and expect to file our follow up 510(k) submission to the FDA within the next two weeks. The PRP market continues to grow and this agreement places ThermoGenesis and BioParadox in the middle of this emerging field," he added.
The agreement between the parties was filed as an exhibit to Form 8-K by the Company, and the foregoing is qualified by the terms of the agreement and disclosure in the Form 8-K, which can be viewed through the Company's website.
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