BOTHELL, Wash., July 30, 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 that SAVSU Technologies, a leading developer of advanced cold chain management tools for cell and gene therapies, and soon to be acquired by BioLife, has completed a significant expansion of its intellectual property portfolio related to protecting high value cell and gene therapies during storage and distribution.
Key attributes of new innovations by SAVSU, that are the subject of several in-process patent applications include:
- An integrated system of shock absorption technologies designed to better protect fragile cell and gene therapies from in-transit damage, which can render the biologic dose useless.
- Enhanced insulation and fabrication methods designed to provide dynamic thermal performance well in excess of current alternative liquid nitrogen dry vapor shippers
- Predictive analytics in the evo.is cloud application designed to offer specialty couriers and other evo users with advanced notifications about the performance of the shipping containers and a dynamically updated estimation of how long the container will maintain the biologic payload at the required temperature.
Mike Rice, BioLife CEO, remarked, "The engineering team at SAVSU continues to innovate to offer best in class precision shipping containers and a state-of-the-art cloud application, both of which are being increasingly recognized and adopted by leading cell and gene therapy companies. In today's evolving "pay on cure" reimbursement environment, with payment predicated on a sustained patient response to the therapy, cell and gene therapy developers must do everything possible to mitigate the risk of delivering a non-viable dose. Competitive offerings allow for potential catastrophe, leading to therapeutic failure and economic loss. The evo cold chain management system provides an integrated solution to mitigate risks in the distribution chain."
BioLife previously announced that it had exercised its option to acquire the remaining 56% of the outstanding shares of privately held SAVSU that it currently does not own in exchange for 1.1 million shares of BioLife common stock. The acquisition will be pursuant to a share purchase agreement and is expected to close within 30 days.
SAVSU is a privately held designer and manufacturer of innovative high-performance cloud-connected passive storage and transport containers and enabling cold chain cloud applications for temperature-sensitive biologics and pharmaceuticals. Its mission is to improve global health by greatly reducing the waste and risks associated with the improper freezing and overheating of thermal-sensitive medicines and biologics. SAVSU has developed proprietary state-of-the-art technology to ultimately lower costs and improve delivery of these most essential materials. For more information please visit www.savsu.com.
About BioLife Solutions
BioLife Solutions is a leading supplier of cell and gene therapy tools. Its 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. Its recently acquired ThawStar® family of automated cell thawing devices 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 business and operations, the potential utility of and market for its products and services, potential revenue growth and market expansion, commercial manufacturing of our customers' products, projected financial results, the timing and terms for closing of the company's acquisition of SAVSU, the expected financial performance of the company following the completion of the acquisition, the expected synergies between the company and SAVSU following closing of the acquisition, the company's ability to realize all or any of the anticipated benefits associated with the acquisition, the company's ability to implement its business strategy and anticipated business and operations following the acquisition of SAVSU. 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 or SAVSU's products; uncertainty regarding third party market projections; market volatility; competition; litigation; the satisfaction or waiver of all closing conditions to the acquisition of SAVSU; the risk that the acquisition may not be completed on the terms or in the time frame expected by the company; unexpected costs, charges or expenses resulting from the acquisition of SAVSU; the ability of the company to implement its business strategy 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.
Media & Investor Relations
Roderick de Greef
Chief Financial Officer
SOURCE BioLife Solutions, Inc.