See feature article below: BioLife Solutions, Inc. (NASDAQ: BLFS)
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Report For: BioLife Solutions, Inc. (NASDAQ: BLFS)
Shares of BLFS are up 89% this morning on news the company has entered into a long term agreement to supply CryoStor clinical grade freeze media for cells and tissues with Kite Pharma. The company’s shares hit $3.00 per share in early morning trading on volume exceeding 10 million shares. The average daily volume for BLFS is 10 thousand shares.
BOTHELL, Wash., July 11, 2016 /PRNewswire/ — BioLife Solutions, Inc. (BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media and a related cloud hosted biologistics cold chain management app for smart shippers (“BioLife” or the “Company”), today announced that it has entered into a ten year supply agreement with Kite Pharma, a leading developer of chimeric antigen receptor (CAR) and T cell receptor (TCR) products for various cancers.
The agreement provides for Kite’s supply of BioLife’s CryoStor clinical grade freeze media for cells and tissues, which is embedded in Kite’s manufacturing process for KTE-C19, a CAR T cell therapy currently in four clinical trials for various cancers.
Marc Better, Vice President, Product Sciences at Kite Pharma, noted, “Over the last several years we have worked to qualify and adopt CryoStor in our clinical manufacturing process. We are now securing long term supply continuity for this reagent as our cell therapy product candidate continues to progress through multiple clinical trials.”
Mike Rice, BioLife President & CEO, commented, “We are honored that Kite has adopted CryoStor in their production process for truly remarkable and potentially life-saving cellular therapies. We are committed to supporting Kite with great customer service and high quality products and look forward to the interim data readout from Kite’s first clinical trial later this year.”
About BioLife Solutions
BioLife Solutions develops, manufactures and markets biopreservation media products and smart shipping containers connected to a cloud hosted cold chain management app to improve the quality of delivery logistics for cells, tissues, and organs. 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.
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