Why ThermoGenesis Stock Is Soaring Wednesday
Shares of ThermoGenesis Holdings (NASDAQ: THMO) were up 81% as of early Wednesday afternoon after the company announced it was rolling out 12 ReadyStart current Good Manufacturing Practices (cGMP) suites in Rancho Cordova, California, to early-stage cell and gene therapy companies. The stock has a 52-week low of $2.11 and a 52-week high of $40.50 and is down more than 86% over the past year.
This is the next step in ThermoGenesis' transformation from a medical-device company to a contract development and manufacturing organization in the gene-editing field. The company's 35,500-square-foot facility, if fully occupied, is expected to generate $10 million to $16 million in annual revenue, the company said. The suites are expected to be ready for customers in the second or third quarter of this year.
The idea, according to ThermoGenesis CEO Chris Xu, is the company will help other gene-therapy companies with its product commercialization and regulatory expertise while renting out suites that are quality compliant toward running a cGMP facility. In effect, ThermoGenesis will become a helpful landlord to small biotech companies, saving them the costs and space concerns of owning their own properties.
Source Fool.com
