CORD:USE cord blood blank

  • Background: CORD:USE Cord Blood Bank (“Cord”), based in Orlando, FL, owns and operates a cord blood bank that focuses on building an inventory of umbilical cord blood stem cell units for patients in need of a life-saving transplant.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Advised Cord in evaluating its strategic options and provided assistance throughout the due diligence and closing process
    • Ran a broad sales process, contacting 115 parties
  • Challenges:
    • Small footprint – Marketing in select markets
    • Sizeable amount of debt
    • Complex capital structure
  • Outcome: In June 2018, Cord was acquired by Cryo-Cell International, Inc. The upfront consideration consisted of cash and shares of Common Stock with the potential for contingency cash payments based upon pre-determined milestones.