BOTHELL, Wash., April 6, 2011 /PRNewswire/ — BioLife Solutions,
Inc. (OTCBB: BLFS), a leading developer and manufacturer of
clinical grade biopreservation media products for cells and
tissues, today announced preliminary revenue of $611,000 for its
first quarter ended March 31, 2011. This represents 6% sequential
growth over the fourth quarter of 2010 and 19 percent growth from
the first quarter of 2010.
(Logo: http://photos.prnewswire.com/prnh/20090814/BIOLIFELOGO)
Mike Rice, Chairman and CEO, commented on the Company’s revenue
by stating, “We’re pleased with the progress we made last year and
in the first quarter of 2011 in generating revenue growth to reduce
our operating loss as we strive to reach profitability. First
quarter revenue was a mix of orders shipped to new accounts,
including a new contract manufacturing customer, and strong orders
from our numerous existing customers in the developing regenerative
medicine market, where our proprietary biopreservation media
products are used to extend stability and increase viability of
biologics used in cell therapy and tissue-engineering applications.
We also realized strong growth in our indirect distribution
channel, with year-to-date revenue already more than 50% of our
full year 2010 total. Our partners continue to build
awareness of the value of our best-in-class biopreservation media
products, and their efforts are resulting in increasing orders from
their end customers.”
MedMarket Diligence, LLC, estimates that the current worldwide
market for regenerative medicine products and services is growing
at 20 percent annually. Rice commented, “We expect
pre-formulated biopreservation media products such as our
HypoThermosol® and CryoStor® to continue to displace
‘home-brew’ cocktails, creating demand for clinical grade
preservation reagents that will grow at greater than the
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