ThermoGenesis Corp (NASDAQ: KOOL) announced a management transition in conjunction with tactical realignment of company in this press release.
Thermogenesis is an automation/tool's supplier in and around the world of cell therapy. The company has had their struggles with the business model and a run towards profitability which also seems to be a year away. News today that Matthew Plavan (currently CFO / EVP, Business Development), will become CEO and a board member as well as the CFO is tough to read. According to the press release:
- Plavan will replace J. Melville Engle, (who has retired from his position as Chairman and CEO).
- The company will cut eight additional positions and provide additional details on its new operating structure and objectives during its Q2 fiscal 2012 conference call on Thursday, 9-Feb.
- KOOL expects to record one-time expenses of approximately $500,000 related to the reorganization announced in Q3 of fiscal 2012 BUT the restructured operations should result in an annualized expense reduction of approximately $2M (according to KOOL.
Daily Dose Conclusion: No Rush to jump into KOOL on a reorg news but this is a great company, strong technology that at some point could be acquired by a bigger fish.