Cesca Therapeutics (KOOL) announced that it has converted a $12.5 million senior secured three-year convertible debenture and $8.25 million in interest to 6,102,941 shares of common stock. The action was in accordance with an investment by affiliates of Chinese institutional investor Boyalife Group made in February. Following the conversion, Boyalife now has a 70% stake in KOOL.