ThermoGenesis (NASDAQ:THMO) stock is rocketing higher on Thursday after the company announced new cGMP Suites.
These cGMP Suites are for early-stage life science and cell gene therapy companies. This rollout is part of the company’s effort to transform from a medical device company to a contract development and manufacturing organization one.
ThermoGenesis notes that its cGMP Suites are located in a 35,500-square-foot facility. The location provides company clean rooms for use. That includes starting clinical trials or expanding current ones to meet needs.
Chris Xu, Ph.D., chairman and CEO of ThermoGenesis, said the following in a news release:
“Early-stage life science and cell gene therapy companies face a long and complex path to product commercialization often while being constrained by limited budgets. Our all-encompassing ReadyStart cGMP Suites, will provide a flexible option, enabling companies to achieve their anticipated milestones faster and more efficiently.”
How This Affects THMO Stock
ThermoGenesis is opening a new part of its business with this launch, and it has investors excited. That’s leading to heavy trading volume today as some 1.6 million shares of the stock change hands. To put that in perspective, the company’s daily average trading volume is closer to 626,000 shares.
THMO stock is up 54.4% during pre-market trading on Thursday. That follows a roughly 98% gain yesterday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.