BOTHELL, Wash., Aug. 17 BioLife Solutions Inc.(OTC Bulletin Board: BLFS), a leading developer and marketer of proprietaryhypothermic storage and cryopreservation media products for cells, tissues,and organs, today announced an agreement as the exclusive supplier ofpreservation media to the New England Cryogenic Center, Inc. (NECC), one ofthe world's largest providers of cryogenically preserved human cells andtissues.
The five year agreement includes volume based pricing and an exclusivecommitment from NECC to purchase all of its demand for cord blood preservationmedia from BioLife.
New England Cord Blood Bank Chief Executive John Rizza remarked: "Wecontinually strive to improve our cord blood preservation protocols andresults, and we've seen significant improvement in post-thaw cell recovery andviability with BioLife's CryoStor, compared to our prior in-house mediaformulations. In addition, pre-formulated and sterile CryoStor eliminates ourlabor cost of mixing preservation media in our lab. CryoStor is alsoserum-free and protein-free, so this resolved an albumin supply issue wefaced. Based on our early experience, we're quite interested in evaluatingBioLife's preservation media for use by our affiliated sperm bank and forother emerging stem cell applications."
BioLife Chief Executive Mike Rice commented: "The New England CryogenicCenter and their affiliates around the world are on the leading edge ofpreservation science, so we're very pleased to become their exclusive supplierand count them as a key customer and research partner in developing newapplications for CryoStor and other our preservation media products."
According to an August 2006 research report published by JainPharmaBiotech, the total value of cell-based markets was $27 billion in 2005and is expected to grow to $96 billion in 2015, as more than 300 companies areengaged in developing cell-based alternatives to medical devices and drugs totreat and possibly cure numerous acute and chronic diseases.
PA Consulting Group, a global consulting firm with expertise in lifesciences and healthcare, estimates the worldwide market for media to preservecells, tissues, and organs for research and clinical applications will growfrom $200 million in 2007 to more than $325 million by 2011.
About New England Cryogenic Center
New England Cryogenic Center, Inc. is the world's premier cryogenicstorage facility for the long-term storage of human cells and tissues,offering personal service, cutting-edge technology, and the most securefacilities available. The Company's unmatched experience -- in cryogenicssince 1982 and cord blood banking for the last decade - delivers the expertiseand quality families desire at an affordable price. For more information,please visit http://www.cordbloodbank.com
About BioLife Solutions
BioLife Solutions develops, manufactures and markets patented hypothermicstorage and cryopreservation solutions for cells, tissues, and organs. TheCompany's proprietary HypoThermosol(R) and CryoStor(TM) platform of solutionsare marketed to academic and commercial organizations involved in celltherapy, tissue engineering, cord blood banking, drug discovery, andtoxicology testing. BioLife's products are serum-free and protein-free, fullydefined, and are formulated to reduce or prevent preservation-induced,delayed-onset cell damage and death. BioLife's enabling technology providesacademic and clinical researchers significant improvements in post-thaw cell,tissue, and organ viability and function. For more information please visithttp://www.biolifesolutions.com.
This news release contains forward-looking statements as that term isdefined in the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements include any statements that relate to the intent,belief, plans or expectations of the Company or its