Published on 15 Mar 2023 on Benzinga via Yahoo Finance

ThermoGenesis Rolls Out Manufacturing Suites For Use In Early-Stage Cell, Gene Therapy, Shares Soar

ThermoGenesis Holdings Inc (NASDAQ: THMO) is rolling out a new facility in the Sacramento metro area, containing 12 class-7, ReadyStart cGMP Suites available for lease by early-stage life science and cell gene therapy companies.The roll-out of the ReadyStart Suites is part of ThermoGenesis' previously announced plan to transform from a medical device company to a contract development and manufacturing organization in the cell gene therapy field.The facility is expected to be available for customers in this year's second or third quarter.The company expects the facility to generate an estimated $10 million - $16 million in annual revenue if fully occupied.In November, THMO reported a net revenue decline of 33% to $2.1 million for its Q3 ended September 30, 2022.The ReadyStart Suites are in a 35,500+ square foot cGMP facility.ThermoGenesis' ReadyStart cGMP cleanrooms are ideal for early-stage companies looking to jump-start their development efforts and/or scale up in the same facility, providing a turnkey solution.Further, the suites will eliminate a tremendous resource burden and accelerate the development cycle by allowing the resident companies to focus on their core science.Price Action: THMO shares are up 87.7% at $3.96 on the last check Wednesday.