BioLife Solutions, Inc., a life sciences tools company that engages in the development, manufacture, and marketing of proprietary hypothermic storage and cryopreservation solutions for cells, tissues, and organs, has revealed its preliminary revenue of $623,000 for its second quarter, which ended June 30, 2011. This is an increase of 33% compared to its revenue of $467,771 reported for the same period last year.
Mike Rice, Chairman and CEO, talked of BioLife’s revenue performance by stating, “We are very pleased with our second quarter revenue performance, now the fourth successive quarter of record revenue. Second quarter sales growth was a result of our continued penetration into our strategic market segments of biobanking, drug discovery, and regenerative medicine. Also, our indirect distribution channel continued to grow and sales through the first two quarters of 2011 via this channel are now 25 percent above the total for the full year 2010. Finally, we continued to fulfill significant contract manufacturing orders for our strategic partners in the blood collection, transportation, and storage sub-segments of the biobanking market.”
Rice continued, “During the second quarter, we also successfully completed supplier quality audits by leading development stage regenerative medicine companies and supported these and other customers in this segment as they incorporate our proprietary HypoThermosol® and CryoStor® biopreservation media products into their cell collection, manufacturing, and delivery processes for novel therapies undergoing clinical trials. We believe that our regenerative medicine customers represent significant future revenue potential for BioLife, should their clinical products receive regulatory and marketing approvals, and if our customers successfully commence commercial manufacturing and distribution.”
The Company also recently reported that it has become the leading supplier of pre-formulated GMP cryopreservation media for umbilical cord blood stem cells, a key segment for the Company’s strategic biobanking market. The company also announced that it has captured a significant share of this market through its growing relationships with indirect and direct customers like China Cord Blood Bank (through contract manufacturing customer OriGen Biomedical), Community Blood Services and its various contract banking services customers, ViaCord, and Lifeforce Cryobanks and New England Cord Blood Bank.
Mike Rice, Chairman and CEO, commented on BioLife’s increasing share of this market by stating, “Through our direct sales channel, we’ve built a solid foundation of high-volume end-users of our GMP grade CryoStor and BloodStor® stem cell freeze media products. Over the last two years, we’ve also grown our market share through private label contract manufacturing agreements with leading suppliers of cord blood processing tools, whose customers include some of the world’s largest cord blood banking organizations. We estimate that through our direct and indirect distribution channels, we are the leading supplier of pre-formulated cord blood and tissue stem cell freeze media products.”
For more information on BioLife Solutions, Inc., visit their website at www.biolifesolutions.com
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