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Frost and Sullivan selects Bothell-based BioLife Solutions for Technology Innovation Leadership Award
Bothell-based BioLife Solutions, Inc. announced that Frost and Sullivan has awarded the Company its 2014 Technology Innovation Leadership Award for Biopreservation Media. 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.
“We are quite honored to receive this technology innovation leadership award from Frost and Sullivan," BioLife’s President and CEO Mike Rice said. "During the last several years, we have successfully commercialized our proprietary, clinical grade biopreservation media products, building a highly valued based of customers in our strategic regenerative medicine, biobanking, and drug discovery markets. Growing market awareness of the need for better biopreservation outcomes, in the extension of shelf life and the increase in survival of cells and tissues, has driven adoption of our products. This award goes to our entire team and in particular, Aby J. Mathew, PhD, our Chief Technology Officer, who along with a small team of cryobiology researchers, developed our novel and engineered biopreservation media formulations.”
The award is given to a Biotech company that has demonstrated a commitment to innovation, commercialization success, application diversity and fulfillment of unmet needs in the company’s strategic markets. To determine the recipient of this award, Frost and Sullivan compares competitors and ranks each for relative position via interviews with market participants and extensive secondary research of proprietary data sources. Frost and Sullivan then presents the prestigious award to the company that received the number one industry rank.
Steven Atkinson, Senior Industry Analyst, Life Sciences, commented on the selection of BioLife for this award by stating, “For developing a revolutionary technology that drastically improves the biopreservation of cells, stem-cells, tissues and organs, Frost and Sullivan is pleased to present the 2014 Technology Innovation Leadership Award for Biopreservation Media to BioLife Solutions.”
Transparency Research forecasts that the worldwide demand for biopreservation media products could grow to over $800 million by 2019.