INDIANAPOLIS, July 16 /PRNewswire/ -- BioStorage Technologies, Inc. (BST), a worldwide leader in short-term and long-term biomaterials storage, sample management and cold chain logistics, today announced that GE Healthcare Financial Services has provided BST with a lease line of credit of up to $3.3 million. Available through April 2009, this line of credit will be used to support additional BST capital acquisitions.
“GE Healthcare Financial Services’ partnership with BioStorage Technologies is another milestone in our company’s path of continuing to meet the increasing pharmaceutical and biotechnology market demands for secure sample and specimen storage, shipping and tracking,” said F. John Mills, M.D., Ph.D., BST’s chairman and chief executive officer. “GE HFS’ faith in our company’s financial stability and their dedication to the life sciences industry as a whole allows us to continue playing a critical role in the drug research and development process, while also serving the needs of donor organizations and banks and research and academic organizations.”
“GE Healthcare Financial Services is very pleased to have entered into a long-term partnership with BioStorage Technologies and we are focused on providing financial services that help them grow,” said Anthony Storino, senior managing director for GE Healthcare Financial Services’ life science finance group. “Our industry expertise and financial strength enabled us to quickly structure a tailored financing solution that recognized BioStorage Technologies’ current position in the market and will grow with their business.”
In the near future, BST plans to purchase additional walk-in and stand- alone freezer units, back-up generators, liquid nitrogen tanks and other equipment to meet growing customer demands. In addition, BST will continue to build out its information technology infrastructure and software development needs.
BioStorage Technologies currently owns and operates two secure facilities: its flagship 22,500 square-foot, custom-designed Indianapolis headquarters, and a new full-service facility in Frankfurt, Germany. BST’s European operation officially began offering services July 1.
About BioStorage Technologies, Inc.
BioStorage Technologies (BST) is a worldwide leader in short-term and long-term biomaterials storage, sample management and cold chain logistics. The company serves global pharmaceutical and biotechnology developers and manufacturers; clinical research facilities; donor organizations; tissue, bone and blood banks; forensic laboratories; cord blood storage companies; universities; zoological and veterinarian treatment and research facilities; and healthcare and life sciences organizations.
The company offers its comprehensive biorepository solutions through a variety of scalable and flexible service models including outsourced sample storage and management at BST’s state-of-the-art facilities and in-sourced sample storage and management on its clients’ premises. BST provides its clients secure, temperature-controlled storage under ambient, refrigerated, ultra-low/ultra-cold and vapor phase nitrogen conditions (ranging from +20 to -190 degrees Celsius); real-time tracking of stored biological samples; and next-day return of biomaterials.
BST’s competitive advantages include an industry-experienced leadership team; multiple purpose-built biorepository facilities; advanced, validated storage processes and technologies; compliance with Good Laboratory Practice (GLP), Good Manufacturing Practice (GMP) and Good Tissue Practice (GTP); and a proprietary, Title 21 CFR Part 11 sample inventory management system (ISISS(R)) designed specifically for compliant biomaterial storage, tracking and reporting.
BST is privately-held and headquartered in Indianapolis, Ind., with an additional full-service site in Frankfurt, Germany. For more information about the company, please visit http://www.biostorage.com or call +1 (866) 697-2675 or +49 615 582 4490.
About GE Healthcare Financial Services
GE Healthcare Financial Services is a provider of capital, financial solutions and related services for the global healthcare market. With over $16 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians’ practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit http://www.gehealthcarefinance.com.
MEDIA CONTACTS: Becky Moore, APR Synergy Marketing Group, Inc (317) 205-9690 ext. 226 becky@synergy-mg.com Amy Zucker Synergy Marketing Group, Inc. (317) 205-9690 ext. 223 amy@synergy-mg.com
BioStorage Technologies, Inc.
CONTACT: Becky Moore, APR, +1-317-205-9690 ext. 226, becky@synergy-mg.com,or Amy Zucker, +1-317-205-9690 ext. 223, amy@synergy-mg.com, both ofBioStorage Technologies, Inc.
