BioLife Solutions Announces License Agreement Custom Formulation of CryoStor® Cell Freeze Media Used in Clinical Trial of Cell Therapy
BOTHELL, Wash., May 2, 2013 /PRNewswire/ -- BioLife Solutions, Inc. (OTCQB: BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media for cells and tissues, and contract aseptic media manufacturer, today announced that it has licensed specific areas of its intellectual property to Janssen Research & Development, LLC (Janssen).
Mike Rice, Chief Executive Officer, said, "Our team has worked closely with Janssen for several years. CryoStor has shown remarkable ability to maintain viability and function of numerous cell types following cryopreservation, a process that involves freezing cells to suspend metabolic activity to enable short and long term storage. This is a critical component in optimizing the biopreservation economics of emerging regenerative medicine therapies where efficient, scalable, and consistent product delivery to a worldwide clinical patient population will strongly dictate commercial success if regulatory approvals are obtained."
The regenerative medicine market is expected to grow to more than $35 billion by 2019, according to TriMark Publications' newly published "Regenerative Medicine Markets" report. BioLife's addressable portion of the market is the demand for reagents used to store, ship and freeze source material and manufactured doses of cell-based products and therapies.
About BioLife Solutions
BioLife Solutions develops, manufactures and markets hypothermic storage and cryopreservation solutions for cells, tissues, and organs. The Company's proprietary HypoThermosol® and CryoStor® platform of solutions are marketed to academic and commercial organizations in the biobanking, drug discovery, and regenerative medicine markets. BioLife's products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. BioLife's enabling technology provides academic and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements that relate to the intent, belief, plans or expectations of the Company or its management, or that are not a statement of historical fact. Any forward-looking statements in this news release are based on current expectations and beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Some of the specific factors that could cause BioLife Solutions' actual results to differ materially are discussed in the Company's recent filings with the Securities and Exchange Commission. BioLife Solutions disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
SOURCE BioLife Solutions, Inc.