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): March 28, 2005



                               THERMOGENESIS CORP.
             (Exact name of registrant as specified in its charter)


---------------------------------------- --------------------------------------

         Delaware                     0-16375                   94-3018487
        ---------                     -------                   ----------
(State or other jurisdiction of  (Commission File Number)    (I.R.S. Employer
incorporation or organization)                              Identification No.)
---------------------------------------- --------------------------------------

                                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):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
    14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
    240.13e-4(c))


<PAGE>



Section 1 - Registrant's Business and Operations
------------------------------------------------

Item 1.01  Entry into a Material Definitive Agreement

     On March 28, 2005,  ThermoGenesis Corp. (the "Company") entered into a five
year  Distribution  and License  Agreement  with Asahi Kasei  Medical Co.,  Ltd.
("Asahi").  Under the Agreement,  the Company granted Asahi exclusive  rights to
sell the CryoSeal(R) System in Japan. This Agreement replaces the parties' prior
Distribution and Manufacturing License Agreement for the CryoSeal(R) System. The
CryoSeal(R)   System  produces  fibrin  sealant   components:   fibrinogen  rich
cryoprecipitate  and activated  thrombin  simultaneously  from human plasma. The
Agreement also granted Asahi the right to manufacture the processing disposables
and Thrombin Reagent for production of thrombin  ("Thrombin  Activation Device")
in Japan.  Asahi will have the  non-exclusive  right to manufacture and sell the
Thrombin Activation Device Stand Alone in Japan.

     Pursuant to the terms of the Agreement,  Asahi has a right of first refusal
to expand the territory under the Agreement to include South Korea, North Korea,
Taiwan, the Philippines,  Thailand,  Singapore, India and Malaysia. There can be
no assurances that this right will be exercised or that Asahi will be willing to
pay fees and royalties acceptable to the Company for such expanded  territories.
After five years,  the  Agreement  will  automatically  renew for one year terms
unless terminated by either party as permitted in the Agreement.

Section 9 - Financial Statements and Exhibits
---------------------------------------------

Item 9.01 Financial Statements and Exhibits.

    Exhibit No.                 Exhibit Description
    -----------                 -------------------

    10                          Distribution and License Agreement between Asahi
                                Kasei Medical Co., Ltd. and ThermoGenesis Corp.
                                dated March 28, 2005

    99                          Press release dated March 28, 2005, titled
                                "Asahi Kasei Medical Files PMA for
                                ThermoGenesis' CryoSeal(R) Fibrin Sealant
                                System in Japan."



<PAGE>


                                    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:  March 29, 2005         /s/ Renee Ruecker
                               --------------------------------------------
                               Renee Ruecker,
                               Chief Financial Officer


<PAGE>


                                  EXHIBIT INDEX
                                  -------------


      Exhibit No.              Description
      -----------              -----------


       10                      Distribution and License Agreement between Asahi
                               Kasei Medical Co., Ltd. and ThermoGenesis Corp.
                               dated March 28, 2005

       99                      Press release dated March 28, 2005, titled
                               "Asahi Kasei Medical Files PMA for
                               ThermoGenesis' CryoSeal(R) Fibrin Sealant
                               System in Japan."
[{"type": "8-K", "sequence": "1", "filename": "for032805.txt", "description": "FOR 032805", "secsgml_size_bytes": 5496}]
{"company-data": {"conformed-name": "THERMOGENESIS CORP", "cik": "0000811212", "assigned-sic": "3821", "irs-number": "943018487", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-82900", "film-number": "05722046"}, "business-address": {"street1": "2711 CITRUS ROAD", "city": "RANCHO CORDOVA", "state": "CA", "zip": "95742", "phone": "9168585100"}, "mail-address": {"street1": "2711 CITRUS ROAD", "city": "RANCHO CORDOVA", "state": "CA", "zip": "95742"}, "former-company": {"former-conformed-name": "INSTA COOL INC OF NORTH AMERICA", "date-changed": "19920703"}}
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): March 28, 2005

                               THERMOGENESIS CORP.
             (Exact name of registrant as specified in its charter)

---------------------------------------- --------------------------------------

         Delaware                     0-16375                   94-3018487
        ---------                     -------                   ----------
(State or other jurisdiction of  (Commission File Number)    (I.R.S. Employer
incorporation or organization)                              Identification No.)
---------------------------------------- --------------------------------------

                                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):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
    14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
    240.13e-4(c))
Section 1 - Registrant's Business and Operations
------------------------------------------------

Item 1.01  Entry into a Material Definitive Agreement

     On March 28, 2005,  ThermoGenesis Corp. (the "Company") entered into a five
year  Distribution  and License  Agreement  with Asahi Kasei  Medical Co.,  Ltd.
("Asahi").  Under the Agreement,  the Company granted Asahi exclusive  rights to
sell the CryoSeal(R) System in Japan. This Agreement replaces the parties' prior
Distribution and Manufacturing License Agreement for the CryoSeal(R) System. The
CryoSeal(R)   System  produces  fibrin  sealant   components:   fibrinogen  rich
cryoprecipitate  and activated  thrombin  simultaneously  from human plasma. The
Agreement also granted Asahi the right to manufacture the processing disposables
and Thrombin Reagent for production of thrombin  ("Thrombin  Activation Device")
in Japan.  Asahi will have the  non-exclusive  right to manufacture and sell the
Thrombin Activation Device Stand Alone in Japan.

     Pursuant to the terms of the Agreement,  Asahi has a right of first refusal
to expand the territory under the Agreement to include South Korea, North Korea,
Taiwan, the Philippines,  Thailand,  Singapore, India and Malaysia. There can be
no assurances that this right will be exercised or that Asahi will be willing to
pay fees and royalties acceptable to the Company for such expanded  territories.
After five years,  the  Agreement  will  automatically  renew for one year terms
unless terminated by either party as permitted in the Agreement.

Section 9 - Financial Statements and Exhibits
---------------------------------------------

Item 9.01 Financial Statements and Exhibits.

    Exhibit No.                 Exhibit Description
    -----------                 -------------------

    10                          Distribution and License Agreement between Asahi
                                Kasei Medical Co., Ltd. and ThermoGenesis Corp.
                                dated March 28, 2005

    99                          Press release dated March 28, 2005, titled
                                "Asahi Kasei Medical Files PMA for
                                ThermoGenesis' CryoSeal(R) Fibrin Sealant
                                System in Japan."
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:  March 29, 2005         /s/ Renee Ruecker
                               --------------------------------------------
                               Renee Ruecker,
                               Chief Financial Officer
EXHIBIT INDEX
                                  -------------

      Exhibit No.              Description
      -----------              -----------

       10                      Distribution and License Agreement between Asahi
                               Kasei Medical Co., Ltd. and ThermoGenesis Corp.
                               dated March 28, 2005

       99                      Press release dated March 28, 2005, titled
                               "Asahi Kasei Medical Files PMA for
                               ThermoGenesis' CryoSeal(R) Fibrin Sealant
                               System in Japan."