BOTHELL, Wash., Oct. 29, 2012 /PRNewswire/ -- BioLife Solutions, Inc. (OTCBB: 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 the Company's novel biopreservation technology is being used in more than 50 clinical trial-stage cellular therapies, making it the leading choice in the emerging, high growth field of regenerative medicine. Management believes that the Company holds the number one supplier position among companies offering pre-formulated cell and tissue storage and freeze media used in clinical trial stage cellular therapies to treat the leading causes of death and disability such as cancer, heart disease, stroke, and joint/movement disorders.
BioLife Chief Executive Officer Mike Rice indicated that the Company's revenue from its growing regenerative medicine customer base, along with its selective targeting of contract manufacturing customers, should generate cash and profits in the interim until some regenerative medicine customers gain approval and adoption. At that point, profitable growth should accelerate in a step-wise fashion.
Rice commented: "We've built a very strong franchise for HypoThermosol® and CryoStor® in developing commercial cell and tissue-based products and therapies. It's very satisfying to see the biopreservation efficacy and best-in-class quality of our products recognized by more companies and hospital-based transplant centers using pre-formulated storage, shipping, and freeze media products. Since 2006, we've consistently converted these customers from using 'home-brew' formulations to our cGMP, protein-free, serum-free biopreservation media products."
Based on customers cross-referencing BioLife's FDA Master Files for its HypoThermosol and CryoStor products for use in their regulatory filings, customer orders, and other customer communication, BioLife management believes the Company's potential annual revenue from the regenerative medicine market could reach $50 million over the next several years, should its customers be successful in obtaining regulatory approval for their cell-based products currently in clinical trials.
A recent visiongain report "Translational Regenerative Medicine: Market Prospects 2012-2022" values the regenerative medicine market at $1.4 billion in 2012, and growing to $10 billion by 2020. 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.
Rice continued, "The challenges in commercializing cell-based products have been exposed since the first few approvals were granted. Product shelf life and post-preservation viability are critical to good clinical outcomes and commercial success, and we're pleased to see the field recognize the reduction in overall manufacturing costs that can be enabled through the use of our products. Bioprocessing and biopreservation are executed along a continuum, with cumulative positive and negative yield and cost impact, depending on the quality and performance of the tools and reagents used along the way. HypoThermosol and CryoStor are recognized as critical reagents and we're looking forward to seeing our customers' products in the market and available to clinicians and patients in the years to come."
BioLife Solutions is co-sponsoring the Stem Cells on the Mesa conference October 29 – 30, in La Jolla, CA. The Company plans to file its 10-Q quarterly report for the third quarter of 2012 on November 13.
About BioLife Solutions
BioLife Solutions develops, manufactures and markets patented hypothermic storage and cryopreservation solutions for cells and tissues. The Company's proprietary HypoThermosol® and CryoStor® platform of solutions are marketed to academic and commercial organizations involved in cell therapy, tissue engineering, cord blood banking, drug discovery, and toxicology testing. BioLife's products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced, delayed-onset cell damage and death. BioLife's enabling technology provides academic and clinical researchers significant improvements in post-thaw cell, tissue, and organ viability and function. 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.