BioLife Solutions Now The Leading Supplier of Pre-Formulated GMP Cryopreservation Media for Umbilical Cord Blood Stem Cells
BOTHELL, Wash., June 21, 2011 /PRNewswire/ — BioLife Solutions, Inc. (OTCBB: BLFS), a leading developer and manufacturer of clinical grade biopreservation media products for cells and tissues, today announced that it has become the leading supplier of pre-formulated GMP cryopreservation media for umbilical cord blood stem cells, a key segment of the Company’s strategic biobanking market. BioLife Solutions, which will be exhibiting at the 9th Annual International Umbilical Cord Blood Transplantation Symposium June 23-25 in San Francisco, also announced that it has captured a significant share of this market through its expanding relationships with direct and indirect customers such as China Cord Blood Bank (through contract manufacturing customer OriGen Biomedical), Community Blood Services and its numerous contract banking services customers, ViaCord, a cord blood banking service, and previously announced Lifeforce Cryobanks and New England Cord Blood Bank.
Mike Rice, Chairman and CEO, commented on BioLife’s increasing share of this market by stating, “Through our direct sales channel, we’ve built a solid foundation of high-volume end-users of our GMP grade CryoStor and BloodStorÃ‚® stem cell freeze media products. Over the last two years, we’ve also grown our market share through private label contract manufacturing agreements with leading suppliers of cord blood processing tools, whose customers include some of the world’s largest cord blood banking organizations. We estimate that through our direct and indirect distribution channels, we are the leading supplier of pre-formulated cord blood and tissue stem cell freeze media products.”
BioLife management estimates that over 500,000 cord blood units were processed in 2010.
In support of the Company’s objective to continually increase the quality profile of its proprietary, generic, and contract manufacturing products, BioLife is currently qualifying a GMP syringe filling line with a plan to offer sterile, single-use syringe packaging options for these products later in 2011.
For more information on the Symposium, please visit www.cordbloodsymposium.org/.
About BioLife Solutions, Inc.:
Founded in 1998, with the initial development of its intellectual property base in 1992, BioLife Solutions develops, manufactures, and markets patented hypothermic storage/transport and cryopreservation (freeze) media products for cells, tissues, and organs, and also performs contract media manufacturing and contract research and development. The Company’s proprietary HypoThermosol and CryoStor platform of biopreservation media products are marketed to academic research institutions, hospitals, and commercial companies involved in cell therapy, tissue engineering, cord blood banking, drug discovery, and toxicology testing. BioLife’s GMP products are serum-free and protein-free, fully defined, and pre-formulated to reduce preservation-induced, delayed-onset cell damage and death. US FDA Master Files are available for cross-reference. BioLife’s enabling technology provides research and clinical customers significantly extended storage stability and improved post-preservation viability and recovery of cells, tissues, and organs. For more information please visit www.biolifesolutions.com.
Safe Harbor Statement
This shareholder communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements about BioLife Solutions, Inc. (the “Company”) and its future operating results, strategies, and product development plans. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from the results expressed or implied in these forward-looking statements. Factors that may cause or contribute to such differences are more fully discussed, as are other factors, in Part I, Item1A. “Risk Factors” of the Company’s Form 10-K for the fiscal year ended December 31, 2010, which is on file with the SEC and available at www.EDGAR.com. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as may be legally necessary, even if the Company’s estimates should change.
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SOURCE BioLife Solutions, Inc.