Asahi Kasei Medical is planning to buy ThermoGenesis' CryoSeal Fibrin Sealant system wound care product line for $2m in cash.
ThermoGenesis chief executive officer Matthew Plavan said the transaction is the culmination of the company's previously announced strategy and option agreement to divest the CryoSeal product line,.
"This divestiture is an important milestone in our long-term strategy to focus on the development of enabling technologies for the stem cell regenerative medicine market," Plavan added.
"It significantly strengthens our balance sheet and the proceeds from this transaction will be used to fund our market expansion efforts for our cord blood and bone marrow stem cell processing and storage offerings, particularly in markets outside North America.
"In addition, it frees up management and corporate resources to address these more strategic market opportunities, and furthers our initiative to reduce operating costs."
Asahi said the payment is due during its first fiscal quarter of 2013.
In addition to CryoSeal Fibrin Sealant system, ThermoGenesis develops various automated cryogenic device including Res-Q 60 BMC/PRP, AXP AutoXpress Platform as well as BioArchive system.
