BioLife Solutions Announces New evo® Cold Chain Customers
BOTHELL, Wash., Sept. 16, 2019 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer and supplier of a portfolio of best in class bioproduction tools for cell and gene therapies, today announced several new customers have adopted the evo cold chain management system in clinical trials targeting cancer and other leading causes of death. The evo system was designed by SAVSU Technologies, which was acquired by BioLife in August 2019.
New evo customers joining the previously announced Mustang Bio and Novartis include Adaptimmune, Autolus, Janssen, KBI Pharma, Nanjing Legend and Tessa Therapeutics. Management estimates that 2020 evo product revenue will range from $4 - $6 million, based on anticipated growth in the deployed fleet of evo shippers by the leading specialty couriers serving the cell and gene therapy industry.
Mike Rice, BioLife Solutions CEO, remarked, "By partnering with the leading specialty couriers and leveraging their worldwide sales, marketing and operations footprint, we continue to drive adoption of the evo system in the regenerative medicine space. We expect to capture a significant share of early stage cell and gene therapy companies as evo customers. In the coming quarters, we also expect to announce the complete or partial migration of several additional high-profile cell and gene therapy companies from using the established market leader to using the evo system. The evo system includes many significant innovations that can reduce the likelihood of in-transit issues that arise when using outdated competing solutions, including temperature excursions and payload breakage due to mechanical shock. In the emerging pay on response reimbursement paradigm, de-risking the possibility of administering a non-viable dose is critical. The leaders in the field recognize this, and more cell and gene therapy companies are now realizing the benefits of the evo cold chain management system."
About BioLife Solutions
BioLife Solutions is a leading supplier of cell and gene therapy bioproduction tools. Our proprietary CryoStor® freeze media and HypoThermosol® shipping and storage media are highly valued in the regenerative medicine, biobanking and drug discovery markets. These biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our recently acquired ThawStar® family of automated cell thawing products and evo cold chain management system reduce therapeutic and economic risk for cell and gene therapy developers by reducing the potential of administering a non-viable dose. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
Cautions Regarding Forward Looking Statements
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the company's anticipated future growth strategy, including the acquisition of synergistic cell and gene therapy manufacturing tools and services or technologies, anticipated business and operations, future adoption of the Company's evo product line, the potential utility of and market for our products and services, potential revenue growth and market expansion, regulatory approvals and/or commercial manufacturing of our customers' products, and potential customer revenue. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of products; uncertainty regarding third-party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
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SOURCE BioLife Solutions, Inc.
Company Codes: NASDAQ-SMALL:BLFS