8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2007 (July 30, 2007)

THERMOGENESIS CORP.

(Exact name of registrant as specified in its charter)

Delaware	333-82900	94-3018487
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer Identification No.)
incorporation or organization)

2711 Citrus Road
Rancho Cordova, California 95742

(Address and telephone number of principal executive offices) (Zip Code)

(916) 858-5100

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EXHIBIT 10

EXHIBIT 99.1

EXHIBIT 99.2

EXHIBIT 99.3

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition

     On July 30, 2007, ThermoGenesis Corp. (the “Company”) announced that, based upon preliminary data, revenues for its fourth fiscal quarter ended June 30, 2007, will be between $3.4 and $3.6 million. As a result, revenues for the full fiscal year will be between $16.6 and $16.9 million. The Company completed the fiscal year with over $33 million in cash, cash equivalents and short-term investments. ThermoGenesis will report complete fiscal year 2007 results and provide fiscal 2008 guidance on September 12, 2007.

     The Company’s revenue expectations and related matters are discussed in more detail in the Press Release attached hereto as Exhibit 99.1.

Section 5 – Corporate Governance and Management

Item 5.02. Departure of Directors or Principal Officers; Election of Directors;Appointment of Principal Officers; Compensatory Arrangements of Certain Officers

     (b). Resignation of Chief Executive Officer

     Mr. Philip H. Coelho resigned as the Company’s Chief Executive Officer effective July 30, 2007, to transition into the role of Chief Technology Architect of the Company. Additionally, Mr. Coelho will remain Chairman of the Board of Directors of the Company.

     (c). Appointment of Chief Executive Officer and member of the Board of Directors

     Effective July 30, 2007, the Company appointed Dr. William R. Osgood, age 62, as Chief Executive Officer and a member of the Board of Directors. From January 1, 2007 through April 26, 2007, Dr. Osgood served as the Company’s General Manager of Operations and from April 26, 2007, he has served as the Company’s President and Chief Operating Officer.

     Prior to joining the Company, Dr. Osgood worked for or was responsible to The Sorin Group, which holds a conglomerate of companies dedicated to medical technology and product development for treatment of cardiovascular and renal disease. Of such companies held by Sorin Group, from June 2001 to March 2006 Dr. Osgood was the Vice President/General Manager of COBE Cardiovascular, Inc., a $140 million division headquartered in Milan, Italy. In March 2006 Dr. Osgood was promoted to Senior Vice President, Cardiopulmonary Business Line. Dr. Osgood holds the following degrees from University of California, Los Angeles: BS in Engineering, MS in Control Theory, MBA and Ph.D. in Systems Engineering.

     There have been no related party transactions between Dr. Osgood and the Company. During the last fiscal year Dr. Osgood has not been a party to any transaction or proposed transaction, to which the Company is or was to be a party, in which Dr. Osgood would have a direct or indirect material interest. Dr. Osgood has no family relationships with any director or executive officer of the Company, or persons nominated or chosen by the Company to become directors or executive officers.

     On August 1, 2007, the Company and Dr. Osgood entered into a new twenty nine month employment agreement (the “Agreement”), terminating his prior employment agreement, as amended.

     Dr. Osgood will be paid an annual salary of $345,000 and was granted a 4 year stock option award of 320,000 shares of common stock. The option vests based on meeting certain performance goals over three years, vesting one-third each year providing the employee has accomplished the specific performance goals for that year. Additionally, Dr. Osgood is eligible to receive discretionary bonuses based on the Company’s performance and the attainment of objectives established by the Company; provided, however, his bonuses shall not exceed 35% of his base salary in effect for any given year and shall be subject to Compensation Committee oversight for meeting stated objectives. The Agreement may be terminated prior to the expiration of the Agreement, upon the mutual agreement of the Company and Dr. Osgood. In addition, the Agreement provides that in the event Dr. Osgood is involuntarily terminated without cause, Dr. Osgood will be paid 12 months of his salary

     For more information, see the Agreement attached as Exhibit 10 and the Press Release attached as Exhibit 99.2.

Section 8 – Other Events

Item 8.01. Other Events

     On July 30, 2007, the Company announced that the United States Food and Drug Administration (FDA) granted clearance for the Company to market the CryoSeal FS System’s autologous fibrin sealant, as an adjunct to hemostasis in liver resection surgery.

     For more information, see the Press Release attached as Exhibit 99.3.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

Exhibit No.	Exhibit Description
10	Executive Employment Agreement dated August 1, 2007
99.1	ThermoGenesis Corp. Announces Preliminary Fiscal 2007 Revenues; Company Announces Agreement with Nipro Corporation to Supply AutoXpress Platform Disposables
99.2	Press release dated July 30, 2007, titled “ThermoGenesis Corp. Appoints William Osgood Chief Executive Officer and Director”
99.3	ThermoGenesis Corp. Obtains FDA Clearance to Market CryoSeal Fibrin Sealant (FS) in Liver Resection Surgeries

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THERMOGENESIS CORP.,
	a Delaware Corporation
Dated: August 1, 2007	/s/Matthew Plavan Matthew Plavan,
	Chief Financial Officer

Exhibit Index

Exhibit No.	Exhibit Description
10	Executive Employment Agreement dated August 1, 2007
99.1	ThermoGenesis Corp. Announces Preliminary Fiscal 2007 Revenues; Company Announces Agreement with Nipro Corporation to Supply AutoXpress Platform Disposables
99.2	Press release dated July 30, 2007, titled “ThermoGenesis Corp. Appoints William Osgood Chief Executive Officer and Director”
99.3	ThermoGenesis Corp. Obtains FDA Clearance to Market CryoSeal Fibrin Sealant (FS) in Liver Resection Surgeries

EX-10

Exhibit 10

THERMOGENESIS CORP.

EXECUTIVE EMPLOYMENT AGREEMENT

     THERMOGENESIS CORP. (“Employer”) and Dr. William R. Osgood (“Executive”), agree as follows:

1. Employment. Employer employs Executive and Executive accepts employment with Employer on the terms and conditions set forth in this Employment Agreement (“Agreement”).

2. Position; Scope of Employment. Executive shall have the position of Chief Executive Officer. Executive agrees to perform such services customary to such offices and as shall be assigned to him by the Board of Directors. Executive shall report directly to Employer’s Board of Directors. Executive’s prior Employment Agreement is hereby terminated and superseded in whole by this Employment Agreement.

     2.1. Entire Time and Effort. Executive shall devote Executive’s full working time, attention, abilities, skill, labor and efforts to the performance of his employment. Executive shall not, directly or indirectly, alone or as a member of a partnership or other organizational entity, or as an officer of any corporation (other than any which are owned by or affiliated with Employer) (i) be substantially engaged in or concerned with any other commercial duties or pursuits, (ii) engage in any other business activity that will interfere with the performance of Executive’s duties under this Agreement, except with the prior written consent of Employer, or (iii) join the board of directors of any other corporation; provided, however, that Executive may join the board of directors of no more than three unaffiliated corporations so long as such corporations are not directly competitive to the current or future operations of Employer.

     2.2. Rules and Regulations. Executive agrees to observe and comply with Employer’s rules and regulations (including Employer’s code of ethics and insider trading policy) as provided by Employer and as may be amended from time to time by Employer and will carry out and perform faithfully such orders, directions and policies of Employer. To the extent any provision of this Agreement is contrary to an Employer rule or regulation, as such may be amended from time to time, the terms of this Agreement shall control.

     2.3. Limitations Upon Authority to Bind Employer. In his capacity as Chief Executive Officer, Executive shall not engage in any of the following actions on behalf of Employer without the prior approval of Employer: (i) borrow or obtain credit in any amount or execute any guaranty, except for items purchased from vendors in the ordinary course of Employer’s operations; (ii) expend funds for capital equipment in excess of expenditures expressly budgeted by Employer, if applicable, or in the event not budgeted, not to exceed the amounts set forth in subparagraph (iii); (iii) sell or transfer capital assets exceeding One Hundred thousand Dollars ($100,000) in market value in any single transaction or exceeding Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate during any one fiscal year; (iv) execute any lease for real property; or (v) exercise any authority or control over the management of any employee welfare or pension benefit plan maintained by Employer or over

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the disposition of the assets of any such plan.

3. Term. The term of this Agreement shall be for a period of twenty nine months which shall commence on August 1, 2007 and end on December 31, 2009 (subject to adjustment to an earlier start date and termination date by mutual agreement); unless terminated earlier as provided below in Section 5. This Agreement shall be renewable by mutual written agreement.

4. Compensation. Employer shall pay to or provide compensation to Executive as set forth in this Section 4. All compensation of every description shall be subject to the customary withholding tax and other employment taxes as required with respect to compensation paid to an employee.

     4.1. Base Salary. Employer shall pay Executive a base salary of three hundred forty five thousand Dollars ($ 345,000) per year commencing on August 1, 2007 (“Base Salary”). Executive’s Base Salary shall be payable in accordance with Employer’s regular pay schedule, but not less frequently than twice per month.

     4.2. Review. Executive’s base salary and duties shall be reviewed by the Compensation Committee of the Board of Directors at least annually. During the review, duties will be outlined, prior year performance assessed, and compensation may be adjusted up or down accordingly, at the discretion of the Compensation Committee. On the date of Employer’s annual meeting of stockholders and on each subsequent annual meeting of stockholders during the term of this Agreement, or at such other time as the Governance and Nominating Committee may establish in its discretion, the Governance and Nominating Committee shall review the previous year’s performance of Executive.

     4.3. Cash/Stock Bonuses. In addition to the Base Salary provided for in sections 4.1 and 4.2, Executive is eligible to receive discretionary bonuses based on Employer performance and Executive’s attainment of objectives periodically established by Employer. Such discretionary bonuses may be paid in cash, through issuance of stock or grant of stock options, or any combination thereof, subject to Board discretion. Annual bonuses that may be awarded to Executive shall be up to thirty-five percent (35%) of Executive’s Base Salary then in effect in any given year.

     4.4. Stock Option Grants. In addition to Base Salary provided for in Sections 4.1 and 4.2, Executive is eligible to receive an award of stock options as may be determined from time to time by Employer’s Compensation Committee which consists of disinterested directors who administer Employer’s Equity Incentive Plans. At the inception of this Agreement, and subject to Plan requirements, including Compensation Committee approval, Executive shall be granted an 4 year option to acquire, at the fair market value of the shares on the date of grant, a total of 320,000 shares of the Employer’s common stock, which option shall vest based on meeting certain performance goals as approved by the Compensation Committee and the Board of Directors over three (3)-years, vesting one-third (1/3) each year on the same date providing the employee has accomplished the specific performance goals for each of these time periods specified in Exhibit 1, attached.

     4.5. [omitted]

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     4.6. Vacation; Sick Leave; Insurance. Executive shall be entitled to four (4) weeks of vacation annually; provided, however, that vacation time may not accrue beyond two weeks of accrued and unused time with any unused balance to be paid in cash at the end of each calendar year, and further provided that accrued vacation pay shall not accrue beyond two (2) weeks at any given time without the unused balance being paid in cash. Executive shall be entitled to sick leave in accordance with Employer’s sick leave policy, as amended from time to time. At the end of each calendar year, subject to the limit on two weeks accrued and unused vacation, all such unused and accrued vacation time shall be paid in cash.

     4.7. Other Fringe Benefits. Executive shall participate in all of Employer’s fringe benefit programs in substantially the same manner and to substantially the same extent as other similar employees of Employer, excluding only those benefits expressly modified by the terms hereof.

     4.8. Expenses. Executive shall be reimbursed for his reasonable business expenses, subject to the presentation of evidence that such expenses are made in accordance with established policies adopted by Employer from time to time.

     4.9. Compensation From Other Sources. Any proceeds that Executive shall receive by virtue of qualifying for disability insurance, disability benefits, or health or accident insurance shall belong to Executive. Executive shall not be paid Base Salary in any period in which he receives benefits as determined and paid under Employer’s long-term disability policy. Benefits paid to Executive under Employer’s short-term disability policy shall reduce, by the same amount, Base Salary payable to Executive for such period.

5. Early Termination. Executive’s employment with Employer may be terminated prior to the expiration of the term of this Agreement, upon any of the following events: (i) the mutual agreement of Employer and Executive in writing; (ii) the disability of Executive due to physical or mental illness, which shall, for the purposes of this Agreement, mean Executive’s inability, for a period exceeding three (3) months, to substantially perform such duty on a full time basis; (iii) Executive’s death; (iv) notice of termination by Employer for “cause” (as defined in Section 5.1); (v) Employer’s cessation of business; (vi) written notice of termination by Employer without cause upon six months notice, subject to the provisions for compensation upon early termination in Section 5.3(b); (vii) upon a Change in Control (as defined below) of Employer (as defined in and under the circumstances described in Section 5.3(d)).

     5.1. Definition of Cause. For purposes of this Agreement, any of the following shall constitute cause: (i) willful or habitual material breach of Executive’s duties; (ii) intentional and material fraud, dishonesty, deliberate injury or material misrepresentation by Executive to Employer or any others; (iii) embezzlement, theft or conversion by Executive; (iv) unauthorized disclosure or other use of Employer’s trade secrets, customer lists or confidential information; (v) habitual misuse of alcohol or any non-prescribed drug or intoxicant; (vi) willful misconduct that causes material harm to Employer, (vii) willful violation of any other standards of conduct as set forth in Employer’s employee manual and policies, (viii) conviction of or plea of guilty or nolo contendere to a felony or misdemeanor involving moral turpitude, (ix) continuing failure to communicate and fully disclose material information to the Board of Directors, the failure of which would adversely impact the Company or may result in a violation of state or federal

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securities laws, or (x) debarment by any federal agency that would limit or prohibit Executive from serving in his capacity for Employer under this Agreement.

     5.2. Damages. If Employer terminates Executive for cause, Employer shall be entitled to damages and all other remedies to which Employer may otherwise be entitled.

     5.3. Compensation Upon Early Termination.

(a)

If Executive resigns during the term of this Agreement (without mutual consent of Employer), or if this Agreement is terminated by Employer for cause, Executive shall be entitled only to all accrued but unpaid Base Salary and vacation pay accrued through the date of delivery of the notice of termination. All non-vested options and restricted stock shall be deemed canceled as of that date.

(b)

If Executive is terminated without cause, as defined in Section 5 above, Employer shall pay to Executive as liquidated damages and in lieu of any and all other claims which Executive may have against Employer, twelve (12) months of Executive’s salary, excluding any amounts for benefits. Employer’s payment pursuant to this subparagraph shall fully and completely discharge any and all obligations of Employer to Executive arising out of or related to this Agreement and shall constitute liquidated damages in lieu of any and all claims which Executive may have against Employer not including any obligation under the workers’ compensation laws including Employer’s liability provisions.

Initials: Executive /s/ WO   Employer  /s/ MP  

(c)

If Executive’s employment is terminated as a result of death or total disability, Executive shall be entitled to accrued but unpaid Base Salary to the date of termination. The date of termination shall be deemed the date of death or, in the event of disability, the date Executive qualified for total disability payments under Employer’s long-term disability plan.

(d)

If Executive’s employment is terminated as a result of a Change in Control of Employer, Executive shall be entitled to a lump-sum payment equal to three times Executive’s Base Salary at the time; provided, however, if terminated involuntarily without cause, Executive agrees to remain for a transition period not to exceed six (6) months if requested by Employer. A “Change in Control” shall mean an event involving one transaction or a related series of transactions in which one of the following occurs: (i) Employer issues securities equal to 33% or more of Employer’s issued and outstanding voting securities, determined as a single class, to any individual, firm, partnership or other entity, including a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934; (ii) Employer issues securities equal to 33% or more of the issued and outstanding common stock of Employer in connection with a merger, consolidation or other business combination; (iii) Employer is acquired in a merger or other business combination transaction in which Employer is not the surviving company; or (iv) all or substantially all of Employer’s assets are sold or

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transferred to a third party.

(e) Except as expressly provided in paragraph (d) above, all compensation described in this Section 5.3 shall be due and payable in installments at least twice monthly or at the time of the delivery of notice of termination, at Employer’s sole discretion and election.

6. Confidential Information of Customers of Employer. Executive during the course of his duties will be handling financial, accounting, statistical, marketing and personnel information of customers of Employer. All such information is confidential and shall not be disclosed, directly or indirectly, or used by Executive in any way, either during the term of this Agreement or at any time thereafter except as required in the course of Executive’s employment with Employer.

7. Unfair Competition. During the term of this Agreement, Executive shall not, directly or indirectly, whether as a partner, employee, creditor, stockholder, or otherwise, promote, participate, or engage in any activity or other business which is directly competitive to the current operations of Employer or the currently contemplated future operations of Employer. The obligation of Executive not to compete with Employer shall not prohibit Executive from owning or purchasing any corporate securities that are regularly traded on a recognized stock exchange or on over-the-counter market. In order to protect the trade secrets of Employer, after the term, or upon earlier termination of this Agreement, Executive shall not, directly or indirectly, either as an employee, employer, consultants, agent, principal, partner, stockholder, corporate officer, director, or any other individual or representative capacity, engage or participate in any business that is in direct competition with the business of Employer for a period of one (1) year from the date of the expiration of this Agreement. Executive acknowledges that Employer’s business is not limited by geographical scope, is operating throughout the world and that the effect of this section may be to prevent Executive from working in a competitive business after termination of employment hereunder, and agrees that the limitations stated herein are fair in light of Executive’s past involvement with Employer’s trade secrets, intellectual property, and business plans, and is a reasonable restriction in consideration for the payments provided and the risks of exposure to Employer’s confidential information.

8. Trade Secrets. Executive shall not disclose to any others, or take or use for Executive’s own purposes or purposes of any others, during the term of this Agreement or at any time thereafter, any of Employer’s trade secrets, including without limitation, confidential information, customer lists, computer programs or computer software of Employer. Executive agrees that these restrictions shall also apply to (i) trade secrets belonging to third parties in Employer’s possession and (ii) trade secrets conceived, originated, discovered or developed by Executive during the term of this Agreement. Information of Employer shall not be considered a trade secret if it is lawfully known outside of Employer by anyone who does not have a duty to keep such information confidential.

9. Inventions; Ownership Rights. Executive agrees that all ideas, techniques, inventions, systems, formulas, discoveries, technical information, programs, know-how, prototypes and similar developments (“Developments”) developed, created, discovered, made, written or obtained by Executive in the course of or as a result, directly or indirectly, of performance of his

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duties hereunder, and all related industrial property, copyrights, patent rights, trade secrets, moral rights and other forms of protection thereof, shall be and remain the property of Employer. Executive agrees to execute or cause to be executed such assignments and applications, registrations and other documents and to take such other action as may be requested by Employer to enable Employer to protect its rights to any such Developments. If Employer requires Executive’s assistance under this Section 9 after termination of this Agreement, Executive shall be compensated for his time actually spent in providing such assistance at an hourly rate equivalent to the prevailing rate for such services and as agreed upon by the parties.

10. Non-Solicitation; Post-Termination Cooperation.

10.1	Customers. While employed by Employer, and for a period of one (1) year thereafter, Executive agrees not to divert or attempt to divert (by solicitation or other means), whether directly or indirectly, Employer’s customers existing at the time Executive’s employment with Employer terminates.
10.2	Employees. While employed by Employer, and for a period of one (1) year thereafter, Executive will not solicit or encourage, or cause others to solicit or encourage, any employees of Employer to terminate their employment with Employer; provided, however, this obligation will not affect any responsibility Executive may have as an employee of Employer with respect to the bona fide hiring and firing of Employer personnel.
10.3	Post-Termination Cooperation. For a period of six months following any termination of this Agreement, Executive will make himself available and assist Employer, as reasonably requested, with respect to prior services, transition of duties, and intellectual property filings and protection.

11. Arbitration; Remedies. Any disputes, including, but not limited to, termination for cause pursuant to section 5 (iv) regarding the rights or obligations of the parties under this Agreement shall be conclusively determined by binding arbitration. Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association conducted in Sacramento, California, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP. Notwithstanding the previous sentence, the parties agree that, in the event of the breach or threatened breach of Sections 6-10 of this Agreement by Executive, monetary damages alone would not be an adequate remedy to Employer for the injury that would result from such breach, and that Employer shall be entitled to apply to any court of competent jurisdiction for specific performance and/or injunctive relief (without posting bond or other security) in order to enforce or prevent any violation of such provisions of this Agreement. Executive further agrees that any such injunctive relief obtained by Employer shall be in addition to monetary damages.

12. Actions Contrary to Law; Blue Pencil. Nothing contained in this Agreement shall be

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construed to require the commission of any act contrary to law, and whenever there is any conflict between any provision of this Agreement and any statute, law, ordinance, or regulation, contrary to which the parties have no legal right to contract, then the latter shall prevail; but in such event, the provisions of this Agreement so affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements. The parties hereby acknowledge that the restrictions set forth in Sections 6-10 have been specifically negotiated and agreed to by the parties hereto and if the scope or enforceability of any such section is in any way disputed at any time, and should a court find that such restrictions are overly broad, the court may modify and enforce the covenant to the extent that it believes to be reasonable under the circumstances.

13. Internal Revenue Code.

     13.1 Section 280G. Notwithstanding any other provision of this Agreement to the contrary, if the right to receive or benefit from any payments under this Agreement, including Section 5.3(d), either alone or together with other payments that Executive has a right to receive from Employer, would constitute a “parachute payment” (as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)), all such payments will be reduced to the largest amount that will result in no portion being subject to the excise tax imposed by Section 4999 of the Code.

     13.2 Section 162(m). Notwithstanding any provision of this Agreement to the contrary, if Employer determines that compliance with Section 162(m) of the Code is required or desired, all payments made under this Agreement to Executive will comply with the requirements of Section 162(m) of the Code.

14. Miscellaneous.

     14.1. Notices. All notices and demands of every kind shall be personally delivered or sent by first class mail to the parties at the addresses appearing below or at such other addresses as either party may designate in writing, delivered or mailed in accordance with the terms of this Agreement. Any such notice or demand shall be effective immediately upon personal delivery or three (3) days after deposit in the United States mail, as the case may be.

EMPLOYER:	ThermoGenesis Corp.
	2711 Citrus Road
	Rancho Cordova, California 95742
EXECUTIVE:	(Omitted)

     14.2. Attorneys’ Fees; Prejudgment Interest. If the services of an attorney are required by any party to secure the performance hereof or otherwise upon the breach or default of another party to this Agreement, or if any judicial remedy or arbitration is necessary to enforce or interpret any provision of this Agreement or the rights and duties of any person in relation thereto, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and other expenses, in addition to any other relief to which such party may be entitled. Any award of

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damages following judicial remedy or arbitration as a result of the breach of this Agreement or any of its provisions shall include an award of prejudgment interest from the date of the breach at the maximum amount of interest allowed by law.

     14.3. Choice of Law, Jurisdiction, Venue. This Agreement is drafted to be effective in the State of California, and shall be construed in accordance with California law. The exclusive jurisdiction and venue of any legal action by either party under this Agreement shall be the County of Sacramento, California.

     14.4. Amendment, Waiver. No amendment or variation of the terms of this Agreement shall be valid unless made in writing and signed by Executive and Employer. A waiver of any term or condition of this Agreement shall not be construed as a general waiver by Employer. Failure of either Employer or Executive to enforce any provision or provisions of this Agreement shall not waive any enforcement of any continuing breach of the same provision or provisions or any breach of any provision or provisions of this Agreement.

     14.5. Assignment; Succession. It is hereby agreed that Executive’s rights and obligations under this Agreement are personal and not assignable. This Agreement contains the entire agreement and understanding between the parties to it and shall be binding on and inure to the benefit of the heirs, personal representatives, successors and assigns of the parties hereto.

     14.6. Independent Covenants. All provisions herein concerning unfair competition and confidentiality shall be deemed independent covenants and shall be enforceable without regard to any breach by Employer unless such breach by Employer is willful and egregious.

     14.7. Entire Agreement. This document constitutes the entire agreement between the parties, all oral agreements being merged herein, and supersedes all prior representations. There are no representations, agreements, arrangements, or understandings, oral or written, between or among the parties relating to the subject matter of this Agreement that are not fully expressed herein.

     14.8. Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, the remainder of the Agreement which can be given effect without the invalid provision shall continue in full force and effect and shall in no way be impaired or invalidated.

     14.9. Captions. All captions of sections and paragraphs in this Agreement are for reference only and shall not be considered in construing this Agreement.

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THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH AFFECTS YOUR LEGAL RIGHTS AND MAY BE ENFORCED BY THE PARTIES.

EMPLOYER:
THERMOGENESIS CORP.
By:	/s/ Matthew Plavan Matthew Plavan, Chief Financial Officer
By:	/s/ Hubert Huckel Hubert Huckel, MD, Chairman, Compensation Committee
EMPLOYEE:
By:	/s/ William R. Osgood Dr. William R. Osgood, an Individual

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EX-99.1

Exhibit 99.1

THERMOGENESIS CORP. ANNOUNCES PRELIMINARY FISCAL 2007
REVENUES; COMPANY ANNOUNCES AGREEMENT WITH NIPRO
CORPORATION TO SUPPLY AUTOXPRESS™ PLATFORM DISPOSABLES

RANCHO CORDOVA, California (July 30, 2007) – ThermoGenesis Corp (NASDAQ: KOOL), a company that develops and manufactures product platforms that enable the processing and cryopreservation of stem cells for regenerative medicine and processing of protein gels for surgical wound care, announced today that, based upon preliminary data, revenues for its fourth fiscal quarter ended June 30, 2007, will be between $3.4 and $3.6 million. As a result, revenues for the full fiscal year will be between $16.6 and $16.9 million. The Company completed the fiscal year with over $33 million in cash, cash equivalents and short-term investments. ThermoGenesis will report complete fiscal year 2007 results and provide fiscal 2008 guidance on September 12, 2007.

In addition, the Company announced an agreement with Nipro Corporation for the production of AutoXpress disposables.

In separate press releases today, the Company also announced the appointment of William Osgood, who has served as President and Chief Operating officer since April 2007, as Chief Executive Officer and a member of its board of directors. He replaces Phil Coelho, who will remain with the Company as Chief Technology Architect. ThermoGenesis also announced FDA clearance of the Company’s PMA (PreMarket Application) to market its CryoSeal^® Fibrin Sealant (FS) as an adjunct to hemostasis in liver resection surgery.

“While our year-over-year revenues increased approximately 38 percent, we are disappointed by our fourth quarter revenue performance. The primary contributor to lower than expected fourth quarter results was quality issues that prevented us from meeting demand for our AXP disposables,” Osgood said. “In addition, we experienced lower than expected sales of our BioArchive^® System through our distributor GE Healthcare but expect a rebound in sales from that channel during the balance of the calendar year.”

“With respect to our AXP disposable business, market demand remains strong and we are working very closely with our vendor to improve their performance and expect significantly more units to pass our Acceptable Quality Level (AQL) testing this quarter than last quarter,” he continued.

Osgood said that to address the Company’s ability to meet the expected demand for the AXP product, ThermoGenesis has signed, as a second source, a long term supply agreement with Nipro. Nipro is a worldwide manufacturer of medical disposables based in Osaka, Japan, which annually provides more than 50 million disposables known for

their extremely high quality to medical markets such as cord blood processing, hematologic related pharmaceuticals and kidney dialysis products. Osgood said the company expects that initial orders of AXP disposables will be available from Nipro by the end of calendar 2007, with full production occurring in the first quarter of calendar 2008.

“Management has complete confidence in the future prospects for our stem cell products AXP and BioArchive and in our ability to grow CryoSeal sales with the recent PMA clearance behind us. The adult stem cell market is exploding with the rapid formation of stem cell and regenerative medicine research centers worldwide focused on developing novel therapies for high patient population human diseases. The number of stem cell clinical trials is increasing rapidly and published results are providing great comfort that a new, more effective era in medicine will soon be here. ThermoGenesis is in an ideal position to be one of the leaders of the stem cell revolution,” Osgood noted.

About ThermoGenesis Corp.

ThermoGenesis Corp. (www.thermogenesis.com) is a leader in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of stem cells and protein gels that provide therapeutic products for regenerative medicine. These products currently include:

• The BioArchive^® System, an automated cryogenic device, is used by cord blood stem cell banks in more than 25 countries for cryopreserving and archiving cord blood stem cell units for transplant. GE Healthcare is the non-exclusive global distribution partner for the BioArchive System.

• AXP^(™) AutoXpress Platform (AXP™) is a proprietary, semi-automated device and companion sterile blood processing disposable for harvesting stem cells from cord blood in a functionally closed system. GE Healthcare is the exclusive global distribution partner for the AXP AutoXpress Platform.

• The Thrombin Processing Device^TM (TPD™) is a sterile blood processing disposable that prepares activated thrombin from a small aliquot of plasma in less than 30 minutes. The CE-Marked TPD is currently being marketed in Europe by Biomet, Inc., subsidiary Biomet Biologics, Medtronic, Inc. and independent distributors as a means of activating and releasing growth factors in platelet concentrates to create platelet gels used by surgeons to treat orthopedic, cardiovascular and other wound sites as one strategy to accomplish regenerative medicine.

• The CryoSeal FS System is an automated device and companion sterile blood processing disposable used to prepare fibrin sealants from plasma in about an hour. CryoSeal FS System received the CE-Mark in 2001 and FDA clearance to market in the United States as an adjunct to hemostasis in liver resection July 26th, 2007. [From a marketing perspective, the CE-Mark is similar to an FDA approval, in that it allows sales of the product throughout the European community but individual countries often require additional clinical studies to allow full market access in these countries.] Although fibrin sealants have traditionally only been used to stop the blood oozing at surgical incision sites, they are increasingly being viewed as an adhesive and biodegradable media that can be commingled with stem and

progenitor cells in order to retain them at the wound site and serve as scaffolding to focus and accelerate the in situ regeneration of tissue.

This press release, including statements regarding financial information for future periods, contain forward-looking statements, and such statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual outcomes to differ materially from those contemplated by the forward-looking statements. Several factors, including timing of FDA approvals, changes in customer forecasts, our failure to meet customers’ purchase order and quality requirements, supply shortages, production delays, changes in the markets for customers’ products, introduction timing and acceptance of our new products scheduled for fiscal year 2008, and introduction of competitive products and other factors beyond our control, could result in a materially different revenue outcome and/or in our failure to achieve the revenue levels we expect for fiscal 2008. A more complete description of these and other risks that could cause actual events to differ from the outcomes predicted by our forward looking statements is set forth under the caption “Risk Factors” in our annual report on Form 10-K and other reports we file with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward looking statements.

ThermoGenesis Corp.
Web site: http://www.thermogenesis.com
Contact: Matthew T. Plavan
+1-916-858-5100, or
Ryan Rauch
+1-760-586-8699

EX-99.2

Exhibit 99.2

THERMOGENESIS CORP. APPOINTS WILLIAM OSGOOD
CHIEF EXECUTIVE OFFICER AND DIRECTOR

EXECUTIVE HAS MORE THAN 20 YEARS
OF HEALTHCARE INDUSTRY EXPERIENCE

RANCHO CORDOVA, CA. (JULY 30, 2007) – ThermoGenesis Corp. (NASDAQ: KOOL), a Company that develops and manufactures product platforms that enable the processing and cryopreservation of stem cells for regenerative medicine and processing of protein gels for surgical wound care, has appointed William Osgood, Ph.D., as Chief Executive Officer and a member of the Board of Directors effective July 30, 2007.

Osgood has served as the Company’s President and Chief Operating Officer since April 2007 after joining ThermoGenesis in January 2007 as General Manager of Operations. Osgood succeeds Philip Coelho who has served as Chief Executive Officer since 1992 and will transition to the position of Chief Technology Architect where he will focus on innovative solutions for emerging stem cell therapies leveraging his extensive relationships with key stem cell scientists and demonstrated ability to invent new technology platforms.

According to Pat McEnany, Director and Chairman of the Governance Committee, “The board interviewed an excellent group of CEO candidates assembled by a leading executive search firm that is also searching for new independent Board of Director members. It was clear that Bill was our best choice to lead the Company to its next stage of growth.”

“In particular, his more than 20 years of leadership experience improving the quality and expanding the sales of sophisticated Class II and III medical blood processing devices make him ideally suited to lead our transformation into a high-growth stem cell company with technology platforms that provide stem cell selection and cryopreservation, protein gels for surgical hemostasis and biodegradable scaffolding to assist tissue repair and in-vivo cell expansion. Individually, and in combination, these products will be important to the field of regenerative medicine.” McEnany noted.

“Bill is an experienced, energetic, articulate and decisive leader with the management skills that foster high employee morale and productivity. His near-term focus will be ramping production of our AutoXpress™ cord blood stem cell processing disposables and the revitalization of our sales effort to achieve future revenue growth,” he added.

Osgood previously served as Senior Vice President of Sorin Group Company’s $250 million cardiopulmonary business, where he managed worldwide commercial operations and research and development for its intra-operative heart and lung devices and related disposables. He joined Sorin after the company acquired COBE Cardiovascular Inc., where he led the industrial integration of plants worldwide. Prior to this, Osgood was Vice President of

Baxter Healthcare’s $800 million CardioVascular Group, where he successfully reengineered business processes across multiple divisions resulting in sales growth, cost reductions and deeper customer partnerships. He holds a Ph.D. in Systems Engineering, an MBA, an M.S. degree in Control Theory and a B.S. degree in Engineering, all from the University of California, Los Angeles.

“I am enthusiastic about assuming the leadership position at ThermoGenesis at this exciting time in the Company’s evolution” Osgood said. “While we have some important challenges ahead of us, we also possess the industry’s most compelling stem cell processing and storage technologies and a dedicated and knowledgeable team of employees.”

“The ability of our offerings to address important medical needs is proven by their international role in enabling therapeutic doses of cord blood stem cells to reconstitute the hematopoietic system of patients suffering from hematological malignancies and a variety of serious genetic diseases. More importantly, we are confident that new medical opportunities for these technology platforms exist. Our recent announcement of a Master Collaboration agreement with the Stem Cell Program at University of California, Davis to jointly explore the angiogenesis potential of a specific AXP stem cell composition provides an indication of our direction.”

“I especially want to acknowledge Phil Coelho’s many contributions to ThermoGenesis and I look forward to working closely with him as the Company pursues greater penetration of the stem cell and regenerative medicine markets,” he continued.

About ThermoGenesis Corp.

ThermoGenesis Corp. (www.thermogenesis.com) is a leader in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of stem cells and protein gels that provide therapeutic products for regenerative medicine. These products currently include:

• The BioArchive^® System, an automated cryogenic device, is used by cord blood stem cell banks in more than 25 countries for cryopreserving and archiving cord blood stem cell units for transplant. GE Healthcare is the non-exclusive global distribution partner for the BioArchive System.

• AXP^(™) AutoXpress Platform (AXP™) is a proprietary, semi-automated device and companion sterile blood processing disposable for harvesting stem cells from cord blood in a functionally closed system. GE Healthcare is the exclusive global distribution partner for the AXP AutoXpress Platform.

• The Thrombin Processing Device^TM (TPD™) is a sterile blood processing disposable that prepares activated thrombin from a small aliquot of plasma in less than 30 minutes. The CE-Marked TPD is currently being marketed in Europe by Biomet, Inc., subsidiary Biomet Biologics, Medtronic, Inc. and independent distributors as a means of activating and releasing growth factors in platelet concentrates to create platelet gels used by surgeons to treat orthopedic, cardiovascular and other wound sites as one strategy to accomplish regenerative medicine.

• The CryoSeal FS System is an automated device and companion sterile blood processing disposable used to prepare fibrin sealants from plasma in about an hour. CryoSeal FS System received the CE-Mark in 2001 and FDA clearance to market in the United States as an adjunct to hemostasis in liver resection July 26th, 2007. [From a marketing perspective, the CE-Mark is similar to an FDA approval, in that it allows sales of the product throughout the European community but individual countries often require additional clinical studies to allow full market access in these countries.] Although fibrin sealants have traditionally only been used to stop the blood oozing at surgical incision sites, they are increasingly being viewed as an adhesive and biodegradable media that can be commingled with stem and progenitor cells in order to retain them at the wound site and serve as scaffolding to focus and accelerate the in situ regeneration of tissue.

This press release, including statements regarding financial information for future periods, contain forward-looking statements, and such statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual outcomes to differ materially from those contemplated by the forward-looking statements. Several factors, including timing of FDA approvals, changes in customer forecasts, our failure to meet customers’ purchase order and quality requirements, supply shortages, production delays, changes in the markets for customers’ products, introduction timing and acceptance of our new products scheduled for fiscal year 2008, and introduction of competitive products and other factors beyond our control, could result in a materially different revenue outcome and/or in our failure to achieve the revenue levels we expect for fiscal 2008. A more complete description of these and other risks that could cause actual events to differ from the outcomes predicted by our forward looking statements is set forth under the caption “Risk Factors” in our annual report on Form 10-K and other reports we file with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward looking statements.

ThermoGenesis Corp.
Web site: http://www.thermogenesis.com
Contact: Matthew T. Plavan
+1-916-858-5100, or
Ryan Rauch
+1-760-586-8699

EX-99.3

Exhibit 99.3

THERMOGENESIS CORP. OBTAINS FDA CLEARANCE TO MARKET
CRYOSEAL^® FIBRIN SEALANT (FS) IN
LIVER RESECTION SURGERIES

- CryoSeal System Produces the First 100% Autologous Fibrin Sealant -

RANCHO CORDOVA, California (July 30, 2007) – ThermoGenesis Corp (NASDAQ KOOL), a Company that develops and manufactures product platforms that enable the processing and cryopreservation of stem cells for regenerative medicine and processing of protein gels for surgical wound care, announced today that the United States Food and Drug Administration (FDA) has granted clearance for the Company to market the CryoSeal FS System’s autologous fibrin sealant, as an adjunct to hemostasis in liver resection surgery.

Dr. William Osgood, Chief Executive Officer commented, “FDA clearance of the pre-market approval (PMA) for our CryoSeal FS allows the marketing of a System that can produce an “all-autologous” fibrin sealant product (made entirely from a patient’s own plasma) in the United States.”

“We believe this PMA clearance will be viewed favorably by the regulatory authorities in other countries of the world as they review a decision to grant market clearance. The CryoSeal FS System is already cleared for sale throughout the European Community (CE-Mark) for any type of surgery, but additional regulatory requirements within each European Community country have slowed the rate of market penetration and adoption of the product in Europe. In addition, applications by our distributors to register the CryoSeal System in Brazil, Japan, Korea, Mexico, Russia, Taiwan, can now proceed to final approval,” he continued.

The CryoSeal FS System, an automated device and companion sterile blood processing disposable, is used to prepare fibrin sealants from plasma in about an hour. The System produces a second-generation surgical sealant which harvests from a patient’s plasma the two interactive protein component solutions of a fibrin sealant: (1) the wound healing proteins of fibrinogen, fibronectin, Factor VIII, von Willebrands Factor and Factor XIII and (2) the activating enzyme thrombin. When combined at the bleeding wound site, the two components form an adhesive gel that assists in stopping the bleeding and bonds tissue.

About ThermoGenesis Corp.

ThermoGenesis Corp. (www.thermogenesis.com) is a leader in developing and manufacturing automated blood processing systems and disposable products that enable the manufacture, preservation and delivery of stem cells and protein gels that provide therapeutic products for regenerative medicine. These products currently include:

• The BioArchive^® System, an automated cryogenic device, is used by cord blood stem cell banks in more than 25 countries for cryopreserving and archiving cord blood stem cell units for transplant. GE Healthcare is the non-exclusive global distribution partner for the BioArchive System.

• AXP^(™) AutoXpress Platform (AXP™) is a proprietary, semi-automated device and companion sterile blood processing disposable for harvesting stem cells from cord blood in a functionally closed system. GE Healthcare is the exclusive global distribution partner for the AXP AutoXpress Platform.

• The Thrombin Processing Device^TM (TPD™) is a sterile blood processing disposable that prepares activated thrombin from a small aliquot of plasma in less than 30 minutes. The CE-Marked TPD is currently being marketed in Europe by Biomet, Inc., subsidiary Biomet Biologics, Medtronic, Inc. and independent distributors as a means of activating and releasing growth factors in platelet concentrates to create platelet gels used by surgeons to treat orthopedic, cardiovascular and other wound sites as one strategy to accomplish regenerative medicine.

• The CryoSeal FS System is an automated device and companion sterile blood processing disposable used to prepare fibrin sealants from plasma in about an hour. CryoSeal FS System received the CE-Mark in 2001 and FDA clearance to market in the United States as an adjunct to hemostasis in liver resection July 26th, 2007. [From a marketing perspective, the CE-Mark is similar to an FDA approval, in that it allows sales of the product throughout the European community but individual countries often require additional clinical studies to allow full market access in these countries.] Although fibrin sealants have traditionally only been used to stop the blood oozing at surgical incision sites, they are increasingly being viewed as an adhesive and biodegradable media that can be commingled with stem and progenitor cells in order to retain them at the wound site and serve as scaffolding to focus and accelerate the in situ regeneration of tissue.

This press release, including statements regarding financial information for future periods, contain forward-looking statements, and such statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual outcomes to differ materially from those contemplated by the forward-looking statements. Several factors, including timing of FDA approvals, changes in customer forecasts, our failure to meet customers’ purchase order and quality requirements, supply shortages, production delays, changes in the markets for customers’ products, introduction timing and acceptance of our new products scheduled for fiscal year 2008, and introduction of competitive products and other factors beyond our control, could result in a materially different revenue outcome and/or in our failure to achieve the revenue levels we expect for fiscal 2008. A more complete description of these and other risks that could cause actual events to differ from the outcomes predicted by our forward looking statements is set forth under the caption “Risk Factors” in our annual report on Form 10-K and other reports we file with the Securities and Exchange Commission from time to time, and you should consider each of those factors when evaluating the forward looking statements.

ThermoGenesis Corp.
Web site: http://www.thermogenesis.com
Contact: Matthew T. Plavan
+1-916-858-5100, or
Ryan Rauch
+1-760-586-8699