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BioLife Solutions Announces Record Revenue of $2.2 Million in First Quarter of 2013
Date:5/14/2013

BOTHELL, Wash., May 14, 2013 /PRNewswire/ -- BioLife Solutions, Inc. (OTCQB: BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media for cells and tissues, and contract aseptic media manufacturer, today announced record revenue for the first quarter of 2013 of $2.2 million, including license revenue of $0.6 million, representing 5% sequential growth over the fourth quarter of 2012 and 158% growth over the first quarter of 2012.

(Logo: http://photos.prnewswire.com/prnh/20090814/BIOLIFELOGO)

Mike Rice , Chief Executive Officer, said, "Overall, we are pleased with our performance in the first quarter of 2013. We continued to meet demand from our contract manufacturing customers and have expanded our production and warehouse facilities to support growth in this service revenue line. We also negotiated a new intellectual property license agreement with a leading regenerative medicine company that resulted in license revenue of $0.6 million in the quarter.  This is continued validation of the unique and critical value proposition of our proprietary technologies.  Core product sales to the regenerative medicine market were lower than expected, highlighting uneven product ordering patterns from customers who are developing these novel therapies, due to the pace of product evaluations, adoption and clinical trials."

The regenerative medicine market is expected to grow to more than $35 billion by
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SOURCE BioLife Solutions, Inc.
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