Under the new distribution contract, which runs through July 2012, GE Healthcare will continue to distribute the AXP product line, excluding certain countries in Latin and South America, Asia, CIS and Eastern Europe.

GE Healthcare expects to provide incremental funding for marketing support and market research beyond its previous commitments. The new arrangement also provides incentives for both parties related to sales success, product quality and delivery.

Melville Engle, chief executive officer of ThermoGenesis, said: “This agreement provides evidence that we are successfully executing our growth strategy and solidifies our joint sales and distribution initiatives. This contract leverages the strengths of GE Healthcare in those geographies where it has the greatest presence and maximizes our joint efforts. GE Healthcare has created a strong foundation for the AXP, and maintaining continuity of the relationship will be of value to existing customers.

“This agreement represents a major distribution and commercialisation milestone for the company. It positions us well to accomplish both our near and long-term objectives, beginning with achieving leadership in the adult stem cell processing and storage markets, as well as producing increased product revenues that will drive us to sustained profitability.”

Konstantin Fiedler, general manager of Cell Technologies at GE Healthcare, said: “Renewing our partnership with ThermoGenesis further demonstrates GE Healthcare’s commitment to technology leadership in cord blood processing as part of our strategic Cell Technologies business. We continue to invest in the growth of this business and the AXP forms an important part of our comprehensive offering to customers working with adult stem cells.”