OLDSMAR, Fla., June 15, 2018 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTCQB:CCEL), the world’s first private cord blood bank to separate and store stem cells in 1992, announced that it has completed its acquisition of substantially all of the assets of CORD:USE Cord Blood Bank, Inc. for an upfront purchase price of $14,000,000 plus up to $200 million in potential cash earnouts related to the CORD:USE public cord blood inventory and additional stock earnouts based upon Cryo-Cell achieving certain milestones associated with the purchased assets. The Company does not expect that the full earnout related to the public cord blood inventory will be earned.
"Cryo-Cell is very pleased to have been able to close this transaction efficiently due to the cooperative efforts of the CORD:USE team,” commented David Portnoy, Cryo-Cell International’s Chairman and Co-CEO. He continued, “We believe that the growing clinical use of cord blood together with our entry into the public cord blood banking field bodes well for our shareholders.”
"As the CEO of CORD:USE, and as importantly, an obstetrician, I believe it is critical to provide expectant parents with the highest quality cord blood and cord tissue banking services available. Having completed this acquisition, I believe that Cryo-Cell will now be providing the highest quality services to families interested in either family or public cord blood banking," said Edward S. Guindi M.D., President and CEO of CORD:USE.
About Cryo-Cell International, Inc.
Founded in 1989, Cryo-Cell International, Inc. is the world's first private cord blood bank. More than 500,000 parents from 87 countries trust Cryo-Cell to preserve their family members' stem cells. Cryo-Cell's mission is to provide clients with state-of-the-art stem cell cryopreservation services and support the advancement of regenerative medicine. Cryo-Cell operates in a facility that is FDA registered, cGMP-/cGTP-compliant and is licensed in all states requiring licensure. Besides being AABB accredited as a cord blood facility, Cryo-Cell is also the first U.S. (for private use only) cord blood bank to receive FACT accreditation for adhering to the most stringent cord blood quality standards set by any internationally recognized, independent accrediting organization. In addition, Cryo-Cell is ISO 13485:2003 certified by TUV, an internationally recognized, quality assessment organization. Cryo-Cell is a publicly traded company, OTCQB:CCEL. For more information, please visit www.cryo-cell.com.
About CORD:USE Cord Blood Bank, Inc.
CORD:USE, headquartered in Orlando, Florida, operates both leading high quality public and family cord blood banks. CORD:USE has entered into agreements with hospitals across the country to provide mothers the option to donate their babies’ cord blood. CORD:USE Public Cord Blood Bank is one of the highest quality cord blood banks that was chosen to help build the National Cord Blood Inventory. CORD:USE Family Cord Blood Bank provides high quality cord blood banking services to its clients.
