On May 29, 2024, ThermoGenesis Corp. (Company), entered into a Manufacture and Supply Agreement with CBR Systems, Inc. (CBR). Under the terms of the Agreement, the Company will supply CBR with the Company?s AutoXpress® System (AXP) cord blood processing system and disposables.

The term of the Agreement is for three (3) years with automatic renewal in one-year increments unless either party provides a six (6) month notice of non-renewal. In furtherance of the Agreement, the Company and CBR entered into an Amended and Restated Technology License and Escrow Agreement. Under the terms of the agreement, the events or conditions that constitute a default were changed to remove the financial covenant requiring the Company?s cash balance to be at least $1,000,000 net of non-convertible debt and borrowed funds that are payable with one year at each month end.

Additionally, the agreement removes the safety stock requirement for the Company and changes the requirement that the Company must deliver AXP products within 120 days of the delivery date requested by CBR to 90 days.