ThermoGenesis Holdings (NASDAQ:THMO) has secured a three-year Manufacture and Supply Agreement with CBR Systems, Inc., as announced on May 29, 2024. The agreement stipulates that ThermoGenesis will provide CBR with its proprietary AutoXpress® System (AXP) for cord blood processing and associated disposables.
The partnership, set to automatically renew annually post the initial term, can be discontinued by either party given a six-month notice prior to non-renewal. Alongside this deal, the companies have revised their Technology License and Escrow Agreement. Notably, the update eliminates the condition that ThermoGenesis maintain a minimum cash balance of $1 million, net of certain non-convertible debt and funds payable within a year. Furthermore, the amendment removes the obligation for ThermoGenesis to hold a safety stock of products for CBR.
Another significant change is the reduction of the lead time for AXP product deliveries to CBR from 120 to 90 days following CBR's request. This adjustment aims to streamline the supply process and potentially enhance the efficiency of operations between ThermoGenesis and CBR.
The information for this article is based on a recent SEC filing by ThermoGenesis Holdings.
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