The following is a release from BioLife Solutions:
Bothell-based BioLife Solutions, Inc. provided an update on preliminary revenue and other operational accomplishments for the third quarter of 2015.
Biopreservation media revenue for Q3 2015 was $1.63 million, a new record amount, representing 33 percent growth compared to the same period in 2014 and 13 percent sequential growth compared to this year’s second quarter.
“Our team continued to execute with velocity and quality in Q3, contributing to biopreservation media revenue growth as we added several new customers this quarter,” said BioLife’s President and CEO Mike Rice. “As anticipated, after having completed validation in early projects, our existing customers continue to embed our CryoStor and HypoThermosol into their products for follow-on clinical trials. We have several customers utilizing our products across multiple product lines. The regenerative medicine market continues to represent a significant growth opportunity for BioLife and we believe we could begin to see some of our customers gaining regulatory approval as early as the second half of 2016. As customers scale up to support commercial sales, this will have a direct, positive impact on our revenue growth.”
Key growth drivers included sales of CryoStor and HypoThermosol to several new customers in the regenerative medicine market and increased sales to existing customers in support of progression of their cell-based therapies to later stage clinical trials. In addition, sales to BioLife’s worldwide distributor network also reached a record level in the quarter.
For the first nine months of 2015, biopreservation media revenue increased 32 percent over the same period in 2014. Year to date revenue slightly exceeds guidance and management remains confident about the Company’s prospects for continued growth.
Other operational highlights included:
• Growth in customer use of CryoStor and HypoThermosol in clinical trials of new cell and tissue-based products and therapies; management estimates that the Company’s biopreservation media products are now incorporated into more than 200 pre-clinical validation products and clinical trials for regenerative medicine biologic technologies
• BioLife fulfilled the first revenue order for the evo Smart Shipper to a leading cell therapy contract development and manufacturing organization and the company now has sellable product in inventory to support evo shipments in the fourth quarter
• Two new patents were granted in the United States and Australia for BioLife’s IP related to effective bulk freezing of adherent cellular monolayers in multiwell plates for high throughput screening applications
• Successful recertification of BioLife’s Quality Management System and facilities to the ISO13485:2003 standard
• Successful GMP manufacturing and released available inventory of BioLife’s new product – BloodStor® 27 NaCl, supporting cryopreservation applications including freezing of therapeutic platelets
“We also just completed final validation of the evo Smart Shipper and biologistex cloud-based cold chain management app and now have sellable inventory on hand,” Rice said. “Our sales and customer support teams are now ready to accept and fulfill orders in the fourth quarter of 2015.”
