Rice continued, "We estimate that our HypoThermosol® cell/tissue storage medium and CryoStor® cryopreservation freeze media products are used in more than fifty clinical trial-stage cell and tissue-based therapies in the regenerative medicine field, any one of which could generate $1 million per year in revenue, if regulatory and marketing approvals are obtained by our customers, and their products are commercially successful."
First Quarter 2013 Financial ResultsTotal revenue for the first quarter of 2013 was $2.2 million, compared to $0.8 million in the same period of 2012. The increase of 158% from 2012 to 2013 was due primarily to increased license revenue, contract manufacturing revenue and higher sales to the Company's network of distributors, offset by lower direct product sales to the regenerative medicine market. Sales to this segment are uneven due to the pace of customer product evaluations, adoption and clinical trials.
During the first quarter of 2013, the Company negotiated a new intellectual property license agreement that provides one customer with limited access to BioLife's intellectual property under certain conditions. This customer paid upfront fees for the specific rights and there are no future performance obligations. The upfront fee of $0.5 million was recognized as revenue during the quarter and $0.1 million in deferred revenue associated with this
|SOURCE BioLife Solutions, Inc.|
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