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Cryomedical Sciences, Inc.
The restructuring allows the Company to shift its business to focus on the continued development and marketing of its proprietary bio-packaging technology, which includes products that facilitate the development of cell and gene therapy techniques through the preservation and transportation of tissue and cellular material.
The Company also announced that it has named John G. Baust, Ph.D. to the position of President and CEO, replacing Andrew Greuling, who is leaving the Company in connection with the transaction. Dr. Baust has been the President of BioLife Solutions, Inc., which was incorporated as a wholly owned subsidiary of CMS in 1998. Dr. Baust pioneered and spearheaded the development and commercialization of the HypoThermosol® product line at BioLife. To complete the restructuring, the Board of Directors will propose changing the name of the Company to BioLife Solutions, Inc.
Dr. Baust said that the sale of cryosurgical assets opens the door for a compelling market opportunity and that the future direction of the organization is positive for a number of reasons, including new funding, a promising product line that satisfies an immense and growing need in biotechnology and medicine, and a refocused strategy for success.
"This transaction will provide approximately 25 cents per outstanding CMS share in cash and marketable securities and provides the necessary capital to fully commercialize our proprietary bio-packaging technology, without further dilution to our current shareholders.
"In the coming weeks we will completely reposition the Company to address the emerging market for products that prolong cell life and sustain the integrity of tissue and cellular material. The emergence of adult stem cell and other forms of cell therapy, has created a need for effective means of transportation and storage of biological material, while keeping it viable for extended periods. We have produced a range of enabling products that meet these needs and are currently selling these products commercially. We have already signed agreements with several leading biotechnology companies to customize our products for their specific applications."
About BioLife Solutions, Inc.
The methods for preserving cells, tissue and organs have remained largely unchanged for 50 years. BioLife Solutions, Inc., a wholly owned subsidiary of Cryomedical Sciences, Inc., has pioneered the next generation of preservation solutions designed to maintain the viability and health of cellular matter and tissues during freezing, transportation and storage. Based on the Company's proprietary bio-packaging technology and a patented understanding of the mechanism of cellular damage and death, these products enable the biotechnology and medical community to address a growing problem that exists today. The expanding practice of cell and gene therapy has created a need for products that ensure the biological viability of mammalian cell and tissue material during transportation and storage. The HypoThermosol® and CryoStor™ products that the Company is selling today are a significant step forward in meeting these needs.
For further information, please contact Investors: Jill Cieslak,
SOURCE: Cryomedical Sciences, Inc.
CONTACT: Investors: Jill Cieslak,
Cryomedical Sciences, Inc.