Cord Blood America Inc. closed the deal to sell its assets to privately held California Cryobank Stem Cell Services LLC, also known as FamilyCord.
FamilyCord now owns substantially all assets of Cord Blood America and its wholly owned subsidiaries, and assumed certain liabilities.
The deal was worth $15.5 million — FamilyCord paid $12.5 million at closing, and the remaining $3.0 million was deposited into escrow. Las Vegas-based Cord Blood said it plans to distribute a portion of the sale proceeds to its shareholders.
As part of the deal, upon closing, the company changed its name to CBA Inc.
Separately, CBA's board appointed Anthony Snow president and corporate secretary. Snow was appointed interim president in July 2017, following the resignation of Stephen Morgan as interim president, general counsel and corporate secretary.
California Cryobank Stem Cell Services is a unit of California Cryobank Inc., a sperm bank in Los Angeles.
Cord Blood provides umbilical cord blood and cord tissue stem cell processing and storage services.