Shares of Cesca Therapeutics Inc (NASDAQ:KOOL) received a boost Tuesday after its subsidiary ThermoGenesis Corp received Health Canada approval of its next-generation AXP II system for cord-blood processing.
The AXP II provides automated harvesting of stem and progenitor cells from collected units of umbilical-cord blood in a sterile system. The US Food and Drug Administration has cleared the system, which is used worldwide by public and private cord-blood banks for the collection of stem cells.
Cesca Therapeutics’ stock recently traded up 26% to $3.51 a share on higher-than-average volume.
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"Health Canada's approval of the AXP II marks the achievement of yet another key milestone and should allow us to meaningfully expand our footprint with a best-in-class system that continues to hold a market-leading position,’’ said ThermoGenesis President Haihong Zhu. “That said, we look forward to building on our customer base by offering Cord Blood Banks throughout Canada.”
Based in Rancho Cordova, California, Cesca develops, commercializes, and markets a range of automated technologies for cell-based therapies in the US, China, Asia and Europe.
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