June 18, 2010 (FinancialWire) — ThermoGenesis Corp. (NASDAQ: KOOL), a supplier of products and services that process and store adult stem cells, said it has reached an agreement that is part of its continuing efforts to divest or exit the CryoSeal Fibrin Sealant System wound care product line.

The company said it has signed an amended distribution and license agreement with Asahi Kasei Kuraray Medical Co., Ltd., an exclusive CryoSeal distributor for Japan and certain Asian Pacific Rim countries including China.

Over the next 30 months, Asahi plans to develop CryoSeal manufacturing capabilities and achieve regulatory approval for sale of the products in Japan. Under the amended agreement, Asahi will pay ThermoGenesis $1 million in cash on or before June 30, and ThermoGenesis will continue to provide Asahi CryoSeal products and clinical support services until such time as Asahi assumes manufacturing of the product line in Japan.

ThermoGenesis will receive royalty payments on CryoSeal products manufactured by Asahi thereafter. As part of the $1 million payment, ThermoGenesis granted Asahi an option to acquire the CryoSeal product line, including patent rights, which may be exercised over the next five years.

California-based ThermoGenesis is engaged in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of cell and tissue therapy products.

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