Access to Additional Capital Will Enable Revenue Growth
BOTHELL, Wash., Oct. 21 /PRNewswire-FirstCall/ -- BioLife Solutions Inc. (OTC Bulletin Board: BLFS), a leading developer and marketer of proprietary hypothermic storage and cryopreservation media products for cells, tissues, and organs, today announced that it reached an agreement with two of the Company's European investors to increase the Company's existing credit facility from $5 million to $9 million. The terms of the original Secured Multi-Draw Credit Facility Agreement apply to any future draw-downs on the credit facility.
BioLife Chief Executive Mike Rice commented: "We're quite pleased to secure access to this additional operating capital, considering the current worldwide economic conditions. Our strategic markets are projected to grow rapidly, as research and development to create new treatments for disease, trauma and other conditions continue to move toward cell-based solutions. We expect sales of our HypoThermosol(R) and CryoStor(TM) biopreservation media products to increase in the cord blood banking, cell therapy, and cell-based toxicology testing markets, as new customers realize how the longer shelf life and increased quantity of functional cells enabled by our products translate into cost savings and higher-quality therapeutic products."
PA Consulting Group, a global consulting firm with expertise in life sciences and healthcare, estimates the worldwide market for preservation media products to preserve cells, tissues, and organs for research and clinical applications will grow from $200 million in 2007 to more than $325 million by 2011.
About BioLife Solutions, Inc:
BioLife Solutions develops and markets patented hypothermic
storage/transport and cryopreservation media products for cells, tissues,
and organs. The Company's proprietary HypoThermosol(R) and CryoStor(TM)
platform of biopreservation media products are marketed to academic
|SOURCE BioLife Solutions Inc.|
Copyright©2008 PR Newswire.
All rights reserved