ThermoGenesis Corp. of Rancho Cordova has reached an agreement with chief executive officer, William Osgood to resign immediately. This resignations comes after a series of difficulties the company has tried to work through, including a recall to recall AutoXpress stem cell processing bags in November and a series of growing losses. The board has appointed Matthew Plavan as the interim CEO. Plavan was the company’s executing vice president before Wednesday’s decision.
“In his nearly four years at the company, Matt has been intimately involved in the daily operations of the company, including our recent business development efforts with General Electric Healthcare and others, and engendered a high level of respect among the other members of senior management and our employees,” said Hubert Huckel, chairman of the company’s board of directors, in a news release. “The board has a high degree of confidence in Matt’s ability to lead the company while we conduct a search for a new chief executive officer.” Plavan joined ThermoGenesis in May of 2005 as the chief financial officer and became executive vice president earlier this year.
Of Osgood, who has been with the company since January of 2006, Huckel says, ”Over the past 18 months, Bill has made many contributions to the company and assisted in our review of potential future market opportunities in the area of regenerative medicine. However, both he and the board determined that new leadership was necessary to ensure that the company makes the progress necessary to focus on quality and customer service, and to meet our revenue and profitability targets.”
ThermoGenesis plans to reach a profit in the fiscal fourth quarter, which ends June 30. Another major goal for the company is to grow revenue by 10 percent to 20 percent from fiscal 2008. Revenue in the quarter ending Sept. 30 rose by 24 percent to $4.5 million, from $3.6 million in the same period of last year. Fiscal first-quarter earnings totaled $2.7 million, 17 percent worse than the $2.3 million loss in the same quarter of the previous fiscal year.
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its about time you guys do something .i think it a good move ,and when OBAMA invest in stemcell your stock is going to go to the moon, and thats going to be very soon…thanks
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