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BioLife Solutions Announces Record Revenue and Receipt of Funding
Date:1/26/2009

Internal Manufacturing Scale-Up Underway to Support Increased Product Demand

BOTHELL, Wash., Jan. 26 /PRNewswire-FirstCall/ -- BioLife Solutions, Inc. (OTC Bulletin Board: BLFS), a leading developer and marketer of proprietary GMP hypothermic storage and cryopreservation media products for cells, tissues, and organs, today announced record revenue for the fourth quarter and full year 2008 and also the receipt of $1.4 million in funding for operations and the completion of construction and validation of a new manufacturing facility. The funding was provided via a previously disclosed credit facility with two shareholders.

Preliminary fourth quarter 2008 revenue was $417,818, an increase of 36 percent from the third quarter of 2008, and 40 percent over the fourth quarter of 2007. This includes initial orders from nearly 30 new customers. Preliminary full year 2008 revenue was $1,326,772, an increase of 36 percent over 2007 fiscal year revenue. Full audited results can be found in the Company's annual report Form 10-K, which is expected to be filed by March 31.

Mike Rice, BioLife's Chairman and CEO, commented on the Company's revenue performance by stating, "In 2008 we continued to successfully execute our revenue growth plan and also achieved several milestones that should drive accelerated adoption of our proprietary biopreservation media products, including submitting FDA Master Files and completing comprehensive animal safety studies. The regulatory environment surrounding cell and tissue based clinical therapies is becoming more stringent, which makes our offering of pre-formulated, GMP manufactured serum-free and protein-free biopreservation media products and consulting services to optimize biopreservation processing yield increasingly more valuable to a growing number of commercial companies and hospital based transplant labs."

Rice also provided an update on the Company's previous disc
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SOURCE BioLife Solutions, Inc.
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