BOTHELL, Wash., May 7 /PRNewswire-FirstCall/ -- BioLife Solutions Inc. , a leading developer and marketer of proprietary hypothermic storage and cryopreservation media products for cells and tissues, today announced a supply and licensing agreement with Intercytex Group plc, a Cambridge, UK, and Boston-based cell therapy company.
Terms of the 10-year agreement include an intellectual property escrow provision which guarantees Intercytex access under certain conditions to BioLife’s HypoThermosol storage and preservation media when used in the production of Intercytex’ VAVELTA (ICX-RHY), a facial rejuvenation product and ICX-TRC, a hair regeneration product, as well as annual license fees payable to BioLife.
Intercytex Chief Executive Nick Higgins commented on the selection of BioLife’s technology and the licensing agreement: “We completed a thorough evaluation of several commercial and generic hypothermic storage and preservation media products. HypoThermosol clearly outperformed all competing alternatives, so securing long-term access to the product was a priority.”
BioLife Chief Executive Mike Rice stated: “We are extremely pleased to be providing Intercytex with key enabling technology for the commercialization of their new cell therapy products. As a growing number of companies have realized, when used as a transportation and preservation media for biologic source material and finished cell therapy products, HypoThermosol provides optimal post preservation cell viability and function. This agreement validates the diverse applications potential of our intellectual property portfolio and the benefits our products provide to the cell therapy market.
According to an August 2006 research report published by Jain PharmaBiotech, the total value of cell-based markets was $27 billion in 2005 and is expected to grow to $96 billion in 2015, as more than 300 companies are engaged in developing cell-based alternatives to medical devices and drugs to treat and possibly cure numerous acute and chronic diseases.
PA Consulting Group, a global consulting firm with expertise in life sciences and healthcare, estimates the worldwide market for media to preserve cells, tissues, and organs for research and clinical applications will grow from $200 million in 2007 to more than $300 million by 2011.
About Intercytex Group plc
Intercytex is the leading cell therapy company focused on the restoration and regeneration of skin and hair. Intercytex is using its fully integrated cell technology platform to develop living, human cell-based products, at commercially viable scale in attractive markets. Intercytex commenced operations in 2000 and currently employs around 75 staff. In addition to its head office in Cambridge, UK, it has a GMP clinical production facility plus research and development laboratories in Manchester, UK. Additional laboratories are located in Boston, USA. Intercytex’ shares trade on the Alternative Investment Market of the London Stock Exchange under the ticker symbol ICX.L.
For more information please visit www.intercytex.com.
About BioLife Solutions
BioLife Solutions develops, manufactures and markets patented hypothermic storage and cryopreservation solutions for cells, tissues, and organs. The Company’s proprietary HypoThermosol(R) and CryoStor(TM) platform of solutions are marketed to academic and commercial organizations involved in cell therapy, tissue engineering, cord blood banking, drug discovery, and toxicology testing. BioLife’s products are serum-free and protein-free, fully defined, and are formulated to reduce or prevent preservation-induced, delayed-onset cell damage and death. BioLife’s enabling technology provides academic and clinical researchers significant improvements in post-thaw cell, tissue, and organ viability and function. For more information please visit www.biolifesolutions.com.
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements that relate to the intent, belief, plans or expectations of the Company or its management, or that are not a statement of historical fact. Any forward-looking statements in this news release are based on current expectations and beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Some of the specific factors that could cause BioLife Solutions’ actual results to differ materially are discussed in the Company’s recent filings with the Securities and Exchange Commission. BioLife Solutions disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Media Relations Contact: Investor Relations Contact: Len Hall Matt Clawson Allen & Caron Inc. Allen & Caron Inc. (949) 474-4300 (949) 474-4300 len@allencaron.commatt@allencaron.com
BioLife Solutions Inc.
CONTACT: Media Relations, Len Hall, len@allencaron.com, or InvestorRelations, Matt Clawson, matt@allencaron.com, both of Allen & Caron Inc.,+1-949-474-4300, for BioLife Solutions Inc.
