ThermoGenesis Holdings, Inc. (NASDAQ: THMO) is engaged as an industry leader in automated cell processing tools and services for cell & gene therapy application. Shares of the cell & gene therapy services company are soaring 88% through early trading on Wednesday, March 15, 2023. Over the past three months, ThermoGenesis has seen average daily volume of 117,410 shares. However, volume of 21.2 million shares or dollar volume of around $84.16 million, has already exchanged hands through early trading.
Shares of ThermoGenesis are surging after the company unveiled plans to launch a new facility in the Sacramento area that holds twelve, class-7, ReadyStart cGMP Suites for early-stage life sciences and gene therapy companies. The announcement comes as the company pivots from medical devices to contract development and manufacturing in the cell & gene therapy field.
The facility is estimated to be ready for clients sometime during the second or third quarter of 2023. Management estimates the facility could generate between $10 million and $16 million in annual revenue, if the facility was fully occupied. The facility will feature 35,500 square feet of the highest scientific quality for its client base.
ThermoGenesis says the ReadyStart cGMP suites are a perfect opportunity for early-stage companies to obtain a jump-start on development efforts, scaling capabilities and turnkey solutions. This gives early-stage companies an opportunity to grow without the need of building and managing their own facility.
“We launched the flexible ReadyStart cGMP Suites to better support the research and clinical development of cell gene therapy products. Early-stage life science and cell gene therapy companies face a long and complex path to product commercialization often while being constrained by limited budgets,” stated Chris Xu, Ph.D, Chairman and Chief Executive Officer of ThermoGenesis. “Our all-encompassing ReadyStart cGMP Suites, will provide a flexible option, enabling companies to achieve their anticipated milestones faster and more efficiently. Additionally, our team’s strong expertise in regulatory affairs and product commercialization will help accelerate the development of our customers’ products, allowing them to focus on their science, while ThermoGenesis will manage the regulatory and quality compliances associated with running a cGMP facility.”
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