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Bothell based BioLife Solutions announces preliminary revenue for first quarter
Bothell based BioLife Solutions, Inc. announced April 16 preliminary revenue of $2 million for the first quarter of 2014. Proprietary product revenue shipments were $1.13 million, representing 71 percent growth during the same period in 2013.
BioLife is a leading developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media and precision thermal shipping products for cells and tissues.
“In the first quarter we achieved significant growth in sales of our proprietary HypoThermosol and CryoStor biopreservation media products," said Mike Rice, BioLife’s Chief Executive Officer. "In addition, we received confirmation of adoption of our products in several new customer cell and tissue storage, shipping, freezing, and clinical delivery processes, increasing our share of the market for clinical grade biopreservation media products.”
Total revenue was roughly flat in the first quarter of 2013, which benefited from one-time and other license fees of $609,000.
The recently published visiongain Translational Regenerative Medicine market research report forecasts that the regenerative medicine market comprised of cell and gene therapies and tissue-engineered products will grow to more than $23 billion by 2024. BioLife expects to participate in this market growth by providing biopreservation media and precision thermal packaging products used to store, freeze, ship, and administer clinical cells and tissues to patients. To date, BioLife’s proprietary biopreservation media products have been incorporated into over 100 hospital-approved and clinical trial stage regenerative medicine products and therapies.
“As previously disclosed, during this quarter, we also executed several strategic and financial transactions to better position BioLife for growth," said Rice. "These included closing a $15.4 million registered stock offering, eliminating all debt via conversion to common shares at the offering terms, and successfully uplisting from the OTCQX to the NASDAQ Capital Market. We have started recruiting for additional sales representatives and application scientists to more quickly penetrate the high growth regenerative medicine market.”
BioLife Solutions is sponsoring the 20th ISCT Annual Meeting, April 23-26, 2014 in Paris, France, with presentations by Chief Technology Officer Aby J. Mathew, Ph.D., and Rice.