On March 17, 2017, BoyaLife Group, through its wholy-owned investment fund, extended to its US subsidiary, Cesca Therapeutics, a 5-year, $5 million non-mortgage credit line to fund its business development activities. Cesca Therapeutics has established a wholly-owned subsidiary, ThermoGenesis Corp., to focus on the development and commercialization of cellular processing equipment for CAR-T and other applications. The Company’s clinical programs, including those aimed at treating Critical Limb Ischhemia (CLI) and Acute Myocardial Infarction (AMI), are held by the parent company, Cesca Therapeutics.
Dr. Xiaochun Xu, president of BoyaLife Group, said, “We are pleased to extend this new source of financing to Cesca Therapeutics so that the company can advance development of its CAR-T solution, CART-Xpress™, as well as its other cellular processing solutions.”
Cesca’s automated stem cell equipment is used by many of the world’s leading public and private blood banks. The AXP® fully-automated stem cell separation system, together with the Bioarchive® fully-automated liquid nitrogen storage system, have been widely used by such clients as Cord Blood Registry (CBR, the US’s largest cord blood bank), New York Blood Center (the world’s first stem cell bank), State University of New York (SUNY), China Cord Blood Corporation, Beike Biotechnology, Healthbaby, Duke University and MD Anderson Cancer Center.
As a large, multi-national group enterprise that has been a leading innovator in stem cell separation and storage technology, BoyaLife has played an important role in China’s life sciences industry. With its purchase of 70% of Cesca’s common stock in early 2016, BoyaLife became the largest upstream supplier of automated stem cell equipment, and has subsequently become the industry leader in terms of quality, while establishing a complete, end-to-end industry solution.