Cesca Therapeutics Inc. acquired the remaining 20% stake in its subsidiary ThermoGenesis Corp. from Bay City Capital LLC, an asset management company that invests in biopharmaceuticals, drug discovery and research tools.
In exchange, Rancho Cordova, Calif.-based Cesca Therapeutics has granted Bay City Capital 20% ownership in CARTXpress Bio Inc., a newly created subsidiary of ThermoGenesis.
ThermoGenesis will keep the remaining 80% stake in CARTXpress Bio, which will focus on the manufacturing CAR-T cell therapies for cancer using the automated CAR-TXpress system.
CAR-T cell therapy involves taking a person's own immune cells and modifying them to fight cancer cells when infused back into the body.
ThermoGenesis, now a wholly owned subsidiary of Cesca Therapeutics, develops automated medical devices and technologies for cell-based therapies. Cesca will report ThermoGenesis as a completely owned device division in the first quarter 2019 financial results.
In connection with the reorganization, Haihong Zhu, president of ThermoGenesis, has been appointed president of CARTXpress Bio.
The reorganization and share exchange took effect Jan. 1.