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SOURCE BioLife Solutions, Inc.
BOTHELL, Wash., June 11, 2014 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), 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 ("BioLife" or the "Company"), today announced that Frost & Sullivan has awarded the Company its 2014 Technology Innovation Leadership Award for Biopreservation Media.
This 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 & Sullivan compares competitors and ranks each for relative position via interviews with market participants and extensive secondary research of proprietary data sources. Frost & 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 & 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.
Mike Rice, BioLife's President & CEO, said, "We are quite honored to receive this technology innovation leadership award from Frost & Sullivan. Over 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."
About BioLife Solutions
BioLife Solutions develops, manufactures and markets hypothermic storage and cryopreservation solutions and precision thermal shipping products for cells, tissues, and organs. BioLife also performs contract aseptic media formulation, fill, and finish services. The Company's proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. BioLife's biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. BioLife's enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
This press release contains forward-looking statements, including, but not limited to, statements concerning our potential revenue growth and market expansion. 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 our products; 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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